September 23, 2024 | Read Online

🥛$ETH outperforms $BTC & $SOL 📈 No, seriously!

PLUS: What to look out for this week 👀

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GM. This is Milk Road. The ‘DoorDash’ of crypto — delivering you daily insights, with a side of laughs.

Here’s what we got for you today:

✍️ Last week’s top gainers ($ETH leads the majors)
✍️ What to look out for this week
🎙️ The Milk Road Show: Top 3 Takeaways from Solana’s Biggest Conference w/ Milk Road Head of Growth
🍪 Coinbase is launching cbBTC on Solana

Prices as of 9:30AM ET. Click here for our Fear & Greed Index

LAST WEEK’S TOP GAINERS ($ETH LEADS THE MAJORS) 📈

“Your success is not defined by lack of failure – your success is defined by your reaction to failure.”

— yelled by David Goggins, probably.

Up until last week’s rate cut announcements, risk assets (like crypto) weren’t doing too hot.

But the promise of fresh liquidity (cash) entering the system has helped to lift prices across the crypto market. 🚀

Here’s who’s leading the charge in price appreciation across the majors, and broader crypto market, over the last 7 days.

1/ Majors (Bitcoin, Ethereum, and Solana)

1st: $ETH at 11.34%
2nd: $SOL at 8.42%
3rd: $BTC at 7.15%

Source: TradingView

2/ That’s cool! But what were the top performing projects across the entire crypto space?

1st: $TAO at 55.26%
2nd: $IMX at 42.65%
3rd: $SUI at 37.33%
4th: $APT at 30.86%
5th: $POPCAT at 25.08%

Source: TradingView

A few takeaways, straight off the dome:

Holy sh*t, is $ETH back? Ok, ok, it’s still early days yet – even so, we wouldn’t have had “$ETH outperforming $SOL and $BTC” on our bingo cards this time last week.
$SOL is coming down from its Breakpoint + rate cut fueled sugar-high. The announcement of rate cuts + Solana’s Firedancer validator client going to testnet helped to pump $SOL 17% between Wednesday and Friday, but those gains proved to be unsustainable over the weekend.
The overall winning sectors/narratives are… AI ($TAO), high throughput L2s/gaming ($IMX), high throughput L1s ($SUI / $APT), and memecoins ($POPCAT). If that ain’t a cross-section of 2024’s major narratives – we don’t know what is.

Now, it’s worth noting – these short term gains can easily reverse themselves (nothing is set in stone) – nevertheless…

Short term trend reversals like these are the required first steps toward a broad-market bull run.

And that’s a great way to start the week. 💪

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WHAT TO LOOK OUT FOR THIS WEEK 📅

Welcome to another exciting week in the crypto world! We’ve stirred the milk and let the cream rise to the top – here’s what that looks like:

1/ Macro events 📊

A series of important economic reports and events are on the agenda this week:

CB Consumer Confidence data - Tuesday. A vibe check with consumers.
August New Home Sales data - Wednesday. New homes, are we buyin’ ‘em?
Personal Income month-over-month (MoM) - Friday. Are we collectively making more or less money?
Personal Spending month-over-month (MoM) - Friday. Are we collectively spending more or less money?
August PCE Inflation data - Friday. This measures the price of a basket of household goods and services that most people buy regularly.

What we want to see:

Personal income, consumer confidence, and personal spending up – while the increase in the cost of the goods we all use in our day-to-day lives trends down.

2/ Token unlocks 🔓

We'll see a solid $100M or so in token unlocks over the next 7 days!

The main culprits are:

$VENOM: $25.46M (12.7% of circulating supply) Wednesday
$YGG: $6.45M (3.7% of circulating supply) Friday
$OP: $53.28M (2.6% of circulating supply) next Monday

Will this affect prices? Stay tuned. 👀

3/ We’re talking to some HUGE names in crypto! 💪

Tuesday - VanEck (One of the world's largest crypto ETF sponsors)
Thursday - Kamino Finance (One of the leading Solana DeFi protocols)
Friday - Soneium (The team behind Sony's Ethereum Layer 2)

(Make sure you’re subscribed to The Milk Road Show, so you don’t miss them!)

And in today’s episode – we have Milk Road’s Head of Growth & Social, Raul, breaking down everything he learned from his time at Token2049 and Solana Breakpoint.

If Apps, infrastructure, and payments get you all giddy – you’re going to want to tune in to this one! 🎧️

YouTube | Spotify | Apple Podcasts

4/ Big events you won’t want to miss 👀

CZ is getting out of prison. Why is this bullish? No idea – but people seem to be putting a whole bunch of weight behind it.

Let’s see if this bullishness translates into buying! 😆

Source: @CryptoNews_eth

But that’s not the only big event this week… We’re hosting an AMA 🥛

Want to get all your burning questions answered by the Milk Road PRO team?

Say no more…

We’re back with another PRO-only AMA this Wednesday, September 25th, inside the Milk Road PRO Discord (meetup channel).

We’ll cover:

Current Macro Environment and Market Overview
DeFi and Token Migration
Impact of ETFs and Institutional Influence
Emerging Technologies and Platforms

Want to join us? It’s your perfect opportunity to get any doubts ironed out and meet the Milk Road squad!

Go PRO to gain access, PLUS:

Full access to the Milk Road PRO Portfolio (updated weekly).
NEW: Our yield strategies 👀
Weekly reports to help you invest successfully in crypto. 💰
“Where Are We In The Cycle?” indicators to help you spot the bull market top before it’s too late.
Access to the PRO Community, where the Milk Road crew and 100s of fellow PROs talk crypto. 🫂
50% OFF the Crypto Investing Masterclass 🤯

GO PRO TODAY

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The Axie Infinity founder believes blockchain games could provide millions of jobs and boost global GDP. Despite skepticism and a token crash, he's confident in the future of play-to-earn gaming. - DL News

Bitfarms and Riot have settled their takeover conflict with Riot limiting its stake at 20%. Bitfarms’ co-founder steps down, replaced by Amy Freedman on the board.

Coinbase is launching cbBTC on Solana to let Bitcoin holders participate in DeFi. This wrapped Bitcoin has already gained popularity, becoming the third most popular product in the category.

Vice President Kamala Harris pledges to support crypto and AI while safeguarding consumers. She aims to balance innovation with protection, giving the U.S. an edge in global tech leadership.

Join forces with the Milk Man! We’re looking for a Twitter Specialist + Content Creator who can mix crypto knowledge with top-notch tweets. Think you’re the one? Apply today and let’s get this show on the road!

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MILKY MEMES 🤣

Source: @boldleonidas

Source: @AltcoinGordon

Source: @alancarroII

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.