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GM. This is Milk Road, the crypto newsletter that's as satisfying as perfectly peeling an orange in one go.

Here’s what we got for you today:

IF BITCOIN IS DIGITAL GOLD, WHAT IS ETHEREUM? 🤔

The narrative for Bitcoin is pretty clear: Digital Gold.

Simple, sound, and everyone's been saying it for years. 

When the Bitcoin ETFs went live, Larry Fink and the other Big Dogs of the TradFi world went on national television and sold Bitcoin as such: Digital Gold.

This narrative is an important part of why Bitcoin has managed to grow into a trillion-dollar asset.

But with the Ethereum ETFs live, many are wondering this big question👇

What’s the Ethereum narrative?

Ethereum struggles to have a clear one-liner. A simple elevator pitch for what it is.

It’s like that super talented friend who’s a jack-of-all-trades, so they can’t quite explain what they do when asked. “I work in tech… kinda.”

Ethereum, of course, is a smart contract blockchain that empowers many different use cases, rather than mainly just a store of value like Bitcoin’s current case.

Instead of one clear pitch, it has multiple. Many say this is a problem.

Many say that without a clear narrative, it’s a harder sell, holding Ethereum back from adoption.

The Milk Man thinks differently here. 

We think Ethereum’s multi-narrative vibe is a feature, not a bug. And we’ve got two reasons why.
But first, let’s stroll down memory lane with Ethereum’s various pitches over the years👇

So many narratives, so little time ($ETH is just 10 years young).
But which ones will the tradFi big shots use to sell their ETFs? We’ll just have to wait and see.

But here’s why the Milk Man thinks this narrative limbo is a feature, not a bug:

Ethereum isn’t just one thing; it’s a buffet of possibilities. 

That makes it exciting, even if it’s a tougher sell. 

Next time someone asks what Ethereum is, just smile and say, “It’s whatever you need it to be!”

So, buckle up and enjoy the waves! 🌊

Wondering if these ETF waves will push $ETH to flip $BTC in the long run?

We have you covered on the latest episode of The Milk Road Show where we explore the diverse narratives surrounding $ETH and discuss why Ethereum's complexity might just be its biggest strength.

Tune in to the podcast and stay ahead of the game! 👇 

YouTube | Spotify | Apple Podcasts

ETH VS. BTC ETFS: THE DAY 1 SHOWDOWN 🤼‍♂️

The Ethereum ETFs went live yesterday and we hit you with the projections from some of the biggest names in the space.

But how did $ETH stack up against $BTC when we compare both of the ETF's first days on the job? 

There’s a lot going on in this chart, so let the Milk Man break it down for you:

How about that for $ETH’s first day on Wall Street, eh? 

The sheer numbers were considerably smaller than the $BTC ETFs but that’s like comparing apples to kumquats! 

$ETH doesn’t need the same dollar amount of inflows to have a large impact on price, its total market cap and supply are on different levels.

Just to give you a picture: 

Yesterday’s demand was 60% of the supply increase for the whole year… 🤯

Remember, investing in ETFs is like choosing your favorite dairy product. Some like it creamy, some like it light. 

Always do your research and find what suits your taste buds best. 🧀🍦

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Jingdong Coinlink plans to launch a stablecoin tied to the HK dollar to provide secure and cost-effective payment solutions while adhering to regulatory requirements​​. 

Ferrari to expand crypto payments for cars to Europe following US launch. Most European dealers are already on board or in the process of adopting this new payment method. Ferrari partnered with BitPay for the U.S. launch, accepting $BTC, $ETH, and $USDC​​.

Franklin Templeton eyes Solana ETF after Ethereum success. The asset manager will keep exploring more assets to back new spot cryptocurrency ETFs, including those based on Solana. This decision follows the success of their $ETH ETF, which has garnered significant investor interest​​.

BTC prices steady above $66,000 as Mt. Gox moves $2.5B to new wallet. Recent movements included $130M sent to the Bitstamp exchange​​. Payments started early this month and Mt. Gox still has more than $6B of $BTC to distribute.

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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.