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GM. This is Milk Road, we take your daily crypto news → season it with primo memes → and serve it to you hot. |
Here’s what we got for you today: |
✍️ What’s driving this new all-time high? ✍️ Funding Friday 🎙️ The Milk Road Show: Why Ethereum Is About to Take Over This Bull Run w/ Michael Nadeau 🍪 Tether to sunset USDT on five legacy blockchains |
REX-Osprey are the creators of the first US-based Solana staking ETF, giving 100% of its staking yield back to shareholders. Learn more here! |
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WHAT’S DRIVING THIS NEW ALL-TIME HIGH? 📈 |
Ahhh, today is a good day. |
In case you missed the push notifications from your trading app, the cheers from Crypto Twitter, or the text from that one high school friend asking if they should buy Bitcoin… 👇 |
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(Hell yeah) |
…but this kinda feels like it came out of the blue. So how did we get here? |
1/ Short liquidations 🩳 |
See the chunk of yellow horizontal bars highlighted on the chart below? Together, they represent roughly $2.5B worth of $BTC short liquidations. |
Meaning $2.5B worth of Bitcoin had to be bought so these short sellers could repay the loans they took to bet against $BTC – helping to push the price up, fast. |
And this is just the data from Binance (forced buying also happened in the billions on ByBit, OKX, Bitget, and a range of other exchanges). |
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Same goes for Ethereum: shorts = nuked. |
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2/ The ETFs 💵 |
The driver of these short liquidations? Looks like it was the ETFs. 💪 |
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3/ The best part… 🙏 |
Retail traders, who typically ape into the market as it’s reaching its peak? They aren’t even here yet. |
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Now, I need a favor… |
Every so often, I ask you for a running chest bump to celebrate big moments like this. |
Today I’m asking you to hit me with a Kool-Aid-Guy-running-through-a-brick-wall-level chest bump – enough to put my health care premiums up. |
(Thanks in advance) |
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| | First mover advantage is a real thing. | Apple had it in smart phones, NVIDIA had it in AI chips, and Coinbase led the charge as the first major US-based crypto exchange. | Last week, REX Osprey racked up three first mover milestones, becoming the first US-based ETF to give investors access to: | Solana exposure Active asset staking 100% of staking rewards (paid monthly) | The ticker is $SSK. The asset is $SOL. Ready to learn more? | 👉 Click here to discover everything SSK unlocks! |
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FUNDING FRIDAY: ETHEREUM TREASURY EDITION 💰 |
$ETH treasuries. So hot right now. |
Here are the top 5 publicly traded companies using an Ethereum Treasury Strategy (aka: hold $ETH. Raise capital/debt. Buy more $ETH. Repeat), along with their recent raises/purchases. |
1/ SharpLink Gaming ($SBET) |
Total $ETH currently held: 215,634. Current treasury value: ~$646.9M. |
June 13, initiated its treasury with ~176,271 $ETH June 16-20, bought 12,207 $ETH at ~$2,513 per token June 23-June 27, bought 9,468 $ETH at ~$2,411 per token June 28-July 4, bought 7,689 $ETH at ~$2,501 per token July 10, bought 10,000 $ETH from the Ethereum Foundation at $2,572.37 per token |
Publicly disclosed raises targeting $ETH acquisition = $489M (with plans to raise a further $1B). |
5-day performance (bottom to top) = +82.56%. 👇 |
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2/ Bit Digital ($BTBT) |
Total $ETH currently held: 100,603. Current treasury value: ~$301M. |
June 25, Bit Digital announces its pivot to become an $ETH treasury company → uses its existing 24,434 $ETH holdings to start July 7, announces purchase of 76,169 $ETH at $2,534 per token |
Publicly disclosed raises targeting $ETH acquisition = $172M. |
5-day performance (bottom to top) = +32.89%. 👇 |
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3/ BitMine Immersion Tech ($BMNR) |
Total $ETH currently held: unknown at the time of this writing. |
…but it looks like they’re gearing up to go in, HARD! (See last bullet.) |
June 30, raised $250M to buy $ETH July 9, closed the $250M funding round July 10, filed to offer an additional $2B worth of stock to buy $ETH |
5-day performance (bottom to top) = -69.50%. 👇 |
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4/ BTCS Inc. ($BTCS) |
Total $ETH currently held: 14,600. Current treasury value: ~$43.8M. |
May 20, bought 3,450 $ETH at $2,441 per token June 2, bought 1,000 $ETH at $2,630 per token June 20, bought 1,000 $ETH at $2,528 per token |
Publicly disclosed raises targeting $ETH acquisition = $57.8M, targeting a further $225M. |
5-day performance (bottom to top) = +144.59%. 👇 |
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5/ GameSquare Holdings ($GAME) |
Total $ETH currently held: 1,818.84 $ETH. Current treasury value: ~$5.45M. |
July 10, announces adoption of an Ethereum Treasury Strategy and buys 1,818.84 $ETH at $2,749 per token. |
Publicly disclosed raises targeting $ETH acquisition = $9.2M. |
5-day performance (bottom to top) = +221.67%. 👇 |
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If you want a closer look at what's to come for Ethereum beyond just treasury strategies (including a price prediction), keep your eyes peeled for tomorrow’s PRO report. |
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All right, that’s everything we’ve got for you today – go enjoy your weekend! |
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BITE-SIZED COOKIES FOR THE ROAD 🍪 |
COTI is a layer 2 focused on privacy. They use a technique called “garbled circuits” to keep onchain activity confidential.* |
Coinbase makes its 6th acquisition of the year. This time, they’ve acquired Opyn — one of the first DeFi options protocols. |
All $USDT tokens on Algorand, Bitcoin Cash, EOS, Kusama and Omni will be frozen after September 1st. If you hold $USDT on these chains, you should bridge it out asap. |
Don’t sleep on the power of farts. In the latest Milk Road Degen edition, we compare $FARTCOIN to other big memecoins. |
An AI agent you can actually talk to. We dropped an article on how Yield Seeker gives you a personal AI agent that hunts down the best stablecoin returns, 24/7.* |
*this is sponsored content. |
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MILKY MEMES 🤣 |
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