PLUS: Interest Rate Decision is in. Rate Stays Put. âï¸ May 02, 2024 | [Read Online]( [fb]( [tw]( [in]( [email](mailto:?subject=Post%20from%20Milk%20Road&body=%F0%9F%A5%9B%20Is%20Tether%20Printing%20Money%20or%20What%3F%20%F0%9F%96%A8%EF%B8%8F%3A%20PLUS%3A%20Interest%20Rate%20Decision%20is%20in.%20Rate%20Stays%20Put.%20%20%E2%9B%94%EF%B8%8F%0A%0Ahttps%3A%2F%2Fthemilkroad.beehiiv.com%2Fp%2Ftether-printing-money) Todayâs edition is brought to you by [SX Bet]( â a revolutionary sports betting platform shaking up the industry for all crypto junkies. [Join the SX Movement today.](* GM. This is Milk Road, where we decrypt crypto so you don't have to reboot your brain before your first coffee. Hereâs what we got for you today: - Tether made $4.5B last quarter ð - Graph of the Day: Bitcoin ETFs saw $500M+ in outflows ð - Interest Rate Decision is in. Rate Stays Put. âï¸ - Bitcoin miners had a big month ðª
[Prices as of 12:30 PM ET. Click here for our Fear & Greed Index]( A PEEK INTO A $4.5B CRYPTO COMPANY ð Are we witnessing greatness? The most profitable company ever..? Tether just dropped its latest quarterly numbers and theyâre âmust-see-to-believeâ... - $12.5B of fresh USDT stablecoins were issued - Net Equity (i.e. assets over liabilities) rose 61% to $11.37B - They own $90B worth of U.S. Treasury bills - The company added $1B to its reserves But the craziest stat⦠the stablecoin issuer raked in a record profit of $4.5B last quarter. For reference, thatâs as much as some of the biggest banks in the world. ..
[Source: @jxorjx]( But wait, thereâs more. It gets even crazier when you break it down on a per-employee basisâ¦
[Source: @jxorjx]( Milk Road Take: These numbers are crazy. Tether is a lean, mean USDT-producing machine. Plain and simple. - Tether's Q1 profit per employee stat is otherworldly. - The massive $90B in US treasuries and - They hold 0.4% of the total BTC supplyâ¦. Essentially, Tether is playing a well-calculated game, it's a mix of the steady and the speculative. With Tether dropping a quarter so hot itâs melting our screensâweâve gotta know: whatâs your view on this financial industry gem? a/ The Skeptic â âLet me see that balance sheet tho.â b/ The Realist â "Is this a finance report or a fantasy novel?" c/ The Statistician â "These numbers #REFâd my brainâ¦" d/ The Opportunist â âHow do I get in on that profit action?â e/ The Mogul â "Tether me tender, Tether forever." Hit âreplyâ to let us know how Tetherâs titanic numbers are playing out in your crypto mind! [THE FIRST DECENTRALIZED SPORTS BETTING PLATFORM TAKES WINDâ¦]( Is this goodbye DraftKings and FanDuel?! [SX Bet]( is the first true decentralized sportsbook flipping the script. Gone are sportsbook fees, opaque books, and centralized control. SX Bet lets you bet peer-to-peer with crypto wallets and receive immediate payouts while earning governance tokens. Each transaction is secured by the SX Network using Polygon technology to checkpoint. With over $12M in funding from whales like CMCC Global, Nascent, Betfairâs co-founder, and Polygon's co-founder Sandeep Nailwal, Itâs safe to say [SX Bet]( is in a prime position for market takeover. Crypto Twitter has caught wind of SX Bet, as 10,000 users have entered the platform since 2018.* The crypto sports betting industry is predicted to grow 1,000x in the next few years, giving SX Bet the early adopter advantage. [Get in early, and join SX Bet today.](* *SX Bet is not available in the United States or other prohibited jurisdictions. GRAPH OF THE DAY: BITCOIN ETFâS SAW $500M+ IN OUTFLOWS ð Yesterday was a rough day for Bitcoin ETFs. The 11 ETFs saw a total net outflow of $563.7M - the largest day of sell-offs, ever. Oof. If youâre one of those people who faints at the sight of red, cover your eyesâ¦
[Source: CoinGlass]( Thatâs now 6 straight days of outflows and $1.2B has been withdrawn from the ETFs since April 24. gulp Why this matters: Thereâs a correlation between BTC ETF flows and BTCâs priceâ¦Â - When there are inflows, BTCâs price usually goes up. Since the BTC ETFs launched, theyâve seen ~$11B in total inflows. BTCâs price is up +38% in that time. - When there are outflows, BTCâs price usually goes down. ETFs are on a 6-day outfit streak and BTC is now on the clearance rack. (Itâs down ~9% in that time). THE INTEREST RATE DECISION IS IN. RATE STAYS PUT. âï¸ Every few weeks, a bunch of boomers gather to decide whether to make money more expensive (i.e. raise rates) or cheaper (i.e. lower rates)... All while us mere mortals sit on the edge of our seats, popcorn and milk in hand, eagerly awaiting Jerome Powell to tell us if our bags can pump or not. We call it the FOMC meeting; the latest was just yesterday. Here's what happened: - Interest rates were left the same at 5.25 - 5.50%. - This is the 6th straight time that rates remain unchanged. - Itâs unlikely that the next interest rate move will be a hike. - The Fed says they wonât reduce rates until inflation is down to 2%. Hereâs how the markets reacted immediately after Jerome Powell gave his sermon: - S&P 500: -1.2% - NASDAQ: -1.6% - Bitcoin: -4% - Ethereum: -3% ð¥ Milk Road Take: 1/ The decision was priced in â most of us expected interest rates to remain unchanged, which is why markets didnât witness too much volatility after initial reaction. 2/ Crypto is very dependent on the macro scene right now. Hereâs the deal⦠High interest rates = expensive to borrow money = slow economic growth = people donât have money to invest = bad for markets. So for crypto to do well, we need [the macroeconomic scene]( to look more positive â lower interest rates would be a great start. Right now, the Milk Man doesnât see any major bullish catalysts that could propel crypto to new all-time highs. Weâre all basically left praying to the mighty macro gods, and can only hope that the next FOMC meeting in June doesnât leave us feeling like this:Â
[Source: @cryptocred]( BITE-SIZED COOKIES FOR THE ROAD ðª [VanEck says ~$175B in BTC is held by ETFs, nations, and companies](. In its report, VanEck said, "Bitcoin interest among institutional investors has also increased. Hedge funds, asset management firms, and endowments are increasingly recognizing Bitcoinâs potential as a store of valueâ. [MoonPay is teaming up with PayPal to make buying crypto easier](. MoonPay users in the U.S. can now seamlessly buy crypto with PayPal through wallet transfer, bank transfer, and debit card transactions. [Bitcoin miners logged their second-highest monthly revenue in April](. In total, they collected $1.79B. [NFT sales have dipped 31% over the last month](. The number of NFT purchasers also fell by 51.88%, while sellers saw a 45.72% reduction in the same period. [Wanna team up with the Milk Man?]( We currently have 5 positions open â check âem out and [apply here](! [MicroStrategy is building a âdecentralized IDâ protocol on Bitcoin](. The solution, called MicroStrategy Orange, brings digital identities to the BTC chain. Thatâs right folks, the cousin of worldcoin on bitcoin. MILKY MEMES ð¤£
[Source: @BitcoinMagazine](
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