PLUS: BTC on exchanges is going down. L2 usage is up ð May 06, 2024 | [Read Online]( [fb]( [tw]( [in]( [email](mailto:?subject=Post%20from%20Milk%20Road&body=%F0%9F%A5%9B%205%20things%20to%20watch%20this%20week%20%F0%9F%91%80%3A%20PLUS%3A%20BTC%20on%20exchanges%20is%20going%20down.%20L2%20usage%20is%20up%20%20%F0%9F%93%8A%0A%0Ahttps%3A%2F%2Fthemilkroad.beehiiv.com%2Fp%2F5-things-watch-week) Todayâs edition is brought to you by [Consensus]( â join the community of developers, investors, founders, brands, policymakers, and more who are taking crypto from the margins to the mainstream at the 10th annual Consensus, May 29 - 31 in Austin, Texas. [Use code MILKROAD for 20% off.]( GM. This is Milk Road, welcome back to your daily dose of crypto. Hereâs what we got for you today: - 5 things to watch this week ð - Graphs of the Day: BTC on exchanges is going down. L2 usage is up ð - A 4-in-1 airdrop strategy ðª - The future of smart contracts ð® - Crypto VC funding hit $1B in back-to-back months ðª
[Prices as of 9:30 AM ET. Click here for our Fear & Greed Index]( 5 THINGS TO WATCH THIS WEEK ð Ladies & gents, weâve got a BIG week ahead. Itâs gonna be full of U.S. macro data, earnings reports, and token unlocks. ð¨The Holy Trinity of Volatilityð¨ 1/ Options expired $2.4B in options expired on Friday - $1.3B in BTC - $1B in ETH What it is: Options contracts allow investors to speculate on the future price of BTC and ETH without owning the cryptocurrency itself. Why it matters: The expiration of these contracts can lead to increased market volatility as investors settle their positions, potentially causing short-term price fluctuations. The put-to-call ratio (aka investors betting on âcallâ or against âputâ the future price) for Bitcoin is at .5
[Source: @esatoshiclub]( A ratio below 0.7 is generally considered bullish, indicating that more investors are expecting the price to rise⦠While a ratio above 1 is bearish, suggesting more investors expect the price to fall. The .5 ratio suggests a healthy balance and more than bullish sentiment.   2/ Macro stuff A handful of macro data is being released this weekâ¦.
[[Source: @kobeissiletter](]( Look for how these numbers will influence.. - Investor confidence - Risk appetite - Overall economic outlook Have we even officially entered the bull market yet? Check out when we recently covered our framework on thinking through this [here]( 3/ All eyes on ETFs All eyes are on pension funds and other institutional players for ETF inflows. This comes after $1.2B in outflows since April 24th. However, the final numbers are in from Friday, the tides are turning so it seems. $378M of inflows for US exchange-traded funds on Friday were put in the books. Most importantly, Grayscale saw inflows for the first time in 79 daysâ¦. Letâs see if the new trend can continue this week. 4/ EigenLayer TGE Friendly reminder the Eigen Token Generating Event is this week, hereâs the TLDR: - Everyone that participated gets a minimum of 110 tokens - Claiming will go live on May 10th - Snapshot was on March 15th - Defi Llama letâs you check your eligibility for airdrops [here]( - There is a geolocation restriction You could fly to another country to claimâ¦. or instead, hereâs a solution being discussed
[Source: @pump_wallet]( 5/ Token unlocks $113.86M in various cryptocurrencies will be [unlocked]( this week. - $4.5M worth of $HFT tokens will unlock later today (3.5% of circ. supply) - $107.9M worth of $APT tokens will unlock on May 12th (2.6% of circ. supply) - $970.63K worth of $GLMR tokens will unlock on May 11th (.4% of circ. supply) [CONSENSUS 2024 â THE BEST NETWORKING IN CRYPTO]( Where do the industryâs heavyweights go to get three months of meetings done in three days? [Consensus 2024](is taking place in Austin Texas at the end of THIS MONTH. Grow your network with industry titans and visionaries, from C-suite leaders to investors to builders and more: - 9 stages, 7 lounges, 6 summits, and hundreds of side events - Tailored Spaces: The Gallery, Deal Flow Zone, Circle Pro Pass Lounge, and more, are designed to foster serendipitous encounters. - Exclusive Events: PitchFest presented by Google Cloud, EasyA Hackathon, and Karate Combat 46 to name just a few. - Curated Meetups: Connect with like-minded peers in meetups for LGBTQIA+, Women, Devs, and other communities. And don't miss out on the hundreds of buzzing side events around Austin. The only thing missing is you. Get your pass now and save [20% with code MILKROAD.]( GRAPHS OF THE DAY: EXCHANGE RESERVES & LAYER 2 USERS ð 1/ Crypto exchange reserves Excess reserves at crypto exchanges have dropped by more than 18% since last June You know, all the Bitcoin that exchanges have stacked on the sidelines waiting to fill new buy orders
[Source: CryptoQuant]( X marks the spot. This chart yields an interesting criss cross, as the price of BTC goes up, the sidelined Bitcoin at exchanges goes downâ¦. Supply ð¤ Demand. 2/ Layer 2 users Ever wonder how many Ethereum users are active on layer 2âs? Well here is the stat for you: 80% of the daily active addresses in Ethereum's ecosystem are engaged on Layer 2 solutions! With Base and Arbitrum leading the way.
[Source: @growthepie_eth]( Milk Road Take: The fact that 80% of Ethereum's daily active addresses are engaged on Layer 2 solutions is BIG. This showsâ¦. - ETH ecosystem is embracing scalability and efficiency - Moving away from the congestion and high fees of Layer 1 This shift is crucial for the future of Ethereum, as it addresses the scalability issues that have long been a barrier to widespread adoption. THE 4-IN-1 AIRDROP STRATEGY ðª Airdrops are one of the most lucrative ways to make money in crypto. The problem: itâs hard to find the next airdrop opportunities. This is why weâre dropping a new airdrop strategy for you today. With it, youâll be able to farm 4 airdrops at once. Itâs the crypto equivalent of that 4-in-1 body wash, shampoo, conditioner, and hand soap - all guys use in college. Here are the 4 easy steps: - Deposit SOL on [Sanctum]( into INF, JupSO, or any other LSTs on Sanctum - INF is a good option as it earns the most yield and JupSOL as you might earn the JUP airdrop - If you want to earn season 2 points, take 50% of your INF and deposit into [Kamino Finance]( - To earn points for their airdrop, take 50% of your INF deposit into [MarginFI]( P.S. if you want to go deeper on our full airdrop coverage you can check it out [here]( How active are you with airdrop participation? A/ Guru, Iâve claimed 10+ airdrops B/ Dabbler, Iâve done a handful or so. C/ Newbie, Iâve never participated in an airdrop. Hit âreplyâ to let us know how many of you are interested in airdrop coverage! THE FUTURE OF SMART CONTRACTS ð® They handle $1B in monthly ETH transfer volume and secures over $100B in total value across 50+ networks. We're talking about Safe â the leading multi-sig wallet, who we sat down with for the latest episode of Milk Road Radio. Tune in on your favorite platform as we discuss the future of smart accounts. ð [YouTube]( | [Spotify]( | [Apple Podcasts]( BITE-SIZED COOKIES FOR THE ROAD ðª [Gamium is an intriguing new take on the web3 social sector, combining social tokens and weaving an immersive element into its MSTs.]( Gamium provides an experience that goes beyond the simple trading of social tokens. Check out our review [here](.* [The numbers are in⦠crypto venture capital funding hit $1B for the second straight month](. It is the first time since late 2022 that the industry has recorded two consecutive funding months above $1B. [Coinbase is facing a new class action lawsuit](. A class-action lawsuit against Coinbase was recently filed by a serial crypto litigator on behalf of its customers, alleging the exchange sells unregistered securities and operates as an unlicensed broker/dealer. [Ethereum stablecoin volume shattered its monthly record in April](. The monthly stablecoin volume on Ethereum has increased for the past three months in a row now. [Bitcoin surpassed 1 billion all-time processed transactions](. Welcome to the Triple Comma Club. [Layer 0 Labs reveals new way to combat sybil farmers.]( Focus is on rewarding loyal, long-term users. If you're a Sybil attacker, you can either self-report your addresses for a 15% allocation by May 17th, or risk getting nothing if your addresses are flagged. [Wanna team up with the Milk Man?]( We currently have 5 positions open â check âem out and [apply here](! *this is sponsored content MILKY MEMES ð¤£
[Source: @naiivememe](
[Source: @TheBTCTherapist](
[Source: @MinisterOfNFTs]( RATE TODAYâS EDITION What'd you think of today's edition? [ð¥ð¥ð¥ð¥ð¥ F**king great](
[ð¥ð¥ð¥ Meh, do better](
[ð¥ You didn't bring the heat]( ROADER REVIEW OF THE DAY VITALIK PIC OF THE DAY
[Source: @MilkRoadImages]( 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. [tw]( [ig]( [yt]( [tk]( [in]( Interested in reaching smart readers like you? Â [Sponsor Milk Road]( Update your email preferences or unsubscribe [here]( © 2024 ImpactDM Inc. operating as Milk Road 1257 Dundas St W
Toronto, Ontario M6J1X6, Canada