🥛 Crypto whales are investing in these 3 things... 👀

PLUS: a crypto investors burned $4.5M in ETH... 🔥                                                                                                                                                                                                                                                                                                                                                                                                                 August 09, 2023 | [Read Online]( Today’s edition is brought to you by [Coinbase’s Onchain Summer]( - Base’s multi-week event that kicks off on August 9th to celebrate art, music, gaming, and more on the blockchain. [Don’t miss out on the action](. GM. This is Milk Road, the crypto newsletter that's as smooth as Michael Jordan's fadeaway jumper. Here’s the good stuff for today: - A peek into multi-million dollar wallets 👀 - $4.5M worth of ETH gets burned…🔥 - Say hello to a new crypto wallet 🍪 - The Milk Road Jury’s verdict is in… ⚖️ [Prices as of 10:30 AM ET. Click here for our Fear & Greed Index]( A PEEK INTO MULTI-MILLION DOLLAR WALLETS 👀 We just came back from our favorite activity: [whale watching](. Luckily no boat-attacking-Orcas in sight. We did get flipped off by a few whales though. (see image above) We also found a few multi-million dollar crypto whales. In total, we looked at 10 whale wallets that hold a combined $250M in crypto. They all eat tokens like krill. Here are the 3 big trends that stood out: 1/ [Staking]( 6 out of the 10 whales are staking ETH using Lido. And in most cases, this makes up their largest positions. A few were using other protocols like Rocket Pool and Frax Finance, but Lido is by far the favorite. The most surprising part? Although the whales are staking through Lido, only 2 of the whales actually hold LDO (Lido’s native token). 2/ Real-world assets (RWA) 3 out of the 10 whales are actively investing in [RWA]( protocols like Maple and Maker. RWA = digital tokens that represent physical items like stocks, commodities, or real estate. So what? It’s estimated the RWA market could reach $16T by 2030. And with all the recent U.S. regulations surrounding regular [stablecoins](, it might push people to look into other alternatives, like stablecoins backed by RWA. This is definitely a trend all investors should be looking at. 3/ Convex 4 out of the 10 whales are actively using Convex Finance. It’s a protocol that allows liquidity providers to earn more rewards by directing votes to pools, as well as a bribe market for these votes. P.S. - And just in case you were wondering, the largest holding across wallets is…. *drumroll*…. ETH. Milk Road Take: It’s always interesting to check out what protocols the whales of crypto are using and where they have their money invested. Looks like we’ve got a few new things to test out with our new [Milk Road Public Wallet](… **adds ‘do more research on RWA and Convex’ to the to-do list** [JOIN BASE TO BRIGHTEN YOUR SUMMER]( Coinbase has one mission: to increase economic freedom in the world. And what screams freedom louder than a summer full of fun. Of course, I am talking about [Onchain Summer](. Powered by Base and brought to you by industry leaders, [Onchain Summer]( is a multi-week celebration showcasing the next wave of onchain utility. Here’s what you need to know: - Onchain Summer is a celebration of art, music, and gaming featuring popular artists and brands like Coca-Cola - Participation benefits the artists and musicians directly, and collectors get to own the content they receive forever - The event kicks off on August 9th, with users only needing their favorite crypto wallet to participate Attendees will be able to score a different mint every day for 3 weeks. Come see why [Coinbase]( is the best place to trade, collect and socialize on-chain. [Get in on the action]( $4.5M WORTH OF ETH GETS BURNED 🔥 Crypto reminds me a lot of that old TV show “1000 Ways To Die”. Both are full of crazy, unexpected, “gotta-see-it-to-believe-it” stories. And usually, someone ends up getting hurt. On today’s episode, we’re gonna talk about The $4.5M Burn. Here’s what happened: - A crypto whale (nd4.eth) sent 2,500 ETH, worth ~$4.5M to a “burn” address. - Sending crypto to a burn address removes it from circulation forever. *poof* gone, just like that. No one knows who the whale is, or why they would burn millions of dollars worth of ETH. Some think nd4.eth fat-fingered the address. Others think it could be a tax write-off. A few have also pointed out that it isn’t the first time the whale has burned crypto assets (i.e. they also [burned a Bored Ape]( this morning), so it could just be a party trick. Who knows. Milky Fact of the Day: ~2,200 ETH has been burned from transaction fees every single day over the last week. That’s a burn rate of 1.52 ETH per minute. Burned ETH = fewer tokens in circulation = ETH becomes [ultrasound money](. **ETH investors erupt in cheers** BITE-SIZED COOKIES 🍪 [Circle is launching a new programmable wallet for developers](. The goal? Simplify stuff like private key security, blockchain node operations, transaction management, and interoperability across blockchains. [Only ~30% of USDC adoption has come from the U.S](. Surprisingly, most of the adoption has come from Asia, LATAM, and Africa. [Binance secured two crypto licenses in El Salvador](. It’s the first crypto exchange to get a license in the country. [L1 Digital raised $150M for its second crypto fund](. 70% of the funds will be invested directly into crypto startups and the other 30% into early-stage crypto-focused investment firms. [Binance is starting an initiative to buy back its own corporate bonds](. The buyback initiative will see the U.S.-based exchange buy back up to $150 million of its $1 billion bonds set to mature in 2031. THE MILK ROAD JURY’S VERDICT IS IN…. Yesterday we had [Milk Road Crypto Court](. The TLDR: An NFT trader (Elizab.eth) set up a bot to “copy trade” another NFT trader (Hanwe). Hanwe found out they were being copied by a bot, so they decided to trick it and ended up profiting $1.5M from Elizab.eth. Is Hanwe guilty or innocent? We asked. You answered. And the verdict is in…. 90% voted innocent. Here are some of our favorite responses: - Thayden: “Live by the sword, die by the sword” - Ryan: “Clever play. It’s dog-eat-dog out there” - Mathieu: “In France, we say: "l'arroseur arrosé" as he gets a taste of his own medicine” (damn everything sounds better in French) - Dave: “If you want something done right don’t send a bot to do it. ” - Darcy: “The only crime is that I didn’t get a chance to do it.” In conclusion - we, the Milk Road Crypto Court, pronounce Hanwe innocent. **The court scene fades to black** MILKY MEMES 🤣 HIT THE INBOX OF 250K+ CRYPTO INVESTORS Advertise with Milk Road to get your brand in front of the Who's Who of crypto. The Roaders are high-income crypto investors who are always looking for their next interesting product or tool. [Get in touch today](. What'd you think of today's edition? - [🥛🥛🥛🥛🥛 F**king great]( - [🥛🥛🥛 Meh, do better]( - [🥛 You didn't bring the heat]( ROADER REVIEW OF THE DAY VITALIK PIC OF THE DAY [tw profile: Milk Road Images] Milk Road Images @MilkRoadImages [tw] Aug 9, 2023 0 Likes 0 Retweets 0 Replies 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]( Update your email preferences or unsubscribe [here]( © Milk Road 603 Munger Avenue Suite 100 #1006 Dallas, Texas 75202, United States