PLUS: This CryptoPunk sold for $1.1M... ð¤ November 07, 2023 | [Read Online]( Todayâs edition is brought to you by [MetaMask Portfolio]( - buy, sell, swap, bridge, and stake from one simple dApp, backed by the most popular crypto wallet. [Bridge with MetaMask Portfolio!]( GM. This is Milk Road, the daily newsletter that tells you everything you need to know about crypto - all before your coffee gets cold. Hereâs what we got for you today: - 3 trends to keep your eyes on ð - Better bridging: more tokens, less gas ð¤ - Institutional investors dump $250M+ into digital asset funds ð - The SEC is struggling to hire crypto experts ð§ - A CryptoPunk NFT sold for $1M+ ðª
[Prices as of 10 AM ET. Click here for our Fear & Greed Index]( 3 TRENDS TO KEEP YOUR EYES ON ð We sent the Milk Man on a mission: find the latest crypto trends. Heâs been staring at 6 screens trying to find them. (5 screens for âcrypto-related stuff, and 1 for old school MTV rap videosâ. Respect). Well, he pinged us last night saying that he found some interesting trends. And also sent this picture⦠Letâs dive into the trends. TREND #1: BITCOIN DOMINANCE IS GOING DOWN, ALTCOIN DOMINANCE IS GOING UP Crypto is like a game of âSimon Saysâ, where Bitcoin = Simon. Itâs the leader. And for the most part, [Bitcoin]( has led the way for crypto this year: - BTC is up 110% year-to-date. - Rumors of a spot Bitcoin ETF have brought attention back to the crypto space. But recently, Bitcoinâs been quietly losing its market share dominance and has been getting outperformed by altcoins. In fact, about 30% of the top 50 crypto tokens have outperformed BTC over the last 90 days. Tokens like [SOL]( (+78%), [LINK]( (+71%), and [Aave]( (+51%) have all seen bigger gains.
[Source: Blockchaincenter]( Why this matters: Some people think this is a sign that Altcoin Season could be coming soon. Historically, once 75% of the top 50 coins outperform Bitcoin for 90 days, itâs officially Altcoin Season. (And crypto degens love the Altcoin season more than Mariah Carey loves the Christmas season). We arenât there just yet, but this a trend weâre keeping a close eye on. TREND #2: STABLECOINS ARE SEEING INFLOWS For the [first time in 2 years](, stablecoins are seeing inflows. This means that instead of investors swapping out their [stablecoins]( for U.S. dollars, the opposite is happening - theyâre turning USD â more stablecoins. Why this matters: This could mean that investors are getting prepared to make more moves in crypto soon. Think of it like a casino - to play the games, you need to trade in your cash for casino chips.  The more chips you have, the more games you can play (and the more money youâre likely to spend). Well, stablecoins are like the casino chips of crypto. More stablecoin supply = more money people are likely to spend playing in crypto. TREND #3: NFTS ARE SEEING AN INCREASE IN VOLUME Since the beginning of October, [NFTs]( have seen a consistent increase in daily trading volume.
[Source: @MinisterOfNFTs]( Btw - the Milk Man also found that [NFT gaming projects]( are hot right now. Many of them are up 100% since the beginning of October and have outperformed most blue-chip projects. Alright Roaders, thatâs all the trends we got for you today. Weâll keep you updated if the Milk Man finds anything else on his radar. But for now, we gotta go restock his snacks. P.S. - If youâre seeing any other interesting trends, hit âreplyâ to this email and let us know! [BETTER BRIDGING: MORE TOKENS, LESS GAS]( A lot of the brightest minds in crypto have been working towards one goal: interoperability. Thatâs how blockchains communicate with one another, even though they speak different languages. And while bridges have helped to fix this problem, they carry limitations. Well, [MetaMask Portfolio]( just upgraded their bridge feature to solve one of these issues. The upgrade? [MetaMask]( users can now bundle bridging with swaps into one seamless transaction. Thatâs right, you can now bridge one asset to a new network, while receiving another asset of your choice. Hereâs what you need to know: - Up to three different transactions that could be required are bundled into one - Users benefit by saving time and gas fees - This feature significantly increases the number of tokens available to bridge through MetaMask Portfolio And itâs all from the convenience of your MetaMask wallet. [Bridge with MetaMask Portfolio!]( INSTITUTIONAL INVESTORS DUMP $250M+ INTO CRYPTO ASSETS ð Institutional investors have been loving crypto lately. Yesterday we shared that digital asset investment products saw [$261M in total inflows]( last week. That's 6 straight weeks of inflows.Â
[Source: CoinShares]( After we finished chest-bumping, we dug deeper into the report. Here are a few other things that caught our eye: - The last 6 weeks of inflows ($767M) are more than the total inflows from all of last year ($736M). Whoa. - BTC saw the most inflows (again). The OG cryptocurrency saw $229M in total inflows, bringing the year-to-date total to $842M. - [ETH]( had its largest inflows since August 2022. The streak of outflows is finally broken! - Other altcoins continue to rally. SOL, LINK, MATIC, and ADA all saw inflows last week. CoinShares believes there are 2 main reasons for the recent pump⦠1/ The increasing likeliness of a spot-based ETF in the U.S. 2/ Weaker than expected macro data (which leads to investors questioning U.S. monetary policies). Weâll see if the streak continues this week. THE SEC IS STRUGGLING TO HIRE CRYPTO EXPERTS ð§ The U.S. Securities and Exchange Commission (SEC) has had a love/hate relationship with crypto over the years. (Ok, itâs mostly been hate/hate). Now the agency is facing a big problem: theyâre trying to hire crypto experts, but no one wants to work at the SEC. The Milk Man is hearing there are 2 main reasons: 1/ Contrary to popular belief, having âSEC regulatorâ in your bio does not crush on Tinder. And most importantlyâ¦Â 2/ The SEC has a policy that if youâre hired, you canât own any crypto. If you already own some, you need to sell it before joining the agency.Â
[Source: @Jeffjohnroberts]( All jokes aside, we agree with Jeff here. This rule makes no sense. If regulators could own and experiment with crypto, theyâd get a better understanding of it and could regulate it better. BITE-SIZED COOKIES ðª [A rare âzombieâ CryptoPunk sold for $1.1M yesterday.](The buyer was one of the co-founders of Bored Ape Yacht Club. #BigBallerBuyAlert [Coinbase is removing support for Bitcoin SV (BSV)](. Any remaining BSV on the platform after January 9th will be liquidated. [Binanceâs spot trading market share has fallen to 40%.]( A year ago, it was at 63%. [Vertu is launching a new web3 luxury smartphone](. It includes a built-in crypto wallet, a dedicated decentralized operating system for dApps, and other crypto-related features. MILKY MEMES ð¤£
[Source: @alancaroII]( 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](. Share Milk Road You currently have 0 referrals, only 1 away from receiving The Next 10x Opportunity in Crypto for 2023. [The Next 10x Opportunity in Crypto for 2023]( [Click to Share]( Or copy and paste this link to others: What'd you think of today's edition? - [ð¥ð¥ð¥ð¥ð¥ F**king great](
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