5 signs the crypto rally will continue ð February 15, 2024 | [Read Online]( Todayâs edition is brought to you by [Sui]( â a Layer 1 blockchain that has recently climbed into the top 10 chains by TVL, and is hosting its inaugural global conference on April 10-11 in Paris. [Join Sui Basecamp and get 20% off a standard pass with the code âsui-milkroad-20â.]( GM. This is Milk Road, the newsletter that's like a secret recipe for crypto knowledge â tried, true, and tasty. Hereâs what we got for you today: - Hereâs why the BTC rally is just getting started⦠ð¤ - EigenLayer becomes the 5th largest DeFi protocol ðª
[Prices as of 10:30 AM ET. Click here for our Fear & Greed Index]( HEREâS WHY THE BTC RALLY IS JUST GETTING STARTED ð¤ [BTC]( just moonwalked past $52K and is back into the trillion-dollar asset club. The first time since 2021. Suddenly, investors are Zillow-shopping for fat mansions and picking out names for future yachts like they were pets. But thereâs still one question in everyoneâs mind⦠how long will the party last? Well, here are 5 signs the crypto rally is just getting started: 1/ For the first time, BTC has consistent inflows. Whereâs it coming from? Institutional investors. - [Bitcoin ETFs]( have seen 13 straight days of net inflows (in green below). - In the 23 trading days since launch, there have been 11 days with $100M+ in net inflows. - This includes $2B+ in net inflows over the last 4 days. Thatâs half a billy⦠Every. Single. Day.Â
[Source: @BTC_Archive]( On top of that, firms like [Fidelity]( are allocating 1% of their funds to buy more BTC. - These are usually âconservativeâ bets. AKA boring investments that get old people like my Uncle Ed excited. - Includes things like investment-grade debt, U.S. equities, international equities, etc. Now, crypto is on that list.Â
[Source: @Matt_Hougan]( Side note: itâs funny how crypto went from âa risky asset used by drug dealers and terroristsâ â âa conservative asset your grandma should invest in.â No complaints here though. This will normalize exposure to BTC and help bring in slow, but steady, flows. 2/ ETF issuers are buying up more BTC than miners are producing. Here are some numbers for you: - On Monday, [Bitcoin miners]( produced ~1,050 BTC, worth ~$51M. - That same day, Bitcoin ETF issuers bought ~10,280 BTC, worth $493.4M. I know this sounds like a 5th-grade math problem (if Robert has 9 apples⦠and Julie takes 4â¦how many apples are left)... sorry, didnât mean to trigger any PTSD. We just wanted to point out that a lot more BTC is being bought than mined daily. And itâs been a trend in 14 out of the last 23 trading days:
[Source: @BlockwareTeam]( Iâm no mathematician but⦠lots of demand + little supply = PGO (price go up). *static noise* We interrupt your regularly scheduled programming to bring you a quick word from our sponsor⦠[JOIN WEB3 TRAILBLAZERS @ SUI BASECAMP]( Hear the latest and greatest ideas in Web3, converse with industry titans, and expand your network with fellow thought-leaders, crypto natives, and a community of builders at [Sui Basecamp](. On April 10-11 in Paris, itâll be a two-day celebration of the rapidly growing [Sui ecosystem]( and a deep exploration into what the future of Web3 holds. Hear from luminaries like: - Meltem Demirors, Aspiring Cult Leader - Rachel Conlan, CMO of Binance - Greg Siourounis, Managing Director of Sui Foundation - Evan Cheng, CEO & Co-Founder of Mysten Labs - Sam Blackshear, CTO & Co-Founder of Mysten Labs, Creator of Move And many more! In town for Paris Blockchain Week? Sui Basecampâs venues are just a short walk from PBW. [Use the code âsui-milkroad-20â for 20% off a standard pass!]( *static noise* And now back to your regularly scheduled programming⦠3/ Gold is losing its shine. Hereâs an interesting trend⦠investors are dumping Gold ETF shares, for BTC. According to Bloomberg analysts, the 14 leading Gold ETFs have experienced [$2.4B in outflows]( this year.Â
[Source: @AsherHopp]( 4/ Institutional investors are finding new (weird) ways to promote crypto. A lot of these 60-year-old investment firms have been leaning in on âculture-first marketing.â - Franklin Templeton ($1.5T in assets under management) [changed](its Twitter profile pic to Benjamin Franklin, with Bitcoin-laser eyes. - VanEck ($76.4B in assets under management) made its ETF ticker âHODLâ. - Itâs like seeing your grandpa pull up to the family reunion in brand-new Jordans and a Supreme hat⦠The latest stunt? VanEck launched crypto-themed Valentineâs Day candies.Â
[Source: Decrypt]( Iâll be honest⦠âBillion-dollar asset manager launching I <3 Satoshi candiesâ was not on my Bingo card this year. Sounds silly, but stuff like this will help get more eyes on crypto. 5/ Retail investors arenât here yet. Tracking âGoogle Searchesâ is a good way to spot trends and gauge interest from the Average Joe. (i.e. if someoneâs curious about something, theyâll Google it!) Wellâ¦Â - The last time BTC was at $50K, Google search volumes had a score of 70. - Now that BTC is back at $50K, Google search volumes have a score of 20.Â
[Source: @yassineARK]( The big takeaway: retail investors havenât gotten to the party yet. Weâre still in the pregame. BITE-SIZED COOKIES FOR THE ROAD ðª [GSD Capital is a quantitative hedge fund that pioneers the use of AI-driven trading strategies to help guide their investments in global commodity, currency, and crypto markets](. Clients around the world have access to Standard Investment Accounts for entry-level investors, and also Accredited Investment Accounts, designed for accredited investors who wish to make large investments. Learn more [here](.* [Taurus and Lido are teaming up to bring liquid ETH staking to Swiss banks](. Swiss-based FINMA-regulated banks can now offer liquid staking via Taurus and Lido. [Genesis got court approval to offload $1.6B in GBTC shares](. The motion allows the debtors to sell the shares at their discretion and does not set up a timeline. [The UKâs Financial Conduct Authority (FCA) issued 450 warnings to crypto firms in the final months of 2023](. They also removed 35 apps from the App Store by the end of December. [An Australian officer is being accused of stealing millions in seized BTC](. An Australian Federal Police (AFP) officer has been accused of stealing over 81.616 Bitcoin from an online drug trafficking investigation in 2019. [EigenLayer is now the 5th largest protocol in DeFi](. The liquid staking platform has seen $4.3B in inflows over the last 10 days. [The first gallery dedicated to Bitcoin Ordinals artwork is opening up in San Francisco](. The San Francisco gallery aims to be a permanent fixture, continually offering new exhibitions and spotlighting artists that capture the attention of the Ordinals space. [The U.S. Treasury debunked the narrative that terrorists rely on crypto](. The Treasury's top official on terrorism, Brian Nelson, said Hamas and other groups still prefer traditional financing, and crypto isn't figuring into their funding in a big way. *This is sponsored content MILKY MEMES ð¤£
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