PLUS: Huge liquidation causes 25% drop in $CRV 𩸠June 14, 2024 | [Read Online]( ð¥ Whales gobble up Bitcoin like krill. Who are they? ð³ PLUS: Huge liquidation causes 25% drop in $CRV 𩸠[fb]( [tw]( [in]( [email](mailto:?subject=Post%20from%20Milk%20Road&body=%F0%9F%A5%9B%20Whales%20gobble%20up%20Bitcoin%20like%20krill.%20Who%20are%20they%3F%20%F0%9F%90%B3%3A%20PLUS%3A%20Huge%20liquidation%20causes%2025%25%20drop%20in%20%24CRV%20%F0%9F%A9%B8%0A%0Ahttps%3A%2F%2Fthemilkroad.beehiiv.com%2Fp%2Fwhales-gobble-bitcoin-like-krill) Todayâs edition is brought to you by [MetaMask]( â the leading self-custodial wallet to manage your identity, digital assets and explore web3. [Secure your crypto journey today!]( [breaker] GM. This is Milk Road, the crypto newsletter that's as smooth as a well-aged whiskey, minus the hangover. Hereâs whatâs fresh at Milk Road today: - Whales gobble up $BTC like krill ð³ - Huge liquidation causes 25% drop in $CRV 𩸠- Funding Friday bags ð° - Bitcoin to hit $1M by 2033? ðª - Milk Road Radio: [Trade like a $BTC whale](ðï¸
[Prices as of 9:30AM ET. Click here for our Fear & Greed Index]( [breaker] WHALES GOBBLE UP BTC LIKE KRILL ð³ Ever been whale watching? No, not the kind where youâre on a boat with binoculars. Iâm talking about the kind where youâre staring at charts, watching whales buy up Bitcoin like itâs on a half-price sale! On June 11, a whopping 20,600 [$BTC]( flowed into whale accumulation addresses. That's right, these big fish are scooping up Bitcoin at lightning pace:
[Source: CryptoQuant]( When prices drop, the whales dive in headfirst. Let's see how four companies are stacking $BTC like it's going out of style. 1/ MicroStrategyâs new $500M bet MicroStrategy isnât just dabbling in Bitcoin; theyâre doubling down in a big way. The company [announced plans to offer]( $500 million in convertible senior notes to qualified institutional buyers. That number just got a 40% bump today as wellâ¦
[Source: @MilkRoadDaily]( Whatâs all this cash being raised for? You guessed itâmore Bitcoin! A massive $700 million bet is no small change, signaling continued strong confidence in Bitcoin's future for Saylorâs army. 2/ DeFi Technologies adopts $BTC as treasury asset Next up, DeFi Technologies, a public Canadian company, is taking a page from the Bitcoin playbook. Theyâve adopted Bitcoin as their primary treasury reserve asset and purchased 110 BTC to kickstart this strategy. Hereâs what their CEO had to say:
[Source: @CSchlauf]( More companies holding Bitcoin indicates increasing institutional trust in $BTC as a hedge against inflation. 3/ Semler's $17M Bitcoin buy and $150M more planned [Semler Scientific](, a medical technology company, didnât just get on the roster to sit on the sidelines. They recently purchased an additional 247 Bitcoin for $17 million, bringing their total holdings to 828 $BTC, worth approximately $59 million. But theyâre not stopping thereâthey plan to invest up to $150 million more in Bitcoin as one of their 2 north stars (aka eyes on the prize focus). Hereâs what the CEO, Doug Murphy-Chutorian, had to say: "Semler remains focused on our two strategies of expanding our healthcare business and acquiring and holding Bitcoin". 4/ Metaplanetâs $16M Bitcoin purchase Last but definitely not least, we have [Metaplanet.]( This Japanese company disclosed another additional purchase of $16 million worth of Bitcoin, which sent their shares up by 10%. This international interest shows that the Bitcoin buying spree isnât just confined to the U.S., solidifying Bitcoin's status as a global store of value. ð¥Milk Road Take: Seeing whales and major players like MicroStrategy, DeFi Technologies, Semler, and Metaplanet scoop up more Bitcoin during dips is like getting a nod from the cool kids. These trailblazers are creating a playbook for others to follow, signaling long-term confidence in crypto despite price fluctuations. This is only the beginning. ð³ P.S. Thereâs 1,678 Bitcoin whales right now and its growing fast (whales = wallets with 1k+ $BTC). Learn how to take insights from these whales and trade along with them on [Milk Road Radioâs newest episode]( ðð§ [INTRODUCING METAMASK POOLED STAKING]( [MetaMask Pooled Staking]( is your new go-to for staking ETHâconvenient, accessible, and user-friendly. - No Minimums: Stake any amount of ETH, from tiny to titanic. - Continuous Rewards: Earn staking rewards continuously. - Flexibility: Withdraw your staked ETH anytime. Now available in MetaMask Portfolio, MetaMask Pooled Staking lets you stake your way. Powered by Consensys Staking, it uses the same reliable infrastructure that runs over 33,000 validators efficiently and optimizes rewards with zero slashing incidents. With MetaMask Pooled Staking, ETH holders of all sizes can contribute to Ethereumâs security while earning rewards. Note: The initial launch isnât available in the US or UK (sorry!), but it's on the roadmap. [Unlock the power of staking with MetaMask today!]( [breaker] HUGE LIQUIDATION CAUSES 25% DROP IN CRV 𩸠Michael Egorov, the founder of Curve Finance, had a ROUGH one Yesterday. His bags suffered 10âs of millions in liquidations causing $CRV to plummet:
[Source: CoinGecko]( This comes after Ergorov borrowed nearly $100M in stablecoins that were backed by Curveâs governance token. Now, thatâs a lot to unpack, so let the Milk Man break it down for you: - Curve Finance is a DEX (Decentralized Exchange) that also allows users to borrow or lend money. - Michael Egorov (Curveâs Founder) used the protocol to take out a nearly $100M loan. - DeFi loans (unlike TradFi) require users to provide collateral on their loans. In this case Michaelâs collateral was roughly $140M worth of $CRV (Curveâs native token). - When the price of $CRV took a dive, so did the value of Michaelâs collateral. SO, in a nutshell, when the collateral value dips too low, it starts getting liquidated by the lender to cover the deficit. Think of it as a DeFi margin call, but with more drama and no pesky phone calls. Surprisingly though, this isn't Michaelâs first tango with liquidations⦠In early 2023, he put up $291M $CRV tokens (around 34% of the circulating supply) as collateral to borrow $65M in stables. And in true degen fashion, he used the loan to buy a $41M mansion in Australia. Michaelâs actual mansion⦠ð° Later that year, Curve was hacked! This made the price of $CRV plummet, sending shockwaves through the wider DeFi ecosystem. Considering his loan exposure, Egerov acted quickly to limit his losses. The liquidation bonanza exposed several systemic risks, prompting some platforms to safeguard themselves from $CRV volatility. Because of these safeguards, the interest on Egerovâs loans skyrocketed. Which leads some to believe that Egerovâs liquidations might have been a clever way out of his heavy interest situation. ð¥Milk Road Take: Michael Ergorov is fine, itâs the $CRV holders that are the ones taking a beating. Imagine trying to sell $140M worth of $CRV on the open marketâthere's no liquidity to handle it. The price would tank, and the community would go ballistic. Instead, maybe this was his way of selling. Lending against $CRV, taking a 30% hit on collateral, and walking away with $100M. Who knows? ð¤ [breaker] FUNDING FRIDAY ð¤Â Welcome back to Funding Friday! This week, $106.85M was raised by crypto companies. Here's the scoop on who secured the bag: 1/ Nexus Laboratories Raises $25M What they do: [Nexus Laboratories]( focuses on developing zero-knowledge infrastructure to enhance blockchain privacy and scalability. Who led the round:[Lightspeed Venture Partners]( 2/ Layer3 Raises $15M What they do: [Layer3]( is a multichain bounty platform that incentivizes users to complete tasks across various blockchain ecosystems. Who led the round:[Electric Capital]( 3/ Nuffle Labs Raises $13M What they do: [Nuffle Labs]( provides data services and infrastructure solutions within the Near Ecosystem, aiming to enhance blockchain interoperability. Who led the round:[Electric Capital]( Honorable Mentions: - [Squads]( raised $10M for its collaborative wallet platform on Solana, enabling teams to manage digital assets and governance. Funding led by [Lightspeed Venture Partners.]( - [Symbiotic]( raised $5.8M to create secure, scalable infrastructure for Ethereum and other blockchain networks. Funding led by [Paradigm](. Also, big news came in this week on some serious dry powder ready to fund more crypto projects! [Paradigm](, a leading VC firm in the crypto space, has raised a whopping $850 million for their third investment fund. [breaker] BITE-SIZED COOKIES FOR THE ROAD ðª [Bitcoin to hit $1M by 2033, says Bernstein.]( Hold onto your digital hats! Bernstein analysts foresee Bitcoin's sky-high price, driven by ETF demand. Maybe now's the time to start that piggy bank, or rather, a Bitcoin wallet! [Notcoin rockets 10% amid TON wallet surge.](Telegram games are fueling Notcoin's rise, pushing The Open Network's daily active wallets to rival Ethereum's again. Seems like everyoneâs got a new favorite gameâand it's paying off big time for Notcoin! [Nigeria drops tax charges for Binance execs.]( The two executives have been dropped from tax evasion charges by a Nigerian agency but they still face a money laundering case. It's a partial victory, but the game isn't over yet! [Polygon boosts governance with Aragon's new hub.]( This new governance hub empowers community-driven development. Now everyone can have a say, from protocol upgrades to voting on new features. Like a democracy, but with more code and fewer campaign ads! [breaker] MILKY MEMES ð¤£
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