🥛 Bitcoin is digital gold, what's Ethereum? 👀

PLUS: ETH vs. BTC ETFs: The Day 1 showdown ⚔️                                                                                                                                                                                                                                                                                                                                                                                                                 July 24, 2024 | [Read Online]( 🥛 Bitcoin is digital gold, what's Ethereum? 👀 PLUS: ETH vs. BTC ETFs: The Day 1 showdown ⚔️ [fb]( [fb]( [fb]( [fb](mailto:?subject=Post%20from%20Milk%20Road&body=%F0%9F%A5%9B%20Bitcoin%20is%20digital%20gold%2C%20what%27s%20Ethereum%3F%20%F0%9F%91%80%3A%20PLUS%3A%20ETH%20vs.%20BTC%20ETFs%3A%20The%20Day%201%20showdown%20%E2%9A%94%EF%B8%8F%20%0A%0Ahttps%3A%2F%2Fthemilkroad.beehiiv.com%2Fp%2Fbitcoin-digital-gold-whats-ethereum) Today's edition is brought to you by [Uniswap Extension]( — Swap, send and receive crypto with the first wallet extension to live in your sidebar. [Download the Uniswap Extension today →]( [breaker] GM. This is Milk Road, the crypto newsletter that's as satisfying as perfectly peeling an orange in one go. Here’s what we got for you today: - ✍️ If Bitcoin is digital gold, what is Ethereum? - ✍️ ETH vs. BTC ETFs: The Day 1 showdown - 🎙️ The Milk Road Show: [If BTC is digital gold, what is ETH? And will it flip BTC?]( - 🍪 Franklin Templeton eyes Solana ETF [Prices as of 9:30AM ET. Click here for our Fear & Greed Index]( [breaker] IF BITCOIN IS DIGITAL GOLD, WHAT IS ETHEREUM? 🤔 The narrative for Bitcoin is pretty clear: Digital Gold. Simple, sound, and everyone's been saying it for years. [Source: @seth_fin]( When the Bitcoin ETFs went live, Larry Fink and the other Big Dogs of the TradFi world went on national television and sold [Bitcoin]( as such: Digital Gold. This narrative is an important part of why Bitcoin has managed to grow into a trillion-dollar asset. But with the Ethereum ETFs live, many are wondering this big question👇 What’s the Ethereum narrative? Ethereum struggles to have a clear one-liner. A simple elevator pitch for what it is. It’s like that super talented friend who’s a jack-of-all-trades, so they can’t quite explain what they do when asked. “I work in tech… kinda.” [Ethereum](, of course, is a smart contract blockchain that empowers many different use cases, rather than mainly just a store of value like Bitcoin’s current case. Instead of one clear pitch, it has multiple. Many say this is a problem. Many say that without a clear narrative, it’s a harder sell, holding Ethereum back from adoption. The Milk Man thinks differently here. We think Ethereum’s multi-narrative vibe is a feature, not a bug. And we’ve got two reasons why. But first, let’s stroll down memory lane with Ethereum’s various pitches over the years👇 - Decentralized App Store: Think Apple’s App Store, but for decentralized applications. - Always-on Finance: Financial services 24/7. No “work day”, no weekends off. Ethereum never sleeps, unlike TradFi’s typical week day which runs from 9-5.(Bitwise already started marketing with this narrative[in this video.]() - The Settlement Layer of the Internet: The internet was never built to settle financial transactions, we instead plugged the TradFi layer into the internet (which of course has its limitations). Now, Ethereum gives us an internet-native settlement layer. - The World Computer: An oldie from Ethereum’s early days. The Milk Man is not a big fan. - Ultra Sound Money 🦇🔈: If Bitcoin is “sound money” with its 21M capped supply, then $ETH is ultra sound money with a deflationary supply. If Bitcoin is Digital Gold due to its limited supply, Ethereum is something better! So many narratives, so little time ($ETH is just 10 years young). But which ones will the tradFi big shots use to sell their ETFs? We’ll just have to wait and see. But here’s why the Milk Man thinks this narrative limbo is a feature, not a bug: - Diverse Accomplishments: More narratives mean Ethereum does a heck of a lot. Try explaining the internet in one sentence. Can’t? That’s because it does so much. Same with Ethereum. - Upside Potential: Investing before the world “gets it” can be golden. Think of the internet in the ‘90s. When everyone finally understands Ethereum, its value could skyrocket. Ethereum isn’t just one thing; it’s a buffet of possibilities. That makes it exciting, even if it’s a tougher sell. Next time someone asks what Ethereum is, just smile and say, “It’s whatever you need it to be!” So, buckle up and enjoy the waves! 🌊 Wondering if these ETF waves will push $ETH to flip $BTC in the long run? We have you covered on the latest episode of The Milk Road Show where we explore the diverse narratives surrounding $ETH and discuss why Ethereum's complexity might just be its biggest strength. Tune in to the podcast and stay ahead of the game! 👇 [YouTube]( | [Spotify]( | [Apple Podcasts]( [UNISWAP EXTENSION: GO ONCHAIN FROM YOUR SIDEBAR]( LIVE TODAY: Uniswap Labs introduces this extension which is a self-custody wallet for effortless swapping, signing, sending, and receiving. This extension lives in your browser's sidebar, enabling onchain activities anywhere on the web. Human-readable transaction messages boost confidence. The future is multichain, and so is the [Uniswap Extension](. Swap, send, and receive crypto across 11+ chains, including ETH Mainnet, Base, Arbitrum, and Optimism. View all assets in one place across all chains. Already use the Uniswap mobile wallet? Scan your QR code to onboard instantly. Keep Uniswap a click away. [Download the Uniswap Extension today.]( [breaker] ETH VS. BTC ETFS: THE DAY 1 SHOWDOWN 🤼‍♂️ The Ethereum ETFs went live yesterday and we hit you with the [projections from some of the biggest names in the space.]( But how did $ETH stack up against $BTC when we compare both of the ETF's first days on the job? [Source: @JSeyff]( There’s a lot going on in this chart, so let the Milk Man break it down for you: - Net Inflows: $ETH’s net inflows of $107M are 16% of BTC $ETF’s day one flows. To no surprise, $BTC had more milkshake bringing all the investors to the yard. 🥤 - Trading Volume: $ETH ETFs managed 23% of the volume that $BTC ETFs did on their first day. 🌐 - Greyscale Outflows: ETHE had $484M in outflows (almost 5x of GBTC on day 1). Many expected a faster exit from ETHE vs GBTC, but that’s a pretty wild difference. 🔥 How about that for $ETH’s first day on Wall Street, eh? The sheer numbers were considerably smaller than the $BTC ETFs but that’s like comparing apples to kumquats! $ETH doesn’t need the same dollar amount of inflows to have a large impact on price, its total market cap and supply are on different levels. Just to give you a picture: - The supply increase of $ETH this year is $155M. - The net inflows yesterday for the $ETH ETFs were $107M. Yesterday’s demand was 60% of the supply increase for the whole year… 🤯 Remember, investing in ETFs is like choosing your favorite dairy product. Some like it creamy, some like it light. Always do your research and find what suits your taste buds best. 🧀🍦 [breaker] BITE-SIZED COOKIES FOR THE ROAD 🍪 [Access onchain market data from 1.2K+ DEXs and 3.6M liquidity pools effortlessly with the CoinGecko API](. Take 15% off any plan with ‘MILKROAD15’ (new users only). * [Jingdong Coinlink plans to launch a stablecoin tied to the HK dollar]( to provide secure and cost-effective payment solutions while adhering to regulatory requirements​​. [Ferrari to expand crypto payments for cars to Europe following US launch.]( Most European dealers are already on board or in the process of adopting this new payment method. Ferrari partnered with BitPay for the U.S. launch, accepting $BTC, $ETH, and $USDC​​. [Franklin Templeton eyes Solana ETF after Ethereum success.]( The asset manager will keep exploring more assets to back new spot cryptocurrency ETFs, including those based on Solana. This decision follows the success of their $ETH ETF, which has garnered significant investor interest​​. [BTC prices steady above $66,000 as Mt. Gox moves $2.5B to new wallet.]( Recent movements included $130M sent to the Bitstamp exchange​​. Payments started early this month and Mt. Gox still has more than $6B of $BTC to distribute. [We're looking for a kickass Content Creator to join our team.]( You'll create the best crypto content in the world. If you have video editing and graphic design skills and love crypto, this is the perfect role for you. [Apply here!]( *this is sponsored content [breaker] MILKY MEMES 🤣 [Source: @LilMoonLambo]( [Source: @naiivememe]( [Source: @tybasegod]( [breaker] RATE TODAY’S EDITION What'd you think of today's edition? [🥛🥛🥛🥛🥛 F**king great]( [🥛🥛🥛 Meh, do better]( [🥛 You didn't bring the heat]( ROADIE REVIEW OF THE DAY 🥛 VITALIK PIC OF THE DAY [Source: @naiivememe]( [breaker] 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. 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