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GM. This is the Milk Road. Crypto can be a hard nut to crack - let us crack it for you. |
Here’s what we got for you today: |
58% of cryptocurrencies are dead ☠️ Bitcoin ETF trading volume crossed $10B in 3 days 🤑 The number of crypto devs is down 24% 📉 Dencun completes its first test 🍪 |
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58% OF CRYPTOCURRENCIES ARE DEAD ☠️ |
CoinGecko just dropped a new report on cryptocurrencies. |
Here are 4 WILD stats from it: |
24,000 cryptocurrencies have been listed on CoinGecko since 2014. That’s an average of 7 new tokens, every single day. Of those, ~58% have died. More than half of the dead tokens launched during the 2021 bull run. |
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The big takeaway: there’s always a spike in token “deaths” during bull runs. |
Why? It’s getting easier and easier to launch a token. Which means it’s also getting easier and easier to scam. |
That’s why the number of dead tokens (mostly rugpulls) jumped from… |
32 in 2016 → 346 during the 2017 bull run. A 10x increase. And then, jumped from 1,806 in 2020 → 5,724 during the 2021 bull run. A 3x increase. |
With another bull run coming up, we expect another spike in “dead” tokens. |
Watch out! |
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BITCOIN ETF TRADING VOLUME CROSSED $10B IN 3 DAYS 🤑 |
Spot Bitcoin ETFs have been live for less than a week. |
Let’s take a peek at the numbers so far: |
The total trading volume across all 11 spot Bitcoin ETFs crossed $10B. Grayscale, Fidelity, and BlackRock make up 90% of trading volume. There’s been more than $1B+ in trading volume every single day since the ETFs launched. |
Impressive. But there are still a lot of people who are calling the Bitcoin ETFs a “bust.” |
Why? Number no go up. |
You see, some people were speculating the Bitcoin ETF approvals would make prices explode... |
By now BTC should be at $1M and we should all have 3 mansions and 2 yachts. |
Instead, BTC is down ~10% and I just called my mom to see if my room was still available. (You know, just in case.) |
But there’s a bright spot: while crypto degens aren’t too impressed with the week 1 numbers, the ETF experts are. |
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Side note: “combinded” sounds like something my 4-year-old nephew would say 😂 |
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THE NUMBER OF CRYPTO DEVELOPERS IS DOWN 24% |
Let’s be clear. 99% of the time, there’s no sugarcoating a stat like that. |
The number of devs is down. That sucks. Period. |
But turns out, with this stat, there is a little bit of sugar. So dammit… let’s coat that sh*t up! |
Yes, the total number of devs is down 24%, but according to Electric Capital… |
The number of “experienced devs” (1+ years) grew by 16%. The number of “established devs” (2+ years) hit a new all-time high and has grown 52% annualized over the past 5 years. |
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Turns out the majority of developers that left last year were “newcomers.” They’re like tourists - they only visit when the sun’s shining and the weather’s nice. |
At the end of the day - we don’t care about them, we care about the locals. The hometown heroes. The real ones. |
The good news? The number of locals keeps growing each year. |
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BITE-SIZED COOKIES FOR THE ROAD 🍪 |
We sat down with the Founder & CEO of Metallicus, Marshall Hayner, to discuss his journey and the current crypto landscape. Check out the full interview with Marshall here!* |
Ethereum’s Dencun upgrade was successfully deployed on the Goerli test network. Next up? Sepolia on January 31 and Holesky on February 7. |
VanEck is shutting down its BTC futures fund. The fund (XBTF) intends to stop trading on Jan. 30. |
Socket.Tech suffered an exploit that affected various web3 apps. The attack targeted the Bungee Exchange, a frontend to the Socket Protocol that bridges between Ethereum and 12 EVM chains, resulting in a loss of about $3.3M. |
AltLayer is launching its native token on January 25. The token will be launched via Binance Launchpool following a farming period that begins on Jan. 19, with an airdrop to early supporters also planned upon listing. |
Gemini gained regulatory approval in France. The crypto exchange will now be able to serve both retail and institutional crypto clients. |
NFT wash trading volumes on Ethereum marketplaces hit their lowest level in over a year. 1.8% is the lowest level since May 1, 2022. For reference, that’s down from 36% in January 2023. |
Yuga Labs is launching a free-to-play version of its game - Dookey Dash. Weird, that’s the same game I play after my first cup of coffee every day. |
*This is sponsored content |
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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. |
