GM. This is Milk Road – we deliver your daily dose of crypto news (minus the confusion.)

Here’s what we got for you today:

• ✍️ Few understand what’s coming for $ETH

• ✍️ State $BTC reserves: bad data, exciting future

• 🥛 PRO “Where are we in the cycle?” indicators

• 🎙️ The Milk Road Show: Ethereum’s Next Demand Shock Is Already Underway w/ Kyle Reidhead & John Gillen

• 🍪 The crypto treasury play continues to expand

IRA Financial lets you invest in Bitcoin & Ethereum without triggering taxes on your gains. Check if you qualify for an account.

$BTC IS UP 960% SINCE IT 1ST HIT U.S. CORP. TREASURIES – NOW IT’S $ETH’S TURN 💪

Public markets are a helluva drug.

When Strategy (formerly MicroStrategy) started buying Bitcoin in August 2020 and became the first publicly traded proxy for $BTC in the US – Bitcoin’s market cap was $200 billion.

It is now $2.2 trillion, thanks to not only Strategy ($MSTR) – but all of the other Bitcoin treasury companies and ETFs that are now easily accessible on public markets.

And now, that same public market access is starting to be built out for Ethereum.

It started last year with the ETFs, and more recently we saw the launch of $SBET (Ethereum’s first answer to $MSTR).

…so what happens to Ethereum’s price as this public market access continues to accelerate?

We just sat down with our Head of Research, Kyle Reidhead, and John Gillen (host of the Milk Road Macro Podcast) to talk about exactly that, on today’s episode of The Milk Road Show.

Here’s the TL;DR:

• SharpLink, BitMine, and BitDigital have already acquired 100k+ $ETH (each!) and are raising debt so they can buy more

• Ethereum can earn real yield via staking, restaking, and DeFi lending. This gives it an edge over Bitcoin

• These companies aren’t offering public exposure to $ETH as much as they are offering exposure to Ethereum DeFi

• For that reason, expect massive $ETH inflows to DeFi protocols like Aave, Morpho, Lido, and EigenLayer (though $ETH itself is the easiest and least risky play)

• There is risk though. Some ETH Treasury companies will blow up. Especially small ones chasing high DeFi yields with leverage

• DeFi Summer 2.0 will not be driven by degens, but by public companies allocating institutional capital into Ethereum at scale

The only problem with all of the above is: it’s only scratching the surface of what was covered.

Click below to watch the full episode. 👇

YouTube | Spotify | Apple Podcasts

WHY WE’RE BULLISH ON STATE $BTC RESERVES (EVEN IF THE DATA IS MURKY) 🐂

You know that old man confidence that dads get?

Take my dad for example – he recently started wearing fedoras. Something he would have never done previously, ‘cause he knew I would’ve immediately started teasing him – mercilessly.

(Which I am now doing, in front of hundreds of thousands of Milk Road readers)

But in recent months, he got a dose of that old man confidence, allowing him to pull the trigger on a range of goofy ass fedoras.

For my dad, that’s progress – even though these lids don’t look as good as he thinks they do, he’s doing something that he couldn’t have imagined doing just a year ago.

Yeah, well, the following data is bringing the same energy:

When this image was shared in our daily newsroom, we were blown away:

• 44 states have a policy related to $BTC (88%)?

• 26 have introduced legislation related to SBRs (52%)??

• 7 states already have ‘live Strategic Bitcoin Reserves (SBRs)’ (16%)???

That’s crazy progress – how did we miss this!? Of course, there’s a catch…

‘Total Measures’ = any $BTC-related policy that has been entered for state committee review – including the ones that have failed (which is most of them).

‘SBRs introduced’ = any SBR policy entered for committee review – again, most of which have failed.

‘Live SBRs’ = any SBR policy entered for committee review that HASN’T failed – so far only 3/15 have been approved (shout-outs to Texas, Arizona, and New Hampshire).

Ok, so why are we talking about this (seems like a weird thing to champion)?

Because just like my dad with his fedoras – even though this data doesn’t look as good as we first thought – this is something that we couldn’t have imagined seeing just a year ago.

And we’re not only seeing $BTC adoption at state levels – but federal and institutional ones as well!

(Momentum that’s likely only going to continue building)

As game theory dictates: if enough states/countries/companies adopt Bitcoin, it’s only a matter of time before others change their tune and race to catch up.

Bullish!

PRO “WHERE ARE WE IN THE CYCLE?” INDICATORS 🤔 

Bitcoin just hit new all-time highs!

Question is: when's the official lift off scheduled? 

Let’s look at the cycle indicators and get a temperature check of the market – ‘cause knowing where we are in the crypto cycle is crucial for capturing the best opportunities.

The goal is to spot the bull market peak before the inevitable bear market hits your bags hard.

Since timing the top perfectly is almost impossible, we use various indicators to give us a better shot at taking profits before it's too late.

Below are the 6 indicators we track, with a color-coded system to show how close they are to signalling the market peak:

🟢 Plenty of room to run 🏄

🟡 Getting closer to the top signal, but haven’t yet reached the mark ⚠️

🔴 We’ve hit the market top indicator 🚨

Every Thursday, we update these 6 indicators exclusively for PRO members.

Our advice? Don't wait for all of them to hit 🔴. It's better to take profits as they get closer to that point.

Let's dive in and see if we're anywhere near the top of this bull market. 👇

BITE-SIZED COOKIES FOR THE ROAD 🍪

What if everything you thought was “responsible” money management… was actually holding you back? Our article on Bitcoinmath runs the numbers to show you.*

Solana-powered robotaxis? Volkswagen is using Solana-based Hivemapper for real-time robotaxi mapping.

PumpFun’s plan: First step, launch the $PUMP token. Second step, topple Facebook, TikTok, and Twitch.

A short liquidity crunch could soon hit financial markets. The Federal Reserve may need to change course as new pressures emerge from recent government actions.

The crypto treasury play continues to expand: BIT Mining Limited ($BTCM) plans to raise up to $300 million for SOL treasury.

Is spot trading a little too boring for you? dYdX lets you trade perpetuals onchain with zero gas fees.**

*this is sponsored content.
**this is partner content.

MILKY MEMES 🤣

RATE TODAY’S EDITION

ROADIE REVIEW OF THE DAY 🥛

VITALIK PIC OF THE DAY