Today’s edition is sponsored by Sui – explore the full lineup of legends speaking at Sui Basecamp 2025.

Register for Sui Basecamp with milkroad-20 for 20% off

GM. This is Milk Road, your friend in crypto. 

(Like, real friend. The kind that’ll save you a seat so you’re not left alone like Steven Glansberg.)

Here’s what we got for you today:

• ✍️ 2 things everyone is missing right now

• ✍️ Why it pays to be a crypto snob

• 🎙️ The Milk Road Show: Are You Too Late to Buy Bitcoin? BTC OG Adam Back Reveals Why the Biggest Gains Are Still Ahead

• 🍪 Bitcoin is now bigger than Google

TWO FACTORS EVERYONE IS MISSING IN THIS CURRENT MARKET RALLY 📈

Over the past 24hrs, two BIG things have happened:

→ Discussions of a US-India trade deal began

→ Trump changed his tune on China: "We're going to be very nice" 

If you’ve checked your portfolio in the past day, you’ve probably already clocked the effects all of this has had on the crypto market.

(Hint: number has gone up.)

But there’re a few things most people are missing…

1/ $BTC is on the edge of confirming “we’re back”

This past Saturday (when $BTC was ~$85k), our PRO team finished their weekly deep dive by saying:

“We need to see Bitcoin get back into its range of $91,500 before we have some confirmation that we truly are back.”

Well – as of this writing $BTC is at $93.1k!

We’ll need to see $BTC close the week above $91.5k to indicate we’re back with greater confidence – but so far, so good! 👇

The crazy part of all of this? 

Bitcoin isn’t even the biggest winner here…

2/ $ETH is leading the majors in this breakout!

$BTC is up 7.7% over the last 48hrs, while $ETH is up 10.7% in the same time frame!

(Hell yeah!)

But as you’ll remember, one of the governing laws of our physical universe is that being an $ETH bull = pain.

And that law still applies today…

Despite its recent gains, $ETH is still in a 4 month downtrend.

And if we want to see that pattern get comfortably broken within the next month, we’re going to need to see a further ~15-30% gain in the next 28 days. 

Silver lining: that’s not out of the realm of possibility! 👇

With all of that said – there’s still debate on whether this is a breakout on the way to new all-time highs, or a bounce as we head for recession.

WHY IT PAYS TO BE A CRYPTO SNOB 💅

The days where every token does a minimum 2x in a bull run are OVER.

You need to be SUPER picky with your investments nowadays, because:

• Most tokens are built on sand

• ICOs are not IPOs (but everyone thinks they’re the same) 

• We’re producing more new tokens than we are new investors

Here’s a closer look at each point…

1/ Most tokens are built on sand

If you’ve been in crypto long enough you’ve probably heard folks say “99.9% of tokens are going to $0”...

This is because most tokens are either:

• An outright scam 

• Represent useless technology

• Artificially priced by market makers

• Do not accrue any value from the success of the protocol

• Have consistent dilution/inflation from incentives, airdrops, unlocks, etc.

(Or all of the above.)

And the ones that DON’T fit this mold still need YEARS to prove themselves – which is a problem, because the distinction between private and public markets are fuzzy in crypto.

Lemme explain…

2/ Initial Coin Offerings (ICOs) vs. Initial Public Offerings (IPOs)

IPOs = offering shares in an active company that has been pressure tested and (somewhat) proven in the private markets (i.e. IPOs are early bets on semi-proven companies).

ICOs = teams usually selling an unproven, often yet-to-be-started idea/plan to the public via a token offering (i.e. ICOs are early bets on rough ideas).

Need a visual aid? Here, have a visual aid:

3/ The amount of new tokens is increasing faster than new investors

Back in 2017–2018 there were less than 3,000 tokens in existence (and in 2013-2014 there were less than 500).

As of April 2025, there are over 37 MILLION crypto tokens in existence!

This means investors’ focus is being pulled in a million different directions (literally).

As a result, the concentration of capital is being fragmented → leading to sector-specific gains, instead of broad-market pumps.

The takeaway:

You need to be Regina-George-from-Mean-Girls levels of snooty when choosing how you allocate.

High risk assets are ok in small doses (5-10% of your portfolio, that you’re willing to lose) – but the majority of your allocated funds should be in tokens that pass these checks:

• Shows real adoption ✅

• Are fundamentally strong ✅

• Have a multi-cycle track record ✅

Write it down, check it twice – ‘cause remember:

99.9% of tokens are going to $0!

(Want a better understanding of why? Click here for an in-depth conversation on the topic!)

BITCOIN WOULDN’T EXIST WITHOUT THIS GUY 😧

In 2008, Adam Back received an email from an anonymous developer, saying they’d used his technology in a project they were working on…

That developer was Satoshi Nakamoto, and that project was Bitcoin.

Now, get this – we just sat down with Adam on today’s episode of The Milk Road Show to talk about:

• The early days of Bitcoin

• Why $BTC is still undervalued

• Adam’s forecast of a $500K–$1M Bitcoin this cycle

Plus a whole bunch more! Check it out below. 👇

YouTube | Spotify | Apple Podcasts

BITE-SIZED COOKIES FOR THE ROAD 🍪

MILKY MEMES 🤣

RATE TODAY’S EDITION

ROADIE REVIEW OF THE DAY 🥛

VITALIK PIC OF THE DAY (FROM THE LATEST MOVIE)

The Vitalik film is now live! You can now watch “Vitalik: An Ethereum Story” across multiple digital platforms worldwide.