GM. This is Milk Road, the offensive linesman protecting you (the quarterback) in the game we call ‘crypto’.

Here’s what we got for you today:

• ✍️ Crypto’s 2025 Halftime Show

• 🥛 Milk Road PRO All Access Portfolio updates

• 🎙️ The Milk Road Show: Crypto ATH Incoming? Yes… But Not for All Tokens w/ Ran Neuner

• 🍪 This is a pretty cool use-case for NFTs

Bitget is one of the fastest growing centralized exchanges. Sign up to Bitget and access the platform.

CRYPTO’S 2025 HALFTIME SHOW 🏈

It’s July 1st, which means there’s never been a better time to make a ‘halftime show’ analogy for the year of our lord, 2025.

(And brother, I’m running with it.)

Imagine: the second quarter clock has run out, Kendrick has just done his halftime show, and the Canadians on our team are licking their wounds (it’s been a rough few years for Drake fans).

Sitting center stage in the announcers booth is the Milk Man. 

“Milk Man, what have you seen so far – and what do you expect to see in the second half?”

1/ Bitcoin +14.27%

$BTC is our A-player. A resilient mf’er, whose worst day is most player’s best day.

Trade wars, US strikes on Iran, your uncle saying bad things about it to whoever has the misfortune of walking into the living room while it’s being covered on Fox…

Bitcoin has been able to not only persevere through it all so far in 2025, but strengthened in the meantime.

2/ Ethereum -26.56%

2015’s rookie of the year hasn’t been doin’ so hot these past few seasons (years) – but that feels like it’s about to change…

$ETH’s getting added to treasuries, the ETFs are on fire, and the Ethereum Foundation has switched their approach from “slow n’ steady” to “hard nosed, run-it-down-your-throat action”.

(It’s a legit NFL term. I looked it up. Don’t @ me.)

3/ Solana -21.17%

Solana, like Ethereum before it, thrives in high growth economic environments, where folks are cashed-up enough to place riskier-than-usual bets (on players like $SOL).

The road block in Solana’s 2025 season has been the trade war-induced economic growth scare.

So what do we want to see in order for ‘team crypto’ to have a stellar second half?

(Apologies in advance to our PRO members who already heard all of this and more in Saturday’s macro deep dive.)

If the US dollar continues to weaken, this shift down should result in an increase in Bitcoin’s price 3 months down the line – more on that here.

If ISM PMI (a measure of how much corporate purchasing managers are buying to prepare for future economic growth) starts to blast through 50, we should be on our way to alt season.

Good news: new ISM data came in this morning, and it’s up! 

Bad news: it’s only slightly up, moving from 48.5 to 49.

But this kind of macro data isn’t the only thing that could bring us victory in the second half of 2025… 

There’s a whole slew of governmental, regulatory, and institutional changes happening in the US that could help to push prices up n’ to the right.

Keep scrolling to get a gut check on each of them. 👇

CRYPTO’S 2025 HALFTIME SHOW (P2) 🏈

Governments and institutions aren’t known for their agility.

Their decision-making is more like a Mack truck – slow to start, but really hard to stop once they’ve gained momentum.

Good news is that momentum is building…

1/ A US Strategic Bitcoin Reserve (SBR)

We haven’t heard much about the SBR since President Trump’s executive order brought it one BIG step closer to reality – but that’s not to say progress hasn’t been made.

As of Thursday, this is where we stand:

2/ The GENIUS Act 

The GENIUS Act is meant to create clear federal rules for stablecoins (essentially giving US companies the green light to start building in the sector).

It recently passed the Senate… next it needs to pass the House of Reps (which could happen as early as next week)... from there, the President can sign it into law.

Republicans currently have a majority in the House of Reps – so things are looking good for the GENIUS Act right about now.

3/ Institutional Trends

• New Bitcoin corporate treasuries seem to be popping up every day 

• Ethereum treasuries are gaining steam with $SBET leading the charge alongside new entrants, like BitMine

• A slew of new altcoin ETFs are set to hit the market in the second half of 2025, with a $SOL ETF due to drop as soon as tomorrow 👇

Each point above unlocks a whole new pocket of capital for crypto.

The speed at which this happens will determine how much of an effect it will have on crypto in the second half of 2025.

…but either way:

It’s all long term bullish for crypto. 💪

MILK ROAD PRO ALL ACCESS PORTFOLIO UPDATES 📊

Alright – we’ve covered the halftime report for the broader crypto market.

…but what about the Milk Road PRO All Access Portfolio? 

(How are our allocations scoring against the rest of the market? Do we need to change up our strategy? Or are we ready to take on the second half of the year with our current line up?) 

Go PRO All Access and keep scrolling to find out. 👇

Disclosure: We are not a day trading portfolio so don’t expect a high volume of trades. Read our “How To Build a Crypto Portfolio” report to learn more about our portfolio strategy.

Portfolio performance 📈 

The Milk Road PRO All Access Portfolio saw a moderate increase over the past 7 days. Our portfolio value is at $169.4K, up 4.2% since last week.

Just yesterday, our portfolio hit new all-time highs — but not because crypto is taking off. It was thanks to the strong performance of crypto stocks like Coinbase and Robinhood.

The S&P 500 and Nasdaq also hit new highs, so we’re not the only ones having a good week.

Still it feels good to see our portfolio doing this well while most traditional crypto tokens are just moving sideways.

A perfect example of why diversification matters. Don’t sleep on it. 😉

Portfolio changes 👀

BITE-SIZED COOKIES FOR THE ROAD 🍪

Need to pick up a new language fast? Babbel helps you master new languages quickly with fun, interactive lessons designed for real-life conversations.*

$200,000 $BTC? Bitwise is sticking to its bold Bitcoin prediction but it’s trimming down its outlook for $ETH and $SOL.

Germany is showing interest in crypto again. Germany’s largest bank, Deutsche Bank, will roll out crypto custody in 2026.

This is a pretty cool use-case for NFTs. You can now serve lawsuits via NFTs.

This DEX solves an actual UX issue! Milk Road Swap supports both Ethereum and Solana tokens in a single interface.

*this is sponsored content.

MILKY MEMES 🤣

RATE TODAY’S EDITION

ROADIE REVIEW OF THE DAY 🥛

VITALIK PIC OF THE DAY