GM. This is Milk Road, your tour guide through altcoin territory.

Here’s what we got for you today:

• ✍️ Crypto equities are killin’ it

• ✍️ Entity count > treasury holdings

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

• 🎙️ The Milk Road Show: Bitcoin Is King, Altcoins Rotate: How Smart Money Plays the Market w/ Akshat Vaidya

• 🍪 Kraken is growing in Europe

EarnPark is a lending platform offering high-yield products on crypto assets. Put your crypto to work with EarnPark.

CRYPTO EQUITIES ARE KILLIN’ IT 🚀

By the end of this story, our aim is to convince you that this altcoin season will be different…

Just not for the reasons you’re expecting.

It all started with a tweet from Kyle (our founder) yesterday:

In a typical cycle, the flow looks like this:

Increase in global liquidity → Flows into Bitcoin → Which then trickles down to altcoins

But this time around, we think the playbook is changing:

Regulatory clarity + support → Fintechs adopting crypto → Crypto equities taking off

And guess what? We’re already seeing signs of this in action. 

The holy trinity of crypto equities (Circle, Coinbase and Robinhood) has been crushing the holy trinity of crypto majors ($BTC, $ETH and $SOL) over the past month. 👇

But why is this happening? Why are we going to see a different flow this cycle?

(First of all, great questions. Proud of you.)

Secondly, it’s because TradFi has a much better set-up:

• TradFi has a LOT more capital (high demand)

• But they have very FEW public crypto companies (low supply)

High demand + low supply = crypto equities rippin’

Comparing this to the crypto market…

• Crypto has a LOT less capital (low demand)

• An absolutely absurd amount of tokens (high supply)

Low demand + high supply = bad news for (most) crypto tokens

And yeah… we’ve been saying this for a while now: crypto equities look like a better investments than alt tokens this cycle. 

COTD: ENTITY COUNT > TREASURY HOLDINGS 🥊

Hot take: the most dominant entities on this chart are not the most important. 👇

Here’s our thinking:

It’s great to see ETFs/Funds and Exchanges grow in number (and by total $BTC held in their respective treasuries) – BUT!

When it comes to game theory – they’re totally uninspiring.

Here’s what we mean by that…

The more people try to replicate the success of BlackRock’s Bitcoin ETF or Coinbase’s Exchange → the more crowded the space becomes → the harder it is to compete → the less new entities will join/compete.

Whereas Governments and Public/Private Companies have an inverse effect, fueling game theory:

The more businesses/governments adopt $BTC as a treasury asset → the higher its price will climb (in theory) → creating FOMO in those still sidelined → inspiring them to adopt $BTC as a treasury asset → repeat…

So if you want a real measure of momentum in Bitcoin’s game theory:

Ignore the total $BTC held by entities, and instead track the total number of Governments and Public/Private Companies with Bitcoin treasuries. 👇

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

It might feel weird that we’re so bullish right now, given that market sentiment is in one helluva funk…

So to paint you a better picture of why we’re so chipper, let’s look at our trusty cycle indicators.

‘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 🍪

We’ve dropped a review on TRES Finance that simplifies your crypto finances. It pulls in all your DeFi transactions and spits out clean, audit-ready reports. No more spreadsheet chaos.

Kraken is growing in Europe. They’ve secured the MiCA license which means they’re allowed to operate across 30 European countries.

Here’s a move we didn’t see coming: A publicly traded company just pivoted from Bitcoin mining… to becoming an $ETH treasury play.

Is the worst of the Middle East war behind us? Tomas from Milk Road Macro thinks so and in today’s edition, he breaks down exactly why.

Top-up, purchase and withdrawal fees? Nope. Not when you use your MoonPay Balance. Get the MoonPay app and start growing your crypto, without the pesky fees!**

**this is partner content.

MILKY MEMES 🤣

RATE TODAY’S EDITION

ROADIE REVIEW OF THE DAY 🥛

VITALIK PIC OF THE DAY