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GM. This is Milk Road, the ‘Subway’ of crypto newsletters - we keep it fresh. 

Here’s what we got for you today:

• ✍️ Institutions are choosing Ethereum

• ✍️ Did ‘supply overload’ kill altcoin season?

• 🎙️ The Milk Road Show: Is It Too Late For Ethereum to Save Themselves? w/ Haseeb Qureshi

• 🍪 GameStop is adding Bitcoin to its treasury

INSTITUTIONS ARE CHOOSING ETHEREUM 🏦

Kyle’s been up my ass on writing a story about institutions coming onchain. 

Here’s proof from our research channel:

Instead of fighting him on my first week writing the newsletter, I thought I’d go ahead and please the big boss.

So, here’s the latest news for institutions coming onchain (with a little alpha at the end - because let’s be real, that’s why you’re really here).

1/ New institutions are entering the RWA space 

You’d think most big players already have an RWA product by now but not Fidelity. 

That changed last week when they announced plans to launch their first-ever RWA product on Ethereum.

2/ The existing RWA players are expanding

Blackrock’s $1.9B tokenized treasury fund ($BUIDL) just expanded to its 7th chain, Solana. 

3/ Everyone’s launching a stablecoin

We now have a stablecoin that has the Trump name attached to it…

…while two big banks - Custodia & Vantage - have joined to launch a bank-backed stablecoin.

“Huh, a bank-backed stablecoin? What’s that?”

Yeah, our GM Tyler was also confused—so let me break it down:

• Typical stablecoins → Backed by U.S. Treasuries & similar assets

• Bank-backed stablecoins → Fully backed by funds held at the bank

With so many rapid developments happening in the RWA space, there’s one asset that’s poised to gain from it: $ETH.

How come? Because 3 of 4 announcements above were about building on Ethereum and it's no surprise why.

Just look at the table below: 54% of all RWAs live on Ethereum (and that jumps to ~77% if you add in the Ethereum L2s). 

Retail loves to trash Ethereum but institutions? They can’t get enough of it. 

Just ask Robbie Mitchnick (BlackRock’s head of digital assets), he’s got nothing but praise for Ethereum.

$ETH has had a rough cycle till now, but maybe this institutional wave is what finally turns it around (at least we hope).

DID ‘SUPPLY OVERLOAD’ KILL ALTCOIN SEASON? 🤔

Knock knock

Who’s there?

Altcoin SZN

* joyfully rushes to open the door, thinking that my portfolio is finally going to go green and I can provide for my family *

Altcoin SZN:

This is exactly how we’re all feeling. 2025 was supposed to be the year of the bull run peak – a time in which altcoins outperformed Bitcoin for 90 days or more (aka altcoin season)! 

…but it’s nowhere to be seen. 

The simplest answer behind altcoin season’s absence/delay? Supply overload

The longer answer? 👇

We’ve been creating way too many tokens, way too fast. 

According to The DeFi Report, over the last month, an average of ~36K tokens were launched daily across all chains.

With some quick *36,000 times 30* multiplication, that’s nearly 1.1M new tokens in a single month! 🤯

Yuh. The token explosion is real – now, here’s how it affects your bags. 

More tokens = more liquidity fragmentation = less investment per token = lower lift across altcoins.

Because there’re so many tokens in the space (and growing), each token will now receive lower amounts of investment and attention – both of which are necessary for a token to do well. 

For this bull run (and those that follow it), you should expect the CoinGecko casino to stop working.

(Aka: the strategy where you pick a random coin and it does at least a 2x.)

As the crypto industry matures, investing strategies will need to mature alongside it: 

Investors will make investments based on more fundamental analysis – which is exactly what our NOPs (Nerds On Payroll) do day-in and day-out for Milk Road PRO. 

In case you’re still lost, Bobby Ong (Founder of CoinGecko & Gecko Terminal) sums it up pretty well: 

And if you need a visual aid to really drive the message home: 

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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.