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13:00
Aug 22
Aug 22
Milk Road Macro
12h
SECZ 1ST
HOOD 1ST
BTC
USDC 1ST
LINK
▾
HIGH
Stablecoin/tokenization exposure demand is growing.
Institutions want exposure to stablecoin and tokenization growth. The speaker names Circle, Securitize, Robinhood, Ethereum, Solana, and Chainlink as ways investors may express that theme, and says advisors are looking for tokenization exposure even where they do not yet know the specific names.
SECZ LONG
HOOD LONG
USDC LONG
LINK LONG
Bitcoin low volatility signals real bottom.
Bitcoin's flat $64,000 price and historically low volatility despite bad news such as equity market volatility, significant selling, and falling Clarity Act odds indicate a bear market dying in apathy. Sellers are exhausted and Bitcoin is held by long-term investors who expect much higher prices, so volatility is being stored up and likely released to the upside. This has the attributes of a real bottom.
BTC LONG
On-chain portfolio management will be huge.
Vaults are growing substantially and on-chain portfolio management is going to be massive. Vaults are one important primitive, but other on-chain portfolio vehicles should emerge over the next three to six months, including ETF-style exposures, tokenized stocks, and blended portfolios.
On-chain portfolio management LONG
Crypto vaults LONG
Institutions rotating into crypto for decade.
Major wealth management platforms are slowly but significantly turning toward crypto as a decade-long asset class and largely ignoring short-term price weakness. Morgan Stanley approving Solana ETFs in a down market is evidence of platform shifts toward tokenization and tokenized stocks, not short-term FOMO.
SOL LONG
DeFi real-revenue protocols are undervalued.
Real-revenue crypto assets and DeFi protocols are too cheap. Uniswap has a global brand, monetization without losing users, and a multibillion-dollar valuation; Aave and Morpho combined are only a couple billion. Hyperliquid, Uniswap's fee switch, Aaveomics, and Aptos fee growth show improving token economics and pricing power, and the old concerns about no revenue and regulatory risk are no longer accurate.
MORPHO LONG
APT LONG
AAVE LONG
UNI LONG
HYPE LONG
Stablecoin/tokenization exposure demand is growing.
Ethereum's bull case rests on being the leader in tokenization and stablecoins while total on-chain assets grow 10-100x. Ethereum's trust, brand, reputation, and improving execution support a durable market share, which supports a price above $8,000 by 2030, though the monetary value versus revenue model remains an open question.
ETH LONG
Onchain income strategies will grow significantly.
As capital moves on-chain, it will flow into income-generating strategies because on-chain assets offer unique income opportunities unavailable off-chain. Funding rate arbitrage strategies and focused tokenized equity portfolios are expected to grow significantly.
On-chain income strategies LONG
Funding rate arbitrage strategies LONG
HIGH
18:45
Aug 21
Aug 21
GLD 1ST
BTC
ETH
HYPE
US 30Y Treasury Bond
▾
HIGH
Gold cheap after pullback, direction higher
Gold is not being driven by a new debasement trade, but after rallying over 10%, gold around $4,000 looks cheap enough for traders to take a punt. He expects gold to move directionally higher, though not with the same appreciation as the previous rally.
GLD LONG
Bitcoin bottom in, rally into Q4
David believes Bitcoin's bottom is already in, likely between $55K and $60K. He sees seller exhaustion, returning ETF inflows, and structural buyers as signs the final capitulation has already happened. He expects flows to turn consistently positive over the next 6-8 weeks and a sustained rally to begin late in Q3 or early Q4, after Jackson Hole, with Bitcoin crossing above $100K by year-end.
BTC LONG
Ethereum is quality, selective altcoin recovery
Within altcoins, capital will remain selective and favor quality. Areas with clearer institutional or revenue hooks, including particular L1/L2 infrastructure with real usage like Ethereum, should be seen by investors as higher quality and attract more sustainable interest rather than pure narrative plays.
ETH LONG
Hyperliquid has White House regulatory catalyst
Hyperliquid benefited from being mentioned by name at the White House meetings. If the CFTC and SEC create a path for US-compliant perpetual futures, Hyperliquid could extend to many products and become a new instrument for US traders, creating a major event-driven setup.
HYPE WATCH
Long-end Treasury yields have peaked
David thinks the peak in long-end Treasury yields has already been seen. He argues the Treasury under Bessent is actively managing the long end of the curve via buybacks and has more firepower if needed, so he would take the other side of critics calling the buyback a bluff.
US 30Y Treasury Bond LONG
US 10Y Treasury Bond LONG
HIGH
19:14
Aug 20
Aug 20
ETHBTC 1ST
ETH 1ST
SOL US AI Software ETF
HYPE 1ST
▾
HIGH
Ethereum under-owned, fundamentals improving, behemoth.
Ethereum reminds him of Solana after FTX: sentiment is washed out and investors have capitulated, but the underlying fundamentals are improving. He sees Wall Street accelerating onchain, tokenized asset initiatives growing, and Ethereum's roadmap refocusing on L1 scaling, privacy, and quantum resistance. He believes Ethereum is under-owned, will become a credibly neutral settlement layer, and calls ETHBTC one of the best trades.
ETHBTC LONG
ETH LONG
Solana's developer moat drives long-term upside.
Solana is reorienting after losing the perpetuals race to Hyperliquid, but he remains optimistic because meme activity and Pump Fun are still major drivers, Solana has the densest developer and user base outside Ethereum, and teams are pivoting into tokenized stocks, Metadaw, and trading infrastructure. He expects Solana to surprise positively over time even if it needs time to play out.
SOL US AI Software ETF LONG
Hyperliquid's purpose-built perps chain wins.
Hyperliquid's purpose-built, app-specific perpetuals chain won the onchain perpetuals race against general-purpose chains like Solana. He thinks of Hyperliquid as an application with a really good business and names it among fundamental crypto businesses he is looking at.
HYPE LONG
HIGH
19:01
Aug 19
Aug 19
BTC 1ST
BNB 1ST
ETH 1ST
SOL 1ST
BITO
▾
HIGH
Accumulate BTC near 200-week moving average.
Rob sees few near-term positive catalysts for Bitcoin and expects no major move until after this year because the four-year cycle remains the dominant driver. He thinks there is more downside pain ahead, potentially a cycle bottom around October with a possible drop toward $45k before recovery.
BTC LONG
Favor BNB, Ethereum, Solana, Tron.
Rob favors the four chains that consistently dominate stablecoin flows on Visa's onchain analytics: Binance/BNB, Ethereum, Solana and Tron, which he calls BEST. He sees payments, speculation, tokenization and institutions as supporting them, while noting Ethereum looks like the institutional choice and Tron dominates Tether volume.
BNB LONG
ETH LONG
SOL LONG
TRX LONG
Digital assets bullish on AI identity solutions.
John says he is very bullish on digital assets because smart contracts, cryptocurrency and decentralized identity solutions can help solve control/identity problems created by AI agents and autonomous systems.
BITO LONG
HIGH
18:45
Aug 18
Aug 18
BTC
▾
HIGH
Accumulate BTC near bear-market bottom levels.
Matt outlines a long-term bearish risk: Bitcoin's block subsidy is trending toward zero while fee revenue is extremely low, with yearly average fee revenue at its lowest since 2011 and daily fee revenue below one block subsidy. He notes miners like Marathon and Riot are pivoting toward AI and other revenue, and if Bitcoin is treated mainly as a reserve asset rather than spent, the security incentive model could become dubious, creating potential centralization or 51% attack tail risk decades out.
BTC LONG
HIGH
18:45
Aug 17
Aug 17
BTC
GLD 1ST
TAO
LINK
SOL
▾
HIGH
Accumulate Bitcoin below 70K despite chop.
Bitcoin has absorbed major headwinds while holding around $64K. The low volatility despite broader market stress suggests seller exhaustion and a bottoming process. John argues below $70K is a good time to DCA because Bitcoin should be radically higher in one to three years, while he also keeps dry powder with bids in the mid-$50Ks in case of a final capitulation.
BTC LONG
Allocate 10% to gold and Bitcoin.
Jan van Eck, managing $230 billion AUM, argues the 60/40 portfolio is dead and advocates a 10% allocation to hard assets, which for him primarily means gold and bitcoin. He says don't get cute or try to pick the bottom: just get the position and sit.
GLD LONG
Bittensor is blue-chip conviction hold.
Austin Arnold of Altcoin Daily is accumulating Bittensor by staking and gives it the same long-term conviction bucket as Bitcoin, Ethereum, and Solana, making it a standout blue-chip altcoin in his book.
TAO LONG
Chainlink buybacks and innovation are bullish.
John Gillen highlights Chainlink's reserve program using revenue for token buybacks, with revenue among the top 10 crypto projects, plus continued innovation and tokenomics changes. He sees the price breakout and shift from stagnation as bullish.
LINK LONG
Solana developments and issuance cuts bullish.
John Gillen points to Solana shipping GTX, evaluating three proposals to reduce SOL issuance, and an explosion of tokenized stock trading on Solana as evidence of accelerating development and a favorable supply setup.
SOL WATCH
Polymarket Clarity Act bet could 5x.
LG Doucet argues the Polymarket contract for the Clarity Act passing is an easy 5x because the market is pricing very low odds; even if ETH would not 5x overnight on passage, the prediction market would reprice sharply.
Polymarket Clarity Act YES LONG
Ethereum upgrades and building are bullish.
John Gillen says Ethereum is in a builder market: debates over ETH issuance, the upcoming Glamsterdam and Hegod upgrades, and new ecosystem organizations bringing institutions to Ethereum are accelerating investment and capital, which supports ETH as an asset.
ETH LONG
HIGH
13:00
Aug 16
Aug 16
BTC
ETH
SOL
HYPE
DEFI
▾
HIGH
Bitcoin as digital gold amid currency devaluation.
Bitcoin is a bet on the mega trend that banks, governments, and central banks will continue to devalue fiat currency, making digital gold-like assets attractive.
BTC LONG
Ethereum and Solana as smart contract platforms.
Ethereum and Solana are core smart contract platform bets; the speaker likes them for smart contract adoption, and Ethereum can focus on network adoption first and turn on fee/value accrual later.
ETH LONG
SOL LONG
Hyperliquid real revenue and 90% buyback.
Hyperliquid has real earnings and product-market fit, with institutions using it for weekend trading during geopolitical stress; the token benefits from a 90% revenue buyback, which aligns token value with business success. Competition may steal share, but Hyperliquid should keep growing as the branded incumbent; regulation is the main unknown.
HYPE LONG
Stablecoin yield demand favors DeFi sector.
Once stablecoins are regulated and adopted, large holders will need yield beyond transacting, which makes DeFi the obvious next step for institutions, similar to DeFi summer but at institutional scale.
DEFI LONG
Stablecoin adoption drives Aave yield demand.
Aave earns real revenue, has survived multiple bear markets, and is positioned to capture institutional yield demand from regulated stablecoins; if valued like traditional financial revenue, it would be significantly higher.
AAVE LONG
Decentralized AI blue chips are multi-year bets.
Decentralized AI is a durable mega trend and the one shot to prevent Big Tech data monopolies; AI will stay relevant for years due US-China competition. The speaker likes blue-chip crypto AI names NEAR, TAO, and VVV to ride the trend.
VVV LONG
TAO LONG
NEAR LONG
Chainlink adoption will drive token value.
Chainlink's priorities have been in order by prioritizing adoption first; that makes it easier to drive captured value back to the LINK token, so he has a very strongly bullish outlook on Chainlink.
LINK LONG
HIGH
13:00
Aug 15
Aug 15
BTC 1ST
ETH
HOOD
SOL 1ST
COIN
▾
HIGH
Bitcoin's low volatility is an opportunity.
He agrees with buying BTC, ETH, and Solana now for long-term exposure; Bitcoin is at historic low volatility and a great entry, and he plans to deploy dry powder in the fall because everyone will be fully allocated by October-November; crypto is radically undervalued and about to reprice higher.
BTC LONG
Crypto is undervalued, repricing higher now.
He agrees with buying BTC, ETH, and Solana now for long-term exposure; Bitcoin is at historic low volatility and a great entry, and he plans to deploy dry powder in the fall because everyone will be fully allocated by October-November; crypto is radically undervalued and about to reprice higher.
ETH LONG
SOL LONG
Avoid Coinbase; Robinhood winning retail.
Coinbase is becoming an institutional infrastructure provider but still trades like a high-multiple retail fintech, while Robinhood is winning the retail race with better UX and equities; he sold Coinbase because a new stablecoin consortium could bypass USDC and USDC yield is a major revenue driver, with Circle contract renegotiation in August adding risk.
HOOD LONG
Coinbase is diversifying and not bearish.
Coinbase is becoming an institutional infrastructure provider but still trades like a high-multiple retail fintech, while Robinhood is winning the retail race with better UX and equities; he sold Coinbase because a new stablecoin consortium could bypass USDC and USDC yield is a major revenue driver, with Circle contract renegotiation in August adding risk.
COIN LONG
Galaxy earnings strong; bad reaction overdone.
Galaxy smashed earnings this morning but the stock is down 12%; results were really good and the negative reaction does not make sense. It is already his biggest position so he cannot add, but he would probably add at these levels if he had cash and a smaller position.
GLXY LONG
HIGH
18:45
Aug 14
Aug 14
FIGR 1ST
▾
HIGH
Figure Markets is misunderstood, will reprice higher.
Figure Markets is misunderstood by Wall Street as a specialty HELOC lender. Its Q2 results show revenue growing 95% year-over-year and adjusted EBITDA growing 126% year-over-year, meaning profits are growing faster than revenue despite a falling take rate. Third-party Figure Connect origination is scaling rapidly: Figure Connect now accounts for 65% of consumer loan volume, up from 35%, with partner count rising from 144 to 498. This turns Figure into a blockchain-powered marketplace/exchange with better unit economics, operating leverage, and a Rule-of-40 score near 150-168, ahead of most S&P 500 companies except Nvidia and Micron. July on-chain data supports continued over-100% growth and Q3 guidance. Martin expects Wall Street to revise forecasts higher and the stock, around $30, to reprice toward the roughly $50 Wall Street median target.
FIGR LONG
HIGH
01:07
Aug 14
Aug 14
HYPE
AAVE 1ST
BTC
SOL
LINK
▾
HIGH
Real-revenue DeFi assets are too cheap.
Crypto assets with real revenue and improving tokenomics are attracting institutional interest and are still too cheap; Hyperliquid, Uniswap, Aave, Morpho, and Aptos have monetization, revenue growth, and brand reach that support a re-rating, and DeFi outperformance has years to run.
HYPE LONG
AAVE LONG
MORPHO LONG
UNI LONG
APT LONG
Bitcoin bottom likely forming; upside volatility coming.
For absolute-return investors, Bitcoin should be bought now rather than waiting for a possible October dip or DCAing too cautiously; the top is not in, deficits and global uncertainty support Bitcoin, it is at a secular cyclical low, and he expects roughly 5x upside.
BTC LONG
Institutions seek stablecoin/tokenization exposure assets.
Institutions are looking for exposure to stablecoin and tokenization growth; they are exploring Ethereum, Solana, Chainlink, and Ondo as ways to express that theme even though many advisors do not know those assets well yet.
SOL LONG
ONDO LONG
Institutions seek stablecoin/tokenization exposure assets.
Standard Chartered's aggressive crypto targets are not crazy because successful assets will grow with the 100x expansion in on-chain assets; if Chainlink maintains its current market position, its revenue and token value should rise substantially.
LINK LONG
Institutions seek stablecoin/tokenization exposure assets.
Ethereum should trade over $8,000 by 2030 because it is the leader in tokenization and stablecoin market share, total on-chain assets can grow 10-100x, and the Ethereum community is executing well, though value accrual remains the key question.
ETH LONG
HIGH
18:45
Aug 12
Aug 12
Milk Road Macro
10d
SOL
JITOSOL 1ST
JTO 1ST
▾
HIGH
Solana usage rising while SOL lags.
Solana transaction volume and network usage are climbing again, with activity shifting away from centralized venues toward on-chain decentralized exchanges and prop AMMs. Solana was built for high-throughput internet capital markets, but the SOL token price has not yet reflected this on-chain utility; she views this as an upcoming evolution in how token prices incorporate usage, making it a key setup to watch.
SOL WATCH
JitoSOL institutional adoption driven by compliance.
JitoSOL has gained institutional adoption because Jito proactively answered institutional legal/compliance concerns: it was the first private company to engage the SEC crypto task force in February 2025, published a securities classification report and tax treatment guidance, and JitoSOL is already included in an ETF. Jito also expects further ETF innovation, including potential qualification under new rules allowing 15% other digital commodity exposure.
JITOSOL LONG
JTO captures fees and planned burns.
JTX is Jito's newly launched non-custodial, fully on-chain trading interface that brings Jito's institutional-grade infrastructure and trustworthy execution to retail. It is built on Solana's market structure and aims to offer broad asset choice, price transparency, and low slippage, with a roadmap that includes on-chain equities; this expands Jito's consumer/trading layer and can drive more fee-generating activity into the Jito ecosystem.
JTO LONG
HIGH
18:45
Aug 11
Aug 11
Milk Road Macro
11d
GLXY 1ST
ETH 1ST
ZEC 1ST
NODE
BTC
▾
HIGH
Helios data center makes it cheap.
Galaxy Digital has an attractive asset in the Texas Helios data center, which is already partially leased to CoreWeave and has the option to lease additional power, even with the recent Texas data center moratorium. The stock looks very cheap with great optionality, but the initial tenant was not investment grade and the asset is geographically concentrated, making a spin-off difficult.
GLXY LONG
ETH may rally on regulatory news.
He still holds a little Ethereum because the odds of the Clarity Act passing are low, so any positive regulatory surprise in September could trigger a decent rally for Layer 1 tokens. Additionally, Ethereum governance changes earlier this year are positive.
ETH LONG
ZEC future-proof against AI threat.
Zcash has interesting leadership and was the first project to face an existential threat from AI. It reacted earliest to make itself future-proof against AI software, which makes it appealing.
ZEC LONG
ETF concentrated on AI miner pivot.
The VanEck Onchain Economy ETF (NODE) has been re-positioned to concentrate into high-conviction Bitcoin miners and energy infrastructure names after the recent forced selling. The manager sold lower-volatility peripheral stocks and doubled down into favorite names that own powered land, which are cheap on existing lease values alone, with the pipeline and terminal value now given away for free. The fund aims to capture the arbitrage where AI compute generates 10x more value from electricity than Bitcoin mining, and miners can finance GPU buildouts with debt, lowering their cost of capital.
NODE LONG
Add Bitcoin, 60k entry looks good.
Bitcoin is his largest position at 11%. He added on the forced-selling dip. Bottoming indicators are accumulating: seller exhaustion, ETF closures, volatility at all-time lows, and a tight gap between the 50-day and 200-day moving averages. A 60k entry price will likely look very good in a year, though he is waiting for price to move up on good news with volume before going all in.
BTC LONG
SOL may rally on regulatory news.
He holds a small Solana position for the same reason as Ethereum: a possible regulatory catalyst from the Clarity Act in September could spark a Layer-1 rally, though follow-through is uncertain.
SOL LONG
HIGH
18:45
Aug 10
Aug 10
Milk Road Macro
12d
ETH
BTC FLIP
AIQ FLIP
SPY
▾
HIGH
Long Ethereum on institutional adoption.
Speculative capital has rotated into AI and semiconductor stocks during this cycle, but now is the time to pivot from AI to crypto. The next crypto bull market will reward early positioning before institutional money rushes in. He advises reducing AI exposure and increasing crypto allocation, specifically Bitcoin and Ethereum.
ETH LONG
AIQ AVOID
Short Bitcoin, rejection and new lows.
Bullish Bitcoin thesis: author says Bitcoin is cheap/undervalued, is accumulating on dips/buying fear, and expects upside above $100K.
BTC LONG
Long S&P 500 on dovish Fed.
The Fed is unlikely to raise rates; inflation is cooling and the labor market is weaker than thought. Kevin Worsh's task forces favor dovish policy, and the next move may be a rate cut. This environment is bullish for risk assets, and JP Morgan raised its S&P 500 target to 8,000.
SPY LONG
HIGH
13:00
Aug 09
Aug 09
Milk Road Macro
13d
ETH
SOL
NEAR
▾
HIGH
Programmable store of value like Bitcoin.
Ethereum is an internet-native store of value, similar to Bitcoin, with seizure resistance, easy transferability, subdivision, and global liquidity. It is programmable, hosts stablecoin volume, and the global financial system will likely be built on Ethereum. ETH behaves like a store of value and its properties check all the boxes.
ETH LONG
Underappreciated retail and consumer L1 ecosystem.
Solana is a high-throughput chain with fast settlement, a robust retail and consumer ecosystem, excellent talent and builders (e.g., Ellipses Labs, Phantom wallet), and low-cost L1 infrastructure. It can be quite valuable as a user/retail ecosystem even if it does not become a store of value, and is unfairly beaten down in the bear market.
SOL LONG
Agentic AI and cross-chain intent infrastructure.
Near has built a distributed cross-chain intent system (Near Intents) with real traction, a confidential compute layer for trusted execution, and an infrastructure designed agentic-first. It has zero downtime in five years, strong technical founders (Transformer paper author), and is ahead of the curve for an agentic economy.
NEAR LONG
HIGH
13:00
Aug 08
Aug 08
Milk Road Macro
14d
AVAX
SOL
ETH
HYPE
▾
MED
Avalanche RWA subnets attract big institutions.
Avalanche is strategically pivoting to real-world asset tokenization, attracting major institutions like FIFA and Progmat (with $2B+ in assets) to build regulated custom layer-1 subnets, boosting network activity and demand for AVAX.
AVAX LONG
Solana tokenized equities volume explosion.
Solana leads in spot trading and tokenized equities, with volume surging from $1M to $3B in one year, while its ecosystem is also expanding into perpetuals, driving fee growth and network utility.
SOL LONG
Robin Hood chain drives ETH demand.
Ethereum benefits from new demand drivers like the Robin Hood chain, which uses ETH as its gas token and has already bridged a large portion of ETH supply, creating additional on-chain transactions and reinforcing ETH's value as fundamentals get recognized.
ETH LONG
Hyperliquid fees burn HYPE token supply.
Hyperliquid dominates perpetuals trading, generating $175M in fees in Q2 2026, which are used to buy and burn the HYPE token, creating deflationary pressure and value accrual for token holders.
HYPE LONG
MED
18:45
Aug 07
Aug 07
Milk Road Macro
15d
COIN 1ST
▾
MED
Coinbase leads the agentic finance revolution.
Coinbase is uniquely positioned to dominate the coming agentic finance revolution because of its crypto-first platform, vertical integration (wallet, Base chain, USDC stablecoin), early-mover advantage with AI products like the Coinbase Advisor and Coinbase for Agents, and its massive user base. This should allow Coinbase to capture agentic trading volume, drive demand for its services, and outcompete rivals such as Robinhood, making it the backbone of the AI-driven crypto economy.
COIN LONG
MED
18:45
Aug 06
Aug 06
Milk Road Macro
16d
ETH 1ST
▾
MED
ETH benefits from infrastructure adoption.
Institutional adoption of Ethereum as financial infrastructure will drive downstream value to ETH the asset. Ethereum is the most secure, liquid, and widely adopted smart contract platform, with over 11 years of uptime, the deepest developer ecosystem, and the majority of tokenized assets and stablecoins. As more asset managers, banks, and market infrastructures deploy on Ethereum mainnet and L2s, demand for ETH as gas and collateral will increase, benefiting the asset.
ETH LONG
MED
18:45
Aug 05
Aug 05
Milk Road Macro
17d
BTC 1ST
SOL 1ST
NEAR 1ST
ETH 1ST
HYPE 1ST
▾
HIGH
Bitcoin bottoming; long-term hold.
Bitcoin is in a bottoming process: net buyers of the last top are becoming forced sellers, the price is returning to the 200-week moving average as it has in every prior bear market, and Bitcoin is showing relative strength by no longer selling off the most when risk assets decline. Long-term adoption and digital gold narrative remain intact.
BTC LONG
Solana for tokenization and RWA.
Solana proved its resilience during the memecoin stress test, and institutions now view it as a serious venue for tokenization and real-world assets. Staking SOL allows accumulation during the bear market. The main risk is that prior-cycle gems often take an extra cycle to reignite.
SOL LONG
AI mega trend via blue chips.
AI is a multi-year mega trend driven by national security competition with China. A portfolio should hold the blue chips of decentralized AI to ride this wave. Near Protocol, Bittensor, and Venice are the current leaders in this category.
NEAR LONG
VVV LONG
Ethereum network effect and liquidity.
Ethereum combines the strongest network effect and deepest liquidity among smart contract platforms. Major institutions and companies (like Robinhood building on an Ethereum L2) are choosing it as the safe bet. The project will benefit immensely from the next cycle.
ETH LONG
Hyperliquid earnings and buyback model.
Hyperliquid generates real earnings, has clear product-market fit (institutions use it to trade when traditional markets are closed), and returns 90% of revenue via token buybacks. It will continue to grow despite competition from lighter protocols.
HYPE LONG
DeFi yield via Aave for institutions.
After stablecoins are regulated and widely adopted, institutions will seek yield, making DeFi the obvious next step. Aave generates real revenue and has survived multiple bear markets, positioning it as a trusted protocol for institutional capital.
AAVE LONG
Bittensor's AI infrastructure play.
Bittensor has a hard cap of 21 million tokens, a fair launch with no insider pre-sale, and functions as infrastructure that lets multiple AI subnets compete while monetizing global talent. Even if many subnets fail, a single hit can drive value to the TAO token.
TAO LONG
HIGH
18:45
Aug 03
Aug 03
Milk Road Macro
19d
SOL
▾
HIGH
Third leap pushes Solana past $300
Solana is entering a 'third leap' that will push SOL to a new all-time high above $300. This is driven by Solana consolidating its position as the go-to venue for everything trading on-chain, with 54% DEX market share and $425B monthly volume, explosive growth in tokenized stocks and RWAs (over $500M market cap, $5B volume), booming stablecoin issuance (up 154% to $16B), a thriving ecosystem of 37 prediction market platforms, and infrastructure improvements that now deliver materially better execution than centralized exchanges for some pairs. The prior two leaps were NFT/DeFi in 2021 (peak $260) and memecoins in 2024–2025 (peak $290); this third leap is based on real adoption and diverse use cases, with fundamentals continuing to strengthen even during the bear market.
SOL LONG
HIGH
11:00
Aug 02
Aug 02
Milk Road Macro
20d
AI Tech Stocks
Crypto (Broad Market)
BTC
SOL
Top Layer 1 Blockchains
▾
HIGH
Own both AI stocks and crypto.
Capital has been siphoned from crypto into AI tech stocks due to AI Capex buildout, but structural drivers like tokenization and AI agents will eventually fill block space, causing capital to flow back. Portfolios should have exposure to both AI tech stocks and crypto as two interlinked asset classes.
AI Tech Stocks LONG
Crypto (Broad Market) LONG
Watch Bitcoin above high $70Ks.
Bitcoin breaking above the high $70Ks on the weekly chart, combined with positive ETF flows and broad on-chain activity (stablecoin transfers, daily active users, app growth) moving ahead of price, would confirm a new bull cycle. This level acts as a key inflection point.
BTC WATCH
Bullish on Solana for tokenization wave.
Solana's technical roadmap is excellent, with upcoming upgrades that position it well for the tokenization wave by handling huge on-chain volume. Capital is concentrating on only a few legitimate, sufficiently decentralized tier‑1 chains, and Solana is one of the two leaders alongside Ethereum.
SOL LONG
Accumulate top layer‑1 blockchains.
Top layer‑1 smart contract platforms are where capital concentrates and will benefit from increased on-chain activity from tokenization and AI agents. Jamie is actively adding to the top L1s as part of his portfolio.
Top Layer 1 Blockchains LONG
Buy beaten‑down blue chip DeFi protocols.
Blue chip DeFi protocols are down 70–80% and are starting to show relative outperformance. This deep drawdown combined with improving relative strength creates an attractive accumulation opportunity in the DeFi sector.
Blue Chip DeFi Protocols LONG
HIGH
14:56
Aug 01
Aug 01
Milk Road Macro
21d
ETH
ETH/BTC
▾
MED
ETH undervalued vs cost basis, risk-reward favorable.
Ethereum's price is trading around 70% of its realized price (average cost basis), near the lower band of its historical oscillator. Historically, such undervaluation relative to cost basis has marked bottoming zones and offered favorable asymmetric risk-reward, with limited downside and upside toward the upper band around $5,000.
ETH LONG
ETH/BTC not yet capitulated, monitor undervaluation.
The MVRV ratio of Ethereum relative to Bitcoin has declined from extreme overvaluation to a neutral zone. Historically, a bottom in ETH/BTC has coincided with the ratio reaching extreme undervaluation (green zone). The ratio has not yet reached that level, indicating that ETH likely needs further underperformance versus Bitcoin before a capitulation bottom forms.
ETH/BTC WATCH
MED
18:45
Jul 30
Jul 30
Milk Road Macro
23d
ALGO 1ST
▾
HIGH
Quantum-ready chain wins institutional and AI adoption.
Algorand is the only blockchain with a concrete roadmap to full post-quantum security by 2027, has a seven-year track record of zero downtime and instant finality, and is uniquely positioned as the rational infrastructure choice for institutional tokenization, large-scale payments, and the emerging AI agent economy. Its technical strengths — low fees, atomic composability, and native quantum-agile upgrades — mean that financial institutions and autonomous agents will inevitably migrate to Algorand, driving massive long-term adoption and value accrual to the ALGO token.
ALGO LONG
HIGH
11:58
Jul 30
Jul 30
Milk Road Macro
23d
COIN 1ST
▾
MED
Coinbase fundamentals improving despite weak price.
Coinbase is executing on its 'everything exchange' strategy. Prediction markets grew over 100% QoQ and are annualizing at $100M. Derivatives expansion is starting with CFTC relief allowing US users access to offshore perpetuals (a market 3-4x larger than spot). Equities business is growing. Subscription & services revenue reached $555M quarterly, driven by stablecoin integration (USDC at an all-time high on platform), custody, and staking. Revenue is diversifying away from Bitcoin trading, now only 12% of revenue, making growth less correlated to crypto volatility.
COIN LONG
MED
18:45
Jul 29
Jul 29
Milk Road Macro
24d
ETH 1ST
SOL
HYPE
AVAX
▾
MED
Record staking, institutional demand bullish.
Ethereum staking has reached a record 40.2 million ETH (33% of supply), the exit queue is empty, and institutional inflows from entities like BlackRock’s staking ETF and Bitwise are accelerating. Combined with the Robinhood chain using ETH as gas and the upcoming Glamsterdam upgrade removing a centralized relay, this signals strong demand and improving fundamentals that are not yet reflected in price, making ETH bullish as the divergence resolves.
ETH LONG
Solana spot trading and tokenization surging.
Solana is experiencing explosive growth in spot trading and tokenized equities, with on-chain volume of tokenized stocks rising from $1 million to over $3 billion in one year. Upcoming upgrades like App & Glow consensus (finality to milliseconds) and a halving of slot time will enhance trading experience, positioning Solana as a leading chain for spot assets and driving further adoption.
SOL LONG
Hyperliquid perps generate fees, burn token.
Hyperliquid dominates perpetual trading, generating $175 million in fees in Q2 2026, with 80% coming from perps. Those fees are used to buy and burn the HYPE token, creating deflationary pressure, while the protocol also expands into spot trading. This revenue model and token buyback mechanism make HYPE bullish.
HYPE LONG
Avalanche RWA pivot drives transaction growth.
Avalanche processed four times more transactions year-over-year, driven by a strategic pivot to real-world assets (RWAs). Major partners like FIFA and Progma are building their own Avalanche Layer 1s, bringing billions in tokenized assets, while lower transaction costs further accelerate adoption, making AVAX a strong beneficiary of tokenization trends.
AVAX LONG
MED
18:45
Jul 27
Jul 27
Milk Road Macro
26d
ETH
BTC
▾
MED
Crypto bottoming, big catalysts coming.
The crypto market, particularly Bitcoin and Ethereum, is showing signs of bottoming with strong underlying strength. The investment thesis is stronger than ever due to impending regulatory clarity from the Clarity Act, institutional adoption via platforms like Robinhood, and integration with AI, which will drive the next major bull market.
ETH LONG
Crypto bottoming, big catalysts coming.
The Clarity Act vote, which could come as soon as this week, is a binary catalyst for Bitcoin. If it passes, it will provide strong regulatory clarity and trigger a bullish breakout in Bitcoin. The market is bearish on passage, so an affirmative vote could be a positive surprise, while failure may cause softness but not a catastrophic collapse.
BTC LONG
MED
14:00
Jul 26
Jul 26
Milk Road Macro
27d
BTC
▾
HIGH
Accumulate Bitcoin now at historic undervaluation.
Bitcoin is currently historically undervalued based on multiple on-chain indicators: MVRV Z-score sits in the bottom 5th percentile, the market value to realized value ratio has not crossed beneath 1 this cycle but points to undervaluation, and the price is near the total production cost. Time-based capitulation is roughly in line with past cycles, suggesting the bottoming process is advanced. Waiting for a precise target like $50k risks missing the accumulation window, and the potential extra discount is small relative to the opportunity. Therefore, investors should start accumulating Bitcoin now via dollar-cost averaging rather than trying to time an exact bottom.
BTC LONG
HIGH
14:00
Jul 25
Jul 25
Milk Road Macro
28d
2-Year Treasury Yield
AIQ
▾
HIGH
Watch two-year yields for upward pressure.
Fed governor Waller's changing tone and suggestion that the Fed funds rate might be too low makes him nervous about upward pressure on the two-year yield. A single hike would be fine, but a series of hikes would be a concern, warranting close attention to the two-year.
2-Year Treasury Yield WATCH
AI stocks still a good buy now.
The recent pullback in AI stocks is narrative digestion, not rotation or cooling. Multiples are compressing even as earnings rise, indicating the trade is not at euphoria levels. He believes the AI transformation is more like an industrial revolution than the dot-com bubble and sees the current weakness as a great opportunity to buy into the AI space, though one should monitor earnings from hyperscalers like Meta.
AIQ LONG
HIGH
18:45
Jul 24
Jul 24
Milk Road Macro
29d
DEFI 1ST
SOL FLIP
Layer-1 blockchains
BTC
ETH FLIP
▾
HIGH
Buy blue-chip DeFi, tokenomics improve.
DeFi has been a sneaky outperformer with a sharp 30-day snapback. Protocols are finally addressing the supply-side drag through improved tokenomics, revenue sharing, and supply discipline (e.g., Near cutting inflation, Hyperliquid model). Combined with demand from tokenization and AI agents, this structural shift favors blue-chip DeFi tokens. He is taking positions in deeply oversold DeFi names showing relative outperformance.
DEFI LONG
Solana bullish for tokenization wave.
Solana's technical roadmap and upgrades position it well for the tokenization wave, requiring high on-chain throughput. It is one of the few sufficiently decentralized tier-1 blockchains alongside Ethereum, and capital is concentrating there. He is adding to Solana.
SOL LONG
Buy top L1s for structural demand.
Top Layer-1 smart contract platforms will benefit from structural demand tailwinds from tokenization and the agentic AI economy, driving block space usage. He has been adding to top L1s to position for this trend.
Layer-1 blockchains LONG
Bitcoin bottom forming, breakout confirms.
Bitcoin shows bullish weekly RSI divergences and slowing ETF outflow rate of change, suggesting the bear market may be losing momentum and a bottom forming. However, a trend reversal is not confirmed until Bitcoin breaks above the high $70s. He has begun accumulating but keeps cash for potential further downside due to global liquidity concerns.
BTC LONG
ETH ETF flows relative strength bullish.
Ethereum ETF flows show a bullish divergence: each consecutive price low has seen smaller negative flows. The daily chart flipped bullish before Bitcoin, indicating relative strength and potential outperformance versus Bitcoin.
ETH LONG
HIGH
18:45
Jul 23
Jul 23
Milk Road Macro
1mo
ETH 1ST
▾
HIGH
ETH captures value from L2 expansion.
Ethereum is uniquely positioned to become the central settlement layer for global finance, with Layer 2s like Robinhood chain driving massive user distribution. This creates a flywheel where ETH captures value through increased demand as the base asset, fee revenue, and the need for the L1 as the economic hub, eventually leading to a re-rating of ETH as a multi-trillion dollar asset.
ETH LONG
HIGH
18:45
Jul 22
Jul 22
Milk Road Macro
1mo
BTC
ETH/BTC
ETH 1ST
▾
HIGH
Bitcoin rally is a seasonal bear market bounce.
The recent Bitcoin rally to $66K is likely a seasonal bear market rally driven by July's historical strength. The broader bear market remains intact, with resistance around $72K (trader's on-chain realized price) that has capped previous bear market bounces. Realized losses are now dominating, indicating late-stage bear market, but further downside is expected before a bottom.
BTC AVOID
Watch for ETH/BTC extreme undervaluation signal.
The ETH/BTC MVRV ratio and exchange inflow ratio have fallen from overvalued levels but are still in a neutral zone, not yet at extreme undervaluation. Historically, when these ratios reach extreme undervaluation (e.g., MVRV ratio below 0.4), it signals Ethereum is about to outperform Bitcoin. This is a setup to watch for a bottoming signal that would trigger relative outperformance.
ETH/BTC WATCH
Ethereum is historically undervalued and bottoming.
Ethereum is trading about 17% below its realized price (cost basis), placing it in a historically undervalued zone that has marked price bottoms. The risk/reward is attractive, with limited downside near $1,200 and upside toward $5,300. This suggests Ethereum is forming a bottom and presents a good buying opportunity.
ETH LONG
HIGH
18:53
Jul 21
Jul 21
Milk Road Macro
1mo
SYRUP 1ST
▾
HIGH
Maple's revenue and buybacks boost SYRUP.
Maple Finance's institutional overcollateralized lending generates higher yields (high 4s to 5%) than peers (mid 3s) and T-bills, attracting strong deposit inflows and record loan growth. The recent governance proposal ties monthly protocol revenue directly to SYRUP token buybacks on a tiered schedule (10% up to 30% of revenue), while the single-token structure with no equity cap table aligns all value accrual to token holders. New products like syrup USDG and the Robinhood Earn partnership will further expand AUM and revenue, increasing buybacks and per-token cash flows.
SYRUP LONG
HIGH
18:45
Jul 20
Jul 20
Milk Road Macro
1mo
RE token
Altcoin Market
ETH
SOL 1ST
NEAR 1ST
▾
HIGH
RE pioneering on-chain reinsurance platform
RE is building a platform that brings real-world assets on-chain in a compliant way, similar to Lloyds of London but for on-chain capital markets. By tokenizing reinsurance, it eliminates operational inefficiencies in fintech (compliance, capital markets middlemen) and passes lower rates to end users. With over $100M in smart contracts, it demonstrates that off-boarding stablecoins to real-world yield is viable, opening a massive market for global users seeking dollar-based yield.
RE token LONG
Tech finally works, altcoins will surge
The crypto technology vision from 2017 is now becoming reality, with institutional adoption silently accelerating. As with every technology cycle, after the initial hype and correction, true utility emerges around years 8–10. Altcoins will experience a massive re-rating as the market realizes that tokenization, stablecoin capital markets, and layer-1 ecosystems actually work, leading to a multi-trillion dollar market by ~2027–2028.
Altcoin Market LONG
ETH is second internet-native store of value
Ethereum is a store of value similar to Bitcoin, with seizure resistance, ease of transfer, global liquid market, and programmability. It hosts the majority of stablecoin volume and will be the foundation for the global financial system in a non-sovereign space. As an internet-native store of value, ETH benefits from network effects and market fragmentation, becoming a second major store of value.
ETH LONG
Solana undervalued, strong consumer ecosystem
Solana has built a high-throughput, low-cost chain with a robust ecosystem including stablecoins, exchange support, Phantom wallet, and top developer talent. It is positioned as the retail and consumer ecosystem, with applications like Hyperliquid generating massive profits. The bear market undervalues its fundamentals, and its builder community remains strong, indicating long-term value creation.
SOL LONG
Near ahead of curve, agentic ready
Near has exceptional technical talent (co-founder authored the Transformer paper), zero downtime in five years, and is ahead of its time with chain abstraction via intents and a confidential compute layer. It is designed for an agentic economy and has traction from products like Near Intents and Venice. Its infrastructure is poised for the next wave of adoption when agents and AI dominate.
NEAR LONG
HIGH
13:00
Jul 19
Jul 19
Milk Road Macro
1mo
BTC
AIQ 1ST
▾
HIGH
Institutions are the next big Bitcoin buyer.
Institutional capital is the next marginal buyer of Bitcoin, the 'end boss of investing', with trillions of dollars set to flow in. This will drive a great bull market starting end of this year and accelerating for years.
BTC LONG
AI stocks will keep going up.
AI stocks have already ripped and will keep ripping, according to the host's bullish outlook on the sector.
AIQ LONG
HIGH
13:00
Jul 18
Jul 18
Milk Road Macro
1mo
ETH
▾
MED
Ethereum competes with legacy finance, not Solana.
Large financial institutions are highly predictable and consistently prioritize security, uptime predictability, immutable rules, and the deepest liquidity when choosing a new settlement rail. Ethereum leads all blockchains by a mile on liquidity depth and offers the decentralization and trust these institutions demand, making it the natural destination for institutional asset migration. Synchronous composability across L2s and mainnet will further improve the user experience, cementing Ethereum's dominant role.
ETH LONG
MED
18:45
Jul 17
Jul 17
Milk Road Macro
1mo
BTC
▾
MED
Clarity Act triggers next crypto bull run.
Passage of the Clarity Act will provide long-term regulatory certainty, unlocking institutional investment, entrepreneurial talent, and pent-up demand, leading to a major explosion in crypto markets similar to the stablecoin boom after the Genius Act.
BTC WATCH
MED
18:45
Jul 16
Jul 16
Milk Road Macro
1mo
AIQ 1ST
BTC
▾
HIGH
AI pullback is a buying opportunity
The AI trade is not over; it is experiencing narrative digestion rather than a genuine rotation or cool-off. Multiples on many AI names are compressing while earnings rise, keeping valuations reasonable and far from euphoria levels. The AI transformation is comparable to the industrial revolution in its productivity impact, and the current pullback provides a good opportunity to build or add to AI positions.
AIQ LONG
Bitcoin bottom is very near
Bitcoin is at or very close to a bottom around the 56-58k level, supported by overlapping technical factors (volume profiles, pivot points). Positioning has been washed out, sentiment is weak but constructive, and the macro environment is favorable for risk with a soft-landing inflation path emerging. Sustained positive ETF flows will confirm the base and put Bitcoin in a very good spot.
BTC LONG
HIGH
18:45
Jul 15
Jul 15
Milk Road Macro
1mo
AI Hyperscalers
Real World Asset Tokenization
▾
HIGH
AI companies lack viable business model.
He believes AI companies (hyperscalers) have invested hundreds of billions in capex without a clear business model to recoup that investment. He is skeptical that large language models (LLMs) will be the final AI approach, and that these companies resemble heavily regulated utilities with massive capex dependence, making them unattractive as public businesses. Eventually the market will weigh their cash generation and they will not be worth much.
AI Hyperscalers SHORT
Real world asset tokenization is attractive.
He finds real world asset tokenization very attractive because current asset trading is clumsy and requires many intermediaries to verify assets, while blockchain can make trading more efficient and ensure assets are real. He sees strong arguments for it and is personally allocating time to this area, considering it profitable and value-adding.
Real World Asset Tokenization LONG
HIGH
18:45
Jul 14
Jul 14
Milk Road Macro
1mo
BTC
▾
HIGH
Bitcoin is historically undervalued, accumulate now.
Bitcoin is presenting an asymmetric, historically rare accumulation opportunity. Multiple on-chain metrics (MVRV Z-score bottoming in the lowest 5th percentile, realized price around $53k, long-term holder cost basis near $50k, cumulative value days destroyed converging near $50k), fundamental support from production costs, and macro liquidity trends all simultaneously indicate extreme undervaluation. While further downside is possible, dollar-cost averaging now offers a highly favorable risk/reward, comparable to the Covid crash and 2022 bear market lows.
BTC LONG
HIGH
18:45
Jul 13
Jul 13
Milk Road Macro
1mo
005930.KS 1ST
000660.KS 1ST
BTC
ETH
▾
HIGH
Buy South Korea memory dip, AI supercycle intact.
The sell-off in Samsung Electronics and SK hynix, triggered by SK hynix's US listing as a 'sell the news' event, is not a permanent top in memory or AI. Heavy concentration and leverage among South Korean traders caused the drop, but strong structural AI demand and persistent dip-buying have repeatedly pushed these stocks to new highs. The memory supercycle remains intact, and the weakness is a buying opportunity.
005930.KS LONG
000660.KS LONG
Bitcoin bottoming, accumulate below 60k.
Bitcoin is in a bottoming process with low volatility and tight ranges, but smart money is already front-running the expected Q4 rally. Because consensus overwhelmingly expects Bitcoin to move higher in Q4, front-running will start sooner, likely pushing prices up before October. Accumulating below 60k offers exceptional risk-reward, with a break above 74k confirming a new bullish trend.
BTC LONG
Ethereum extremely bullish, asymmetric upside ahead.
Ethereum is extremely bullish based on Joe Lubin's hint of undisclosed positive developments, the likely passage of the Clarity Act, and accelerating institutional adoption. Sentiment is terrible while fundamentals and behind-the-scenes momentum have never been stronger, creating a historically attractive risk-reward opportunity.
ETH LONG
HIGH
13:00
Jul 12
Jul 12
Milk Road Macro
1mo
TAO
▾
MED
Bitcoin-like supply, AI network generating revenue.
TAO token has a hard cap of 21 million and a halving schedule identical to Bitcoin, creating scarcity. The Bittensor network uses a 'proof of useful work' mechanism where subnet owners define AI problems, miners build models to solve them, and validators score outputs, with emissions split 41% to miners, 41% to validators, and 18% to subnet owners. This hyper-competitive environment attracts top talent (e.g., PhD miners) and is already producing models that surpass centralized competitors. Critically, the top three subnets generate around $20M in combined ARR from external customers, demonstrating real-world revenue. The long-term sustainability of TAO depends on this external revenue, and that metric is the key indicator of success. The supply cap and revenue generation support a bullish view on TAO.
TAO LONG
MED
14:00
Jul 11
Jul 11
Milk Road Macro
1mo
ETH
▾
HIGH
Ethereum wins as neutral global infrastructure.
Ethereum is the frontrunner to become the global, decentralized, credibly neutral, censorship-resistant infrastructure for finance, capturing a multi-trillion-dollar addressable market as governments clamp down on digital assets. Catalysts include ETH Labs (funded by $400-500M/yr staking revenue from DApps holding 7% of supply), native L1 privacy, based rollups, and Ethereum economic zones unifying L2 liquidity. ETH is undervalued at ~$100B market cap and will reach trillion-dollar status much sooner than expected.
ETH LONG
HIGH
18:45
Jul 10
Jul 10
Milk Road Macro
1mo
ETH 1ST
SOL 1ST
▾
HIGH
ETH approaches new all-time highs.
Ethereum has a large ecosystem of businesses and a growing set of L2s that allow institutions to containerize their usage, creating a sense of safety and trust. This institutional on-ramp, combined with academic rigor and the maturation of real-world asset tokenization, will comfortably push ETH to new all-time highs within the next couple of years.
ETH LONG
Solana can go through the roof.
Solana has the strongest business operators among blockchains, understands how to run a network as a business, and has captured momentum from retail cycles like memecoins. If Solana gets the right density of transaction volume and the right institutional partners, it has the capacity to go through the roof as a single high-throughput network.
SOL LONG
HIGH
18:45
Jul 09
Jul 09
Milk Road Macro
1mo
BTC 1ST
ETH 1ST
BTCC 1ST
HYPG 1ST
HYPE 1ST
▾
HIGH
Low-cost BTC ETF attracts inflows.
Grayscale's low-cost Bitcoin product (BTC) has attracted $500M in inflows year-to-date despite $5B in collective Bitcoin ETF outflows, demonstrating that long-term investors gravitate to the cheapest, most efficient wrapper; this stable holder base helps the fund weather volatility.
BTC LONG
Staking yield attracts ETH ETF investors.
Yield is very popular in the current market, and staking yield within an ETP makes it easy for investors to put Ethereum to work without running their own validator; this simplicity is driving demand for Grayscale's low-cost ETH product that offers staking exposure.
ETH LONG
BTCC covered call yields attract investors.
Covered call strategies on Bitcoin are very popular, and Grayscale's BTCC product delivers bimonthly cash distributions, giving investors a way to generate yield from their Bitcoin exposure even when prices are not rallying.
BTCC LONG
Hyperliquid utility drives adoption and inflows.
Hyperliquid has true utility as a decentralized exchange for perpetual futures offering 24/7 trading and accessibility; its features are increasingly demanded by traditional investors for events like weekend news breaks, and the platform is bridging the gap between crypto and traditional markets, driving consistent inflows and product popularity even in a broader crypto bear market.
HYPG LONG
HYPE LONG
Diversified crypto basket attracts new investors.
GDLC provides one-ticket exposure to the top five crypto assets by market cap (ex-meme/stablecoins), capturing roughly 90% of the crypto market's return while sparing investors the daunting task of picking individual tokens beyond Bitcoin and Ethereum; this simplicity appeals to the next wave of crypto investors.
GDLC LONG
HIGH
18:45
Jul 08
Jul 08
Milk Road Macro
1mo
BITWISE_DEFI_INDEX
SOL 1ST
BTC
UNI
HYPE
▾
HIGH
DeFi massively undervalued vs $400T finance
DeFi applications are rerating because the total addressable market is not just the $2 trillion crypto space but all of finance ($400 trillion). The Bitwise DeFi index is up 51% in three months during a tough macro period. As apps like Uniswap integrate on rails like Robinhood’s L2, value capture is improving and the market is deeply undervalued relative to the opportunity.
BITWISE_DEFI_INDEX LONG
Stablecoin boom benefits SOL ETH HYPE LINK COIN
Stablecoin growth will be a multi-trillion-dollar trend. Value will accrue to: (1) layer-1 blockchains (Solana, Ethereum, Hyperliquid) where stablecoin activity settles, (2) oracle middleware (Chainlink) that connects apps, and (3) stablecoin issuers like Coinbase that earn large margins on reserve interest. These are all structural beneficiaries of stablecoin adoption.
SOL LONG
LINK LONG
COIN LONG
ETH LONG
Bitcoin bull market from institutional inflows
Strategy (formerly MicroStrategy) is no longer the dominant marginal buyer of Bitcoin. The baton is passing to institutional investors, who represent trillions of dollars in capital. This transition, already visible in market reactions, sets up a multi-year bull market for Bitcoin as institutions become the primary source of demand.
BTC LONG
Uniswap targeting $400T mult-asset market
Uniswap is no longer just about trading crypto pairs. Its integration into Robinhood’s layer-2 and focus on stocks, commodities, bonds, and all asset classes mean it is attacking a $400T total addressable market, roughly 200x larger than the current crypto market. The market has not fully repriced this expansion.
UNI LONG
Hyperliquid tokenomics and growth are exceptional
Hyperliquid generates roughly $1 billion in annual revenue, of which 99% is used to buy and burn the token, creating enormous buyback demand. It is rapidly shipping new products (S&P index licensing, pre-IPO markets, oil futures, prediction markets) and punching above its weight class in ETF inflows. This super-app is purpose-built to accrue value in a way previously impossible.
HYPE LONG
Lighter well placed in perps expansion
The perpetuals (perps) market is set to expand dramatically. Both Hyperliquid and Lighter are well positioned to capture this growth. Instead of worrying about market share, the more important point is that the size of this market can 10x–100x, making Lighter a bullish bet.
LIT LONG
HIGH
18:45
Jul 07
Jul 07
Milk Road Macro
1mo
HOOD 1ST
▾
HIGH
Robinhood super app drives secular growth
Robinhood is building a financial super app that aggregates equities, options, crypto, prediction markets, retirement, and banking. This product breadth, combined with a best-in-class innovation cadence and the Amazon Prime-like Gold subscription wedge, will attract and retain significantly more capital per user. As the $80 trillion generational wealth transfer accelerates, Robinhood transitions from a cyclical trading business to a secular growth story with much higher monetization. Near-term catalysts include prediction markets (World Cup, midterms, NFL), mega IPOs, and the new on-chain products. The 28M funded account distribution and superior user experience create a moat over competitors like Coinbase. The core metric to watch is net deposit growth.
HOOD LONG
HIGH
19:11
Jul 06
Jul 06
Milk Road Macro
1mo
SBET
ETH
▾
HIGH
Sharplink accretively accumulates ETH per share.
Sharplink (SBET) is the second-largest public corporate holder of ETH, providing beta exposure to ETH with additional yield from staking and DeFi. The company is disciplined, using capital only when accretive (buying ETH and buying back shares at favorable prices), with a north star of increasing ETH per share. Growing institutional ownership and recent inclusion in the Russell 2000/3000 indices add passive demand. This makes SBET a clean, institutional-grade long-term vehicle for the Ethereum opportunity.
SBET LONG
Institutional supercycle drives ETH demand.
Ethereum is in pole position for an institutional supercycle, with over 50% market share in stablecoins, tokenized assets, DeFi, and the coming agentic economy. Surging transaction volumes from these sectors will drive significant demand for ETH, which is currently at a depressed price, creating a highly favorable price-to-opportunity ratio. Large financial institutions are choosing Ethereum for tokenization and settlements, reinforcing its dominance.
ETH LONG
HIGH
13:00
Jul 05
Jul 05
Milk Road Macro
1mo
BTC
COIN 1ST
BITQ 1ST
▾
HIGH
Bitcoin's next top will be far higher
The crucial question is not where Bitcoin's bottom is, but where the top is. All three major research firms predict a new bull cycle with Bitcoin ultimately rallying to new highs. I expect the top to be substantially higher, possibly $1.3 million, making entry prices like 40K, 50K, or 60K irrelevant. Institutional capital is still flowing in, and the cycle will be shallower than prior drawdowns. Bitcoin will be higher by year-end and dramatically higher long-term.
BTC LONG
Coinbase's AI angle is underappreciated
Coinbase's artificial intelligence angle is widely misunderstood and underplayed. The market has not priced in the exposure Coinbase has to AI trends, and the stock will eventually get caught up in the AI trade.
COIN LONG
Crypto equities outperform, diversified megatrends
Crypto equities (Bitwise Crypto Innovators Index) are up 30% year-to-date while Bitcoin is down 30%. They offer diversified exposure to megatrends like stablecoins, tokenization, and AI with clearer narratives than holding crypto assets directly. Institutional investors are increasingly drawn to this diversified crypto allocation.
BITQ LONG
HIGH
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