“There Was No Alt Season”: The Crypto Chart Nobody Wants To Look At w/ John Gillen

Watch on YouTube ↗  |  May 09, 2026 at 13:00  |  21:03  |  Milk Road Macro
Speakers

Summary

Kyle Reidhead and John Gillen discuss the lack of a true alt season in the current crypto cycle, shown by total market cap ex-Bitcoin and Ethereum still below the previous all-time high. John presents a bullish case for Bitcoin and Ethereum, citing accumulation trends, institutional inflows, and a potential sooner-than-expected market bottom. He also reviews the uncertain regulatory landscape, particularly the Clarity Act.

  • The video highlights a chart showing altcoin market cap has not surpassed its prior cycle high, indicating no broad alt season.
  • John Gillen argues Bitcoin may bottom sooner than the consensus expectation of late 2025 due to whale and institution accumulation.
  • John is long-term bullish on Bitcoin and Ethereum and currently holds both.
  • He discusses the potential for the Clarity Act to pass, but now views it as unlikely (40/60).
  • John outlines the agentic economy and stablecoin legislation as drivers for a future alt season.
  • The video promotes Milk Road Pro for tracking analyst trades.
  • There is mention of Strategy’s STR product and its impact on Wall Street adoption.
  • Overall, the tone is cautiously optimistic for Bitcoin and Ethereum in the near term.
Trade Ideas
John Gillen Co-Host, Milk Road Macro 5:00
Bitcoin bottom sooner than expected
John expects Bitcoin to bottom sooner than the consensus expectation of October/November, driven by heavy accumulation from long-term holders, whales, and institutional inflows (e.g., Strategy, ETFs). He sees a setup for a short squeeze that could flip resistance into support and start a bull market sooner than anticipated. He is leaning bullish and accumulating Bitcoin.
BTC HIGH
John Gillen Co-Host, Milk Road Macro 12:57
Ethereum will eventually go up
John holds a strong long-term thesis on Ethereum, believing its value will increase over time despite short-term price volatility. He is a large ETH holder and is willing to be patient, viewing recent price action as not invalidating his fundamental view.
ETH MED
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This Milk Road Macro video, published May 09, 2026, features John Gillen discussing BTC, ETH. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: John Gillen  · Tickers: BTC, ETH