Did Saylor Just Fake Out the Entire Bitcoin Market?

Watch on YouTube ↗  |  June 04, 2026 at 18:45  |  41:09  |  Milk Road Macro
Speakers
Kyle Reidhead — Head of Research, Milk Road
John Gillen — Co-Host, Milk Road Macro

Summary

Crypto selloff driven by macro and capital rotation to AI. Bitcoin expected to go lower before recovery. Coinbase and revenue-generating protocols like Hyperliquid are favored. Ethereum fundamentals strong long-term.

  • Bitcoin selloff exacerbated by Saylor's small sale and macro concerns.
  • Capital rotating from crypto to AI compute as new store of value.
  • Bitcoin may break 60k with low volume, no near-term catalyst.
  • Coinbase (COIN) considered a good entry point due to broad crypto exposure.
  • Hyperliquid (HYPE) expected to outperform due to revenue from non-crypto assets.
  • Sky and USDA also mentioned as revenue-generating tokens.
  • Ethereum debated but long-term thesis intact due to tokenization.
  • Robinhood (HOOD) may benefit from perpetuals growth.
Trade Ideas
Kyle Reidhead Head of Research, Milk Road 3:34
Bitcoin likely to break 60k support
Bitcoin is likely to go lower in the near term, breaking through the previous low of $60,000. The bounce from $61,300 lacked volume, indicating no bottom yet. Macro concerns and lack of catalysts support further downside.
BTC MED
Kyle Reidhead Head of Research, Milk Road 16:54
Hyperliquid revenue diversifies outside crypto
Hyperliquid (HYPE) generates revenue from non-crypto assets like oil, silver, S&P, NASDAQ, and AI stocks, making it less dependent on Bitcoin and ETH prices. Even if crypto struggles, Hyperliquid's revenues can grow, driving token value higher.
HYPE HIGH
Kyle Reidhead Head of Research, Milk Road 22:32
Robinhood benefits from perpetuals growth
The growing perpetuals market is bullish for Robinhood as they will likely launch perpetual contracts and capture part of the expanding pie, similar to Coinbase.
HOOD LOW
Kyle Reidhead Head of Research, Milk Road 24:34
Buy Coinbase at current levels
Coinbase is positioned to benefit from the entire crypto ecosystem's growth, including perpetuals, tokenization, and stablecoins. At the current price around $165, it's an amazing entry point given its involvement in everything from retail trading to institutional custody and stablecoin revenue.
COIN HIGH
John Gillen Co-Host, Milk Road Macro 29:11
Ethereum fundamentals strong long-term
Ethereum's fundamentals remain strong, with tokenization, stablecoin adoption, and onchain finance accelerating. Despite short-term price weakness, Ethereum's value proposition and network effects will lead to long-term appreciation.
ETH MED
Kyle Reidhead Head of Research, Milk Road 38:38
Sky token likely to grow
Sky (SKY) is a revenue-generating protocol whose token value is likely to grow as its business expands, similar to Hyperliquid and USDA.
SKY LOW
Kyle Reidhead Head of Research, Milk Road 38:38
USDA token likely to grow
USDA (or USDI) is a revenue-generating stablecoin protocol whose token value is likely to grow as its business expands.
USDA LOW
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This Milk Road Macro video, published June 04, 2026, features Kyle Reidhead, John Gillen discussing BTC, HYPE, HOOD, COIN, ETH, SKY, USDA. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kyle Reidhead, John Gillen  · Tickers: BTC, HYPE, HOOD, COIN, ETH, SKY, USDA