Crypto’s Fundamentals Have NEVER Been Stronger… So Why Is Nobody Bullish?

Watch on YouTube ↗  |  May 24, 2026 at 13:00  |  17:05  |  Milk Road Macro
Speakers
John Gillen — Co-Host, Milk Road Macro

Summary

John Gillen discusses the disconnect between strong crypto fundamentals and bearish sentiment. He explains his bullish positions on Bitcoin, Ethereum, and Chainlink, while waiting for a decisive Bitcoin breakout before adding altcoins. The video explores whether crypto has been in a bear market since early 2025 and why experienced investors remain cautious despite improving fundamentals.

  • Bitcoin is viewed as a fundamentally sound store of value with strong network effects.
  • Ethereum is considered a core asset, not an altcoin, with a sizable allocation.
  • Chainlink is highlighted as a robust business bridging TradFi and crypto.
  • Altcoins are expected to outperform but only after Bitcoin confirms a breakout above $85k.
  • Institutional adoption and partnerships (Circle, Canton, Galaxy/Chainlink) are accelerating.
  • Sentiment remains cautious despite the strongest fundamentals in crypto history.
  • The Clarity Act is a key legislative catalyst being monitored.
  • John recommends patience and staying fundamentals-driven rather than chasing green candles.
Trade Ideas
John Gillen Co-Host, Milk Road Macro 0:33
BTC is a fundamentally sound store of value
Bitcoin is fundamentally sound with market adoption, network effects, and integration into the financial ecosystem. It is a stable store of value and the bedrock of a portfolio. Despite volatility, it offers strong performance as a safer bet than speculative altcoins.
BTC HIGH
John Gillen Co-Host, Milk Road Macro 0:58
LINK is a fundamentally strong bridge asset
Chainlink is one of the strongest examples of a fundamentally sound, long-lasting business that bridges TradFi and digital assets. It has stable cash flows, a moat, and hasn't been wildly overvalued. John has been bullish for years.
LINK HIGH
John Gillen Co-Host, Milk Road Macro 3:35
ETH is a core digital asset holding
Ethereum is not an altcoin but an alternative part of the digital asset market that needs to be in a portfolio alongside Bitcoin. John has a sizable allocation to Ethereum and considers it a core holding.
ETH HIGH
John Gillen Co-Host, Milk Road Macro 3:49
Altcoins will outperform after BTC confirmation
John has high confidence in altcoins and expects significant outperformance, but he is waiting for a decisive Bitcoin breakout above 85k (confirmed by a retest) before committing more capital. The fundamental setup is strong, but he prefers confirmation to avoid front-running a potential bear market rally.
crypto altcoins MED
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This Milk Road Macro video, published May 24, 2026, features John Gillen discussing BTC, LINK, ETH, crypto altcoins. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: John Gillen  · Tickers: BTC, LINK, ETH, crypto altcoins