🥛 3 big events → no market reaction? 🤔

GM. This is Milk Road, the daily newsletter that answers the age old question: “... I don’t get it. Why’s crypto doing that??”

Here’s what we got for you today:

✍️ 3 big events → no market reaction?
✍️ 5 high revenue onchain apps
🎙️ The Milk Road Show: Why the End of QT Changes Everything & What It Means for Bitcoin & Altcoins w/ Andy
🍪 Tokenized stocks rising on BNB Chain

SX Bet is on pace to hit its first ever $40M betting month! Find out why it's the sports prediction market of choice, here. 🤝

Prices as of 2:00 PM ET. Trade today with Milk Road Swap.

3 BIG MACRO MOVES → ALMOST NO MARKET REACTION… WHY? 🤔

It was a big day in macro yesterday!

… so why did markets barely move??

Here’s what you missed and why the market largely faded it all:

1/ Rate Cuts

As the market almost unanimously expected: we got a 0.25% rate cut yesterday.

(Which will make peoples’/businesses’ loans cheaper to service/access → giving them more disposable income → floating the economy/asset prices).

Source: @MilkRoadMacro

2/ The end of QT

The Federal Reserve buys/sells/holds US Treasuries (US Government Debt) and Mortgage-Backed Securities (US real estate debt).

When the Fed buys them up, it helps to lift the economy/asset prices, as they’re essentially lending money to the US economy. This is known as Quantitative Easing, or QE.

When they sell the debt, or let it ‘mature’ (aka: get their loan back at the end of the term, without re-investing), that cools the economy/asset prices. This is called Quantitative Tightening, or QT.

And yesterday, the Federal Reserve announced they’d be ending QT on US Treasuries (aka: there’s going to be one less restriction on the economy/asset prices).

Source: @chevycassar

3/ Trump-Xi Meeting

The US/China largely made nice when Trump and Xi met yesterday.

Tariffs were reduced (nice!), rare earths were unlocked (love that), and fentanyl was made cheaper (er, hooray?).

Source: @KobeissiLetter

Each of these events are a net positive for the economy. So why is the market shrugging it off?

In short: ‘cause the market already priced each one in. These outcomes were expected. And when the market expects something, it typically moves up or down ahead of the event.

Which meant, unless anything crazy-good or bad came from left field – the market was likely going to stay neutral.

And it largely did – though there was a slight sell-off in reaction to Fed Chair Powell's comments that a December rate cut “is not a foregone conclusion, far from it”.

(BTC dropped 3.5% during J-Powell’s press conference).

As for now, our plan remains unchanged:

Hold majors, zoom out, chill.

SX BET: HOME OF ONCHAIN SPORTS PREDICTIONS

Are you obsessed with sports betting?

Then SX Bet should be your go-to betting platform.

It’s the prediction market delivering the best odds on NFL, NBA, MLB, Soccer and Tennis.

And it’s putting up numbers right now:

October betting volume up 87% year-over-year
SX Token is up 85% in the last 30 days
New Market Maker Rewards now pay users for providing liquidity

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TOP 5 TOKEN-BACKED REVENUE-GENERATING ONCHAIN APPS 🥇

All right, it's time to go revenue hunting.

‘Cause more revenue = more use = more value accrual over time.

(Follow the revenue → find solid tokens.)

So here are the top 5 token-backed revenue-generating onchain apps over the last 30 days:

Source: DeFiLlama

1/ Hyperliquid (HYPE)

Hyperliquid is like a drunk uncle (whattup, Steve) whose jokes get more and more inappropriate the more he drinks. Nothing can slow its roll.

So far in October Hyperliquid’s revenues are up ~18% month-on-month, and it has been maintaining $80-100M in monthly revenue since July.

2/ PumpFun (PUMP)

Real question: at what point do we admit the Launchpad Wars are over, and PumpFun won?

…we’re getting ready to call it – hell, we wrote an entire PRO Report on it!

Since March’s market crash, PumpFun has maintained monthly revenues in the $40-50M range – and pretty darn consistently at that.

3/ Jupiter (JUP)

If you’re looking for even more consistency in revenue – look to Jupiter. These mf’ers have been pulling in a steady ~$20-30M each month since the start of 2025.

Source: DeFiLlama

BTW: we hold JUP in the All Access Portfolio – click here to see how much we’ve allocated.

4/ PancakeSwap (CAKE)

The ‘CZ’ meta that kicked off in late September may have faded – but it’s still alive and well in PancakeSwap’s October revenues.

(ICYMI: CZ is the founder of Binance. BNB is Binance’s blockchain. PancakeSwap is the DEX of choice for BNB users).

CZ would either show public support for a project, or be rumored to be involved → it would get traded on PancakeSwap → the project’s token would pump.

And so far in October, all of that activity has resulted in PancakeSwap’s revenues moving +61.5% month-on-month.

5/ Aerodrome (AERO)

Surprise, surprise: the most popular DEX on Base Chain continues to spit off revenue in greater amounts.

Since March’s market crash, Aerodrome’s monthly revenue moved up n’ to the right (at a pretty steady clip) before reaching cruising altitude at ~$17M a month in August.

Alright, now it’s your turn to yap.

Which project are you most bullish on? Reply to this email and let us know:

Hyperliquid (HYPE)
PumpFun (PUMP)
Jupiter (JUP)
PancakeSwap (CAKE)
Aerodrome (AERO)

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