🥛 5 tokens with shrinking supply 🥇

GM. This is Milk Road, your crypto tour guide. We keep you organized, educated, and up to date on all the tips and tricks.

Here’s what we got for you today:

✍️ Top 5 projects by 2025 buybacks
✍️ $BTC is less volatile than the S&P?
🎙️ The Milk Road Show: Q4 Volatility Is Noise | The Bull Run Is Just Starting w/ Martin Toman
🍪 Polymarket airdrop confirmed

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

TOP 5 PROJECTS BY TOTAL BUYBACKS IN 2025 🥇

If your users love your product so much that your excess cash is better spent on lowering the circulating supply of your token (instead of improving your product):

You’re doing something right.

Buyback mechanisms tend to indicate that a project has found product-market-fit (a tall task in crypto).

But not all buyback schemes are built the same.

So here are the top 5 projects by total buybacks in 2025, and the nuances that separate them:

Source: Coingecko

1/ Hyperliquid ($HYPE)

Hyperliquid is #1 for a reason – of all the token buybacks made across the crypto sector in 2025, $HYPE makes up 46% of them.

It’s a revenue-funded buyback program, with partial burning (meaning a portion is permanently removed from circulation), and has consumed 2.14% of $HYPE’s total supply in 2025.

2/ LayerZero ($ZRO)

LayerZero’s second place ranking comes with a caveat: this was a one-time buyback, so it’s not representative of any ongoing buy pressure.

The $150M buyback represented 5% of the total supply (phwoar!) but was not burned.

3/ PumpFun ($PUMP)

$PUMP’s progress is more impressive than it seems – they only started buybacks in July, and have averaged $40.47M per month since.

Buybacks are fee-funded, and do not get burned.

4/ Raydium ($RAY)

If these rankings extended beyond 2025, $RAY would take the #2 spot – ‘cause it’s been buying back its tokens since 2022 (to the tune of $202.1M in total).

Plus: all $RAY buybacks are burned forever, leading Raydium to have permanently removed 4.3% of its total supply in 2025 alone.

5/ Sky ($SKY)

Sky is setting up a neat system here: their Smart Burn Engine gobbles up $SKY tokens → uses them to increase staking rewards within its ecosystem.

BTW: We hold $SKY in the All Access Portfolio – here’s why.

Now, the key factor with these buyback mechanisms is the effect it has on supply.

(The greater the effect each buyback has on supply → the greater the potential effect on price.)

So let’s close this segment out with the same 5 projects, ranked by percentage of total supply bought back in 2025:

Source: Coingecko

(Damn, I’m starting to see why Martin is so obsessed with Sky.)

THE SUPER BOWL OF BLOCKCHAIN

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$BTC IS LESS VOLATILE THAN THE S&P 500?? 🤨

The larger the asset → the harder it is to move.

E.g. If an asset with a $10M market cap has $10M added to it – it moves up 100%, whereas if an asset with a $100M market cap has $10M added to it – it moves up 10%.

(Large assets are less volatile.)

…so then why the hell is this happening:

Source: @MilkRoadMacro

Bitcoin is worth $2.2T…

The S&P 500 (which tracks 500 of the largest companies in the US) is worth $56.93T…

Yet the S&P’s implied volatility (how far up/down the market expects it to move in the future) is higher than Bitcoin’s.

I’m not exactly sure of the intricate mechanics driving this discrepancy, but I do know what it indicates:

Bitcoin is maturing from ‘erratic teenager’ to ‘adult’ (aaaaw)
This means, as $BTC grows, its crazy volatility will continue to diminish
And because of that, its percentage returns will likely flip from ‘insane, but risky’ to ‘softened, but safe’

This was always expected, but – uh! I promised myself I wouldn’t cry.

(It’s just that they grow up so fast.)