PLUS: Crypto x TradFi adoption accelerates 🏃♂️➡️
GM. This is Milk Road, the ‘tabasco sauce’ of crypto newsletters (we take what’s bland, and spice it up!)
Here’s what we got for you today:
- ✍️ Good news: we have bad news!
- ✍️ Crypto x TradFi adoption accelerates
- 🎙️ The Milk Road Show: Will Crypto ETF Flows Trigger the Next Altseason? w/ James Seyffart
- 🍪 Public companies now own 4.76% of $BTC supply
Pyth is the source of truth for market data in DeFi — now revealing what’s next.
Prices as of 2:00 PM ET. Click here for our Fear & Greed Index.
GOOD NEWS: WE HAVE BAD NEWS! 🎉
You’re laughing?
The labor market is cracking, and you’re laughing?
Jobs data for August just came in and it’s, err, not great:
- Jobless claims – Expectation: 230k. Reality: 237k.
- Job openings – Expectation: 7.38M. Reality: 7.18M.
So why is everyone weirdly happy about it?
Simple: a weakening job market incentivizes rate cuts.
‘Cause when the Federal Reserve cuts rates → it makes business loans cheaper to service → encouraging businesses to borrow and grow → to grow, they need workers.
And after the weak jobs data hit, the odds of a September rate cut jumped to 97.4%.
To quote our macro team: “Jerome Powell might as well pack scissors for September’s FOMC meeting”.
Ok…weakening labor market…jobless claims…interest rates…
What the hell does this have to do with crypto?
In short: crypto loves rate cuts.
Lowered rates = lowered costs on our loan/credit repayments & more loans being available to people/businesses.
The end result: more money sloshing around the economy (some of which finds its way into crypto, lifting prices).
But hold up…when money is less scarce, it loses some of its value, resulting in businesses increasing their prices to make up the difference…
So won’t rate cuts increase the inflation we’ve been fighting for the past 3 years?
Yep, most likely.
The idea here is that the Fed will trade a (hopefully slight) rise in inflation, for a dip in unemployment.
That’s the balancing game the Fed is forever playing.
The good news here is: when they start to optimize for increased employment over lowered inflation – the game shifts in crypto’s favor.
(So as long as they stay measured with their cuts: you’ll hear no complaints from us.)
PYTH REVEALS ITS PHASE 2 PLANS
Think of an airport: hundreds of flights in motion, all summarized on one departures board.
That’s what Pyth is building for blockchains: a single source of truth for real-time prices so apps can trade, settle, and manage risk on the real price of everything.
It gives the world’s largest institutions direct access to live data across crypto, equities, FX, and more. Most people never see the real prices.
Why Pyth slaps:
- 600+ integrations
- $1.6T+ in trades secured
- 2,000+ assets with millisecond updates
And after taking over crypto, Pyth isn’t stopping— so any system can price anything, anywhere, in real time.
Pyth is becoming the global price layer for all of finance.
Damn.
Discover Pyth’s full roadmap here.
TRADE CRYPTO DIRECTLY ON STOCK EXCHANGES 🏛️
Man, first the jobs data, now this?
There’re so many dull-sounding announcements with massive potential implications hitting at the moment!
Here’s what we’re on about. 👇
This means the major US TradFi stock exchanges could soon support plain old crypto trading.
I.e. no more having to go and buy a single share of a crypto ETF at a fixed price, that then purchases crypto on your behalf…
Wanna buy $1 worth of $BTC on TradFi rails – you can! Wanna buy $1M worth? Go right ahead.
Wanna get weirdly specific and buy $27.42 worth?
To quote the early 21st century song bird, Britney Spears – it’s your prerogative.
Point is: with this change, crypto will be able to move on TradFi rails the same way it would on Coinbase – allowing institutions and individuals alike to buy fractional amounts of crypto, 24/7.
The key difference is, it will be bundled into something they’re already familiar with: their stock broking platform.
(The easier you make something to do/understand, the more people will likely do it – that’s the big unlock here.)
And adoption at this kind of scale could have a HUGE impact on crypto as a whole.
Dull-sounding announcement → massive potential implications.
CRYPTO PRO “WHERE ARE WE IN THE CYCLE?” INDICATORS 🤔
Is the market taking a breather, or have we topped?
That’s the question on many peoples lips – so let me go right ahead and spoil the big reveal:
Based on where we are in the cycle: this is a breather, not the top.
(Don’t worry, when the time comes to get out – we’ll be yelling it from the roof tops.)
Below are the 6 indicators we track, with a color-coded system to show how close they are to signalling the market peak:
🟢 Plenty of room to run 🏄
🟡 Getting closer to the top signal, but haven’t yet reached the mark ⚠️
🔴 We’ve hit the market top indicator 🚨
Every Thursday, we update these 6 indicators exclusively for PRO members.
Our advice? Don't wait for all of them to hit 🔴. It's better to take profits as they get closer to that point.
Let's dive in and see if we're anywhere near the top of this bull market. 👇
Already a Crypto PRO member? Log in here.
GO CRYPTO PRO AND UNLOCK:
- Full access to the 6 bull market peak indicators above to help you spot the bull market top before it’s too late 📈
- Weekly reports that help you spot early trends, navigate the markets by limiting risk & catch those sweet cha-ching moments 💰
- Access to the PRO Community, where the Milk Road crew & 1000s of fellow PROs talk crypto. 🫂
Already a Crypto PRO member? Log in here.
CRYPTO PRO REVIEW OF THE WEEK
BITE-SIZED COOKIES FOR THE ROAD 🍪
The 11th edition of the European Blockchain Convention returns to Barcelona. With the EU opening up to crypto, you don’t want to miss this conference. Use code “MiLkROADebc” for a 20% discount on tickets.*
Will we see a ‘spooky September’? It’s the worst time of the year for risk assets…but our macro team isn't too worried.
Narrative juice: The Fed is planning to host a payments innovation conference focused on crypto and AI in October.
Save some for the rest of us, please. Public companies now own 4.76% of $BTC supply (that's 1M coins), with no signs of slowing down.
Want to earn up to 12% on your crypto? Nexo offers high yield products on nearly 40 cryptocurrencies.**
*this is sponsored content. **this is partner content.
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