🥛 Powell spoke. Markets moved. Now what? 📈

GM. This is Milk Road, the crypto newsletter that gives you that 'first day of summer' feeling, every single day.

Here’s what we got for you today:

✍️ What to look out for this week
✍️ Why is everyone talking about FootballFun?
🎙️ The Milk Road Show: The Institutional Era: Who’s Really Buying BTC, ETH & SOL Right Now w/ Jason Urban
🍪 Are $SOL treasuries about to have their moment?

Bag Labs just released their first game called CRASH.FUN. If you hold $USDC on Base, go check it out.

Prices as of 2:00 PM ET. Click here for our Fear & Greed Index.

WHAT TO LOOK OUT FOR THIS WEEK 📆

Man, that was a helluva weekend!

The likelihood of a September rate cut shot up. Ethereum hit new all-time highs. And victory laps were being taken in family group chats worldwide.

(“WHO’S INVESTING IN SILLY INTERNET MONEY NOW, DAD!?”)

So what do we need to see in order for this party to continue?

Here’s what we’re watching:

1/ Macro 🌎

The core items on the macro calendar this week:

US Q2 2025 GDP data – Thursday – how much did the US economy grow/shrink in Q2 of 2025?
MI Consumer Sentiment data – Friday – are consumers feeling up-beat and ready to spend?
July PCE Inflation data – Friday – how much did the everyday cost of ‘stuff’ go up or down in July

The key item on that list: Friday’s PCE data.

ICYMI – last Friday, Fed Chair Jerome Powell gave a relatively positive speech at Jackson Hole, leading market analysts to increase their expectations of a September rate cut.

(A cut that would likely boost risk assets, like crypto, in the process.)

Polymarket odds moved from a 61% chance of a September cut (pre-speech), to 83% chance today (post-speech). 👇

Source: @Polymarket

…but September’s Fed meeting is still a ways away – a lot can change in that time.

Which is why we’re keeping a keen eye on PCE data.

PCE is the Fed’s chosen metric for measuring inflation and deciding on rate cuts – so if it dips on Friday, it could add further optimism/momentum to the market.

2/ Earnings 💰

Forget every other earnings report this week. Just focus on $NVIDIA. It’s not only the world’s largest company by market cap – but a thermometer for the broader tech industry.

If Nvidia comes in hot, it’s a positive sign for tech as a whole.

Source: @eWhispers

3/ Charts 📈

This time last week, we told you to watch two key price levels: Bitcoin at $112k, and Ethereum at $4.1k.

The warning being: if those levels were to break, we could see short-term weakness in each respective asset…

$ETH is currently doing just fine, sitting pretty at $4.6k.

$BTC, er, not so much.

It’s currently dancing right on the edge of $112k – getting as low as $110.5k this morning. 👇

Source: TradingView

If Bitcoin closes out below $112k on the daily timeframe – it could take a minute to regain its momentum in the short-term.

Weakness that could be compounded by the fact that August/September are historically rough months for $BTC. 👇

Source: @RasterlyRock

The ‘glass half full’ side of this story?

If Bitcoin weakens while altcoins remain stable and/or strengthen, we could officially enter alt season!

Aka: a time when 75% of the top 50 coins by market cap outperform $BTC over 90 days.

And (as long as you’re allocated to the right projects) altcoin season gains can get silly.

Like, “take this job and shove it” kinda silly…

P.S. If you want to learn which alts we think are going to outperform this cycle, simply go PRO All Access and check out our portfolio.

Alright, that’s everything we’re watching this week. 🤝

CRASH.FUN IS LIVE ON BASE

Bag Labs dropped their fist game: CRASH.FUN

Built on Base, you can win up to 100x your bet and earn a lootbox every five launches.

Here’s how the game works:

Place a bet between $0.25-50 $USDC
Set your target multiplier between 1.01x-100x (eg: 2x)
If the rocket reaches your target, you multiply your money (eg: 5 x 2 = 10 USDC)

…and rumor has it that active players might get an airdrop soon. Join their Bag Labs’ Telegram community for more updates.

If you hold $USDC on Base, go check it out.

WHAT’S ALL THIS NOISE ABOUT FOOTBALL DOT FUN? ⚽️

Is it just me, or is everyone else’s Twitter/X feeds dominated by Football Dot Fun right now?

(FootballFun if you’re nasty.)

In case it’s just me – lemme catch you all up:

FootballFun is essentially a betting market for soccer player performance, built on Base.

Every player is represented by a fixed supply of digital collectible cards, so when you buy a player card, you essentially get a ‘share’ of that player.

The better they perform in real life → the more points they earn on the platform → the more valuable their cards become.

Meaning, if you can identify mispriced talent before everyone else, you can increase your returns.

(Yuh. It’s pretty much stock trading, but with soccer players.)

Now – if you’re thinking “Sounds cool on paper, but this kind of thing has been tried a million different ways in the past. I’m not holding my breath” – I hear you.

The key difference here is: people are actually using FootballFun.

It’s still super-early days (the platform only launched last week), but the initial growth is looking pretty damn positive.

Total deposits (Flow), total funded accounts (depositors), platform activity (activity volume), and fees all ripped over the weekend:

Source: fookin_no_wan/Dune

Jury’s out on whether this growth can continue – but here’s hoping it does.

‘Cause even if you have zero interest in soccer or sports betting, adoption of apps like FootballFun are still net-positive for crypto holders.

(More successful onchain consumer products = more crypto users = number go up over time.)

Hell yeah! 🫡

YOUR 2015 BTC MOMENT 🥛

The last three months have been BIG. We launched Macro, Degen, Macro PRO, PRO All Access, Degen PRO… and now our new website.

Someone nailed it in a recent review 👇

They’re right.

We like to keep you on your toes.

Because we’re building Milk Road into the best investing platform in the world.

This new site is the biggest step in that journey. It’s faster, cleaner, and gives us more room to keep dropping new products and features to level up your investing toolkit.

And until midnight on Wednesday you can unlock all the good stuff inside the new site by upgrading to Crypto PRO or All Access at 25% off