GM. This is Milk Road, the newsletter designed to make you the smartest person at the crypto water cooler.
Here’s what we got for you today:
- ✍️ SOL ETF: launches, sets records
- ✍️ Gold top = $BTC breakout?
- 🎙️ The Milk Road Show: Ethereum Is Becoming Wall Street’s Favorite & Lido’s the Gateway w/ Izzy & Kean
- 🍪 We’re hiring an AI Investment Analyst & Writer
Persona Connect allows users to reuse verified KYC information across multiple platforms. Save time and start verifying with Persona Connect.
Prices as of 2:00 PM ET. Buy today with Milk Road Swap.
THE RESULTS OF THE FIRST MAJOR U.S. $SOL ETF LAUNCH ARE IN 🔍
This wasn't meant to happen. They said it couldn't be done.
(And by ‘they’, I mean ‘we’.)
When the government shutdown was announced at the start of the month, we said we wouldn’t see any ETFs launch throughout it.
Because when the government shuts down, the SEC moves to a skeleton crew – and historically, ETFs don't get launched when that happens.
Thankfully, we were wrong: thanks to some recent SEC rule changes, a couple of big-name Solana ETFs were able to sneak through.
The first being Bitwise’s $BSOL, which will stake 100% of its holdings, and launched yesterday.
Here’s everything you need to know:
1/ Inflows
Sure, the day one inflows of $69.5M on Bitwise’s Solana ETF didn’t come close to the record-setting $238M pulled in by their Bitcoin ETF, or $204M by their Ethereum ETF in 2024…
But as far as 2025 goes, it still set records:
2/ Volumes
Again: year-to-date records were set – which were made even more impressive when you look at the volume of the Hedera and Litecoin ETFs that launched on the same day:
3/ Future catalysts
Not to be outdone, Grayscale launched a Solana ETF of their own today ($GSOL).
Usually, this would put us on edge, as Grayscale creates its ETFs by converting existing crypto Trusts.
And these Trusts have shareholders who often sell the ETF the moment it goes live, as Grayscale tends to put high management fees on their crypto ETFs.
(This sell pressure can hurt token prices.)
Thankfully, it looks like Grayscale has had a come-to-Jesus moment and lowered its management fees on $GSOL significantly.
(Likely in order to compete with $BSOL’s 0.20% fee — with the first 3 months free).
Here's how Grayscale’s Solana ETF fees stack up against their other major crypto ETFs:
Our takeaway?
With $BSOL setting year-to-date records for ETF inflows and volumes, paired with the reduced threat of Grayscale outflows:
Solana looks good here.
P.S. We hold Solana in our All Access Portfolio – check out how much of the portfolio $SOL makes up, here.
ONE KYC TO RULE THEM ALL
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GOLD TOP = BITCOIN BREAKOUT? 🤔
In case your dad hasn’t gloated about it to you recently:
Gold has outperformed Bitcoin so far in 2025.
It’s up ~51% compared to Bitcoin’s ~19%.
We recently coped by writing this article – which shows that, in the long term, $BTC massively outperforms Gold – and Ethereum even more so!
(Over the past 10 years: $BTC ~35,000%, Gold ~263%, Ethereum ~408,000%).
Which is cool and all…
But to quote my aunt’s hippy boyfriend who insists on wearing sandals and a beige linen robe to all family events:
“It’s time to quit livin’ in the past! Live in the now, maaaan!”
Alright Allen. Message received.
Gold’s latest price performance is looking like it might have topped, which – in respect to Bitcoin – is a great sign…
Check this out:
Yeah – Gold’s top often acts as a starting pistol for Bitcoin to take off running.
So if the 10% top-to-bottom pullback we’ve seen over the past week-and-a-half does end up marking Gold’s cycle top…
Bitcoin could well be gearing up for its next multi-month rip up.
(Happy now, Allen?)
BITE-SIZED COOKIES FOR THE ROAD 🍪
One KYC to rule them all. With Persona, you have to KYC just once and then you can use that verified information across multiple platforms.*
Western Union is launching a stablecoin. And on Solana no less. For context: Western Union moves ~4-5B dollars globally each year.
More alt ETFs? Sure, why not: One of the largest managers of exchange-traded products, 21Shares, just filed for a Hyperliquid ETF.
Up n’ to the right: Here are 3 Solana tokens that took off this week.
We’re hiring for two roles: Video Editor / Graphic Designer and AI Investment Analyst & Writer ← click to apply!
Tokenized stocks are ramping up on BNB Chain. Ondo just launched 100+ US stocks, ETFs and funds on the BNB Chain.*
*this is sponsored content.
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