GM. This is Milk Road, the crypto newsletter delivering unsolicited hot takes like a drunk uncle at Christmas lunch.
Here’s a preview of this week’s menu:
- 🔥 Stay crypto-native and die
- 🥵 Layer 1s are a losing bet
- 🌶️ Tesla to $3T, by the end of 2026!
Launching The Energy Network on Solana, Fuse Energy has just secured $70M in Series B funding. Discover the future of energy now.
HOT TAKES OF THE WEEK 🔥
Stay crypto-native and die 💀
John D'Agostino, senior advisor to Coinbase, argues that it is no longer possible to be a global financial firm with any significance, while remaining purely crypto-native.
The industry needs to learn to "suit up" and bridge the gap between tech-forward culture and traditional banking institutions.
🎙️ Listen to the full Milk Road Daily episode here.
Layer 1s are a losing bet 🥴
Co-host of Blockworks’ Empire podcast, Santi Santos, sees a massive disconnect in crypto value capture.
90% of crypto valuations are currently held by Layer 1s, yet they capture less than 20% of the industry's revenue. He expects this to flip as the industry matures.
🎙️ Listen to the full Milk Road Daily episode here.
Tesla to $3T! 🌖
Wedbush’s Dan Ives sees a path for Tesla to hit $3 TRILLION in market capitalization…
Not in a decade, but by the end of 2026. How? Through its dominance in autonomy.
🎙️ Listen to the full Milk Road AI episode here.
FUSE ENERGY RAISES $70M AT A $5B VALUATION
Is this the most legit energy company to ever enter crypto?
Fuse Energy is a $400M ARR utility powering 200,000+ homes, today announcing a $70M series B at a blockbuster $5B valuation.
This comes after the recent beta launch of The Energy Network, a new digital layer engineered to scale our grids and save billions in costs.
And now, it’s just building its momentum:
- Today raised $70M in Series B led by Lowercarbon and Balderton
- Now valued at $5B
- Launched beta on Solana
- Received landmark no-action letter from the SEC last month
- Planning listings for early 2026
A new foundation for the grid is coming.
Check out their announcement here and follow Fuse on X for updates.
HOT TAKES OF THE WEEK (P2) 🔥
No question: we’re in a bear market 🐻
CryptoQuant’s Julio Moreno explicitly declared that under almost any metric (whether onchain, technical, or fundamental) Bitcoin officially entered a bear market as of early November.
🎙️ Listen to the full Milk Road Daily episode here.
A 40-year bull market ended 5yrs ago and no one noticed 🪦
Veteran trader and macro analyst, Francis Hunt, argues that the 40-year bond bull market officially ended in 2020, signaling the "end of sovereign debt as a reserve asset".
They’ve become too damn volatile and no longer function as stable, "Steady Eddie" portfolio assets – forcing investors into monetary metals like gold and silver.
🎙️ Listen to the full Milk Road Macro episode here.
PRO INSIGHT OF THE WEEK 🔮
Bitcoin has been Bart Simpson-ing at an insane rate recently!
And no, I didn't just stroke out.
A Bart Simpson pattern is a real thing (I swear) - it's when the price of an asset shoots up, zigzags sideways for a bit, then shoots back down (or does the inverse).
Creating what looks like a silhouette of Bart Simpson on the charts:
Recently, one of our PRO members asked about the recent ‘Bart-ing’:
“Why the fake pumps into full retracement dumps? Is crypto cooked??”
Personally, I’m not sure.
Thankfully, we have John Gillen (macro wizard/former BlackRock VP) on payroll to help answer the question.
John’s take: “Crypto is not cooked - it’s just a huge fear based sentiment shift IMO.”
He doesn't see any fundamental reason why Bitcoin and crypto shouldn't recover and catch up at some point soon, though “It's gonna ‘Bart’ up and down for a bit while we're in this environment.”
Thankfully…
All the macro context coming into 2026 makes John believe that crypto should soon form a bottom and follow other risk assets higher.
Want direct access to our PRO analyst team, so you can get your burning questions answered in real-time and make the right moves?
BITE-SIZED COOKIES FOR THE ROAD 🍪
If you’re building a blockchain, you’re going to need a block explorer. We just listed the top 3 block explorers in crypto.*
We’ll take those odds: there’s a 75% chance Americans receive stimulus checks next year.
CLARITY Act coming Q1? The White House and key Senators have finally agreed to move the bill, and they’ve put an actual date on it.
ICYMI: The last 5 times Bitcoin was this oversold, price doubled within ~3 months.
*this is sponsored content.
MILKY MEMES OF THE WEEK 🤣
