🥛 "Stop obsessing over the bottom" 📉

GM. This is Milk Road, the crypto newsletter that’s hotter than leverage during a breakout.

Here’s a taste of this week’s menu:

🔥 Stop obsessing over the bottom.
🥵 The "Chart Crime" conspiracy.
🌶️ Tesla is an "AI Brain", not a car company.

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HOT TAKES OF THE WEEK 🔥

Stop obsessing over the "bottom" 📉

Scott Melker (The Wolf Of All Streets) thinks we’re likely bottoming, but he warns that the process could be a long, boring "basing" period of 150 to 250 days.

[Gulp]

Even though technical indicators like the RSI are screaming "oversold", he points out that the real catalyst for the next leg up isn't a news headline, it's “number go up”.

$10,000 candles are the only thing that will actually wake up the media and retail FOMO - so we shouldn't expect the market to turn on a dime just because sentiment is in the dumpster.

🎙️ Listen to the full Milk Road Daily episode here.

The "Chart Crime" conspiracy 🤫

Bitwise’s Matt Hougan is calling out the "chart crimes" being used to link crypto’s downfall to the software industry’s struggles.

He explains that people are using misleading dual-axis charts to make Bitcoin and software look correlated when they actually aren't.

In his view, the destruction of Salesforce or the "Claude-induced" software panic has zero fundamental link to Bitcoin.

It's just bad math creating a false narrative.

🎙️ Listen to the full Milk Road Daily episode here.

Tesla is an "AI brain", not a car company 🧠

Our very own Kyle Reidhead argues that the world is completely misinterpreting Tesla by calling it an EV manufacturer.

According to him, the technical hurdles for Full Self-Driving have been cleared, leaving only minor "edge cases" like car washes and regulatory red tape.

Kyle claims the cars are now just "devices" used to house an AI brain, comparing the shift from gas cars to Teslas to the leap from Nokia flip phones to iPhones.

To him, the competition isn't Ford or GM, it’s the very concept of human-led labor and transportation.

🎙️ Listen to the full Milk Road AI episode here.

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HOT TAKES OF THE WEEK (P2) 🔥

Forget the v-shape recovery ❤️🩹

If you're looking for a quick bounce back to the moon, Real Vision’s Jamie Coutts has some bad news:

He thinks we’re in for a multi-month bottoming process that could stretch into Q2.

He noted that while the "capitulation metrics" have fired (meaning the worst of the panic might be over), there's so much structural damage that an instant recovery is unlikely.

He’s calling BTC at $55-60k a "deep value zone" rather than a "buy the dip and get rich tomorrow" moment.

🎙️ Listen to the full Milk Road Daily episode here.

Gold is the "currency of war" 🔫

Macro analyst Clem Chambers is on the “war” path.

He isn't buying the idea that central banks are hoarding gold just because they hate the dollar.

He argues that gold is strategic money for conflict, used when you need to buy tanks and your neighbor won't take your "freshly printed" paper.

He says countries like Poland are stacking bars right now specifically because they’re sitting next to a literal war zone and need a currency that works when things get "sticky".

🎙️ Listen to the full Milk Road Macro episode here.

PRO INSIGHT OF THE WEEK 🔮

This past week, one of our PRO All Access members voiced some concern around Galaxy (GLXY):

“I noticed the p/e is negative rn, tremendously so. Assuming "efficient" market what would be reason for this being priced in?”

Our PRO analyst, Martin came to the rescue with insights and charts in hand:

“Most platforms may show a negative P/E for Galaxy Digital due to the reported GAAP net loss - this is largely a function of 'paper' volatility in the treasury balance (unrealized mark-to-market losses).

To get a true sense of the company’s valuation, it is better to look at the core business performance adjusted of those volatile swings.

By using the $194M in net income reported for 2025, which isolates operating income from treasury fluctuations, the company trades at P/E ratio of approximately 35.

Again this only emphasizes our edge here.”