🥛 The BTC bomb that didn't go off 💣️

GM. This is Milk Road, the crypto newsletter that feels better than closing the 27 browser tabs you swore you still needed.

Here’s what we’ve got for you today:

✍️ Crisis averted (kind of): MSCI makes nice w/ Strategy.
🎙️ The Milk Road Show: How Institutions Evaluate Crypto: Canton Network, Tokenization & Altcoins w/ Joshua Frank.
🍪 Zcash devs just peaced out.

Okara is a private AI platform that gives you access to 30+ open-source AI models in one place. Try Okara for free now.

Prices as of 2:00 PM ET. Trade today with Milk Road Swap.

CRISIS AVERTED (KIND OF): MSCI MAKES NICE W/ STRATEGY 👩❤️💋👨

Remember when BTC d ropped 34.32% over 43 days last year?

… after which your girlfriend found you crying under a cold shower, chewing on a knotted wash cloth?

(Hmmm… weird. Just me then?)

Well, lemme jog your memory…

At the start of October 2025, this happened:

Source: TradingView

And it was credited by many to MSCI (one of the largest creators of indices in the world).

See, on Oct 10th, 2025 – these wizards floated the idea that Digital Asset Treasury companies (DATs) should be considered ‘funds’ not ‘companies’ and be removed from their indices…

Which would have resulted in Strategy (MSTR) getting the axe, and a whooole bunch of HUGE funds that track MSCI indices being forced to sell their MSTR stock.

The fear? If Strategy tanked hard enough because of this – they might be forced to sell their BTC.

And right now, Strategy owns roughly 3% of the total Bitcoin supply.

(That’s A LOT of potential sell-pressure.)

Thankfully, this was recently announced:

Source: @WatcherGuru

That’s the good news.

The bad news?

Well…

CHATGPT BUT PRIVATE

The biggest problem with ChatGPT is that your prompts aren’t private.

You’re feeding sensitive information to centralized servers that might train on your data.

That’s why privacy-minded teams are moving to Okara.

Here’s why you should consider switching:

All your personal research and strategies stay private.
Access 30+ AI models like Llama, Qwe and DeepSeek.
Build with specialized models without getting stuck in one ecosystem.

Okara only costs $20/month for unlimited prompts. (Use Code MILKROAD for a 20% discount.)

If you care about privacy, Okara is built for you.

Try Okara now.

CRISIS AVERTED (KIND OF): MSCI MAKES NICE W/ STRATEGY (P2) 👩❤️💋👨

Ok, now for the bad news - lemme break this down in the simplest way I know how…

Starting with the bare-bones basics:

MSCI’s indices (like all indices) are just a list of companies on a page, with recommended allocation percentages.

Many funds will simply read the list → allocate whatever percentage of their portfolio MSCI recommends they buy for each company on the list, and call it a day.

(Light work baby!)

And as certain companies on the list become more valuable, MSCI will increase their recommended percentage allocation.

Now, for a long time this worked in MSTR’s favor, as they kept a habit of:

Selling shares → raising cash → buying BTC.

(Which the market loved, pushing the stock price up as much as 4,316% since they started buying BTC.) 👇

Source: TradingView

And the more MSTR’s stock price went up, the higher the recommended allocation from MSCI would become.

This is a big part of why everyone called MSTR an ‘infinite money glitch’.

The feedback loop went something like this:

MSTR sells shares/buys BTC → stock price rises → indices like MSCI increase their recommended % allocation → funds tracking MSCI buy more MSTR → stock price rises…

(Repeat.)

And I know, I know – this sounds awesome. Why is it in the ‘bad’ section of the ‘good/bad news’?

Well, errr…

While MSCI has agreed to keep DATs like Strategy on their indices… they will no longer increase their recommended allocations as these treasury companies grow in value.

So the feedback loop outlined above? Yeah, it just broke.

Not just for Strategy – but for any/all DATs that make it to MSCI.

Meaning, while the worst case scenario has been avoided, DATs just lost some of their edge.

Not great.

But not quite ‘crying under a cold shower while chewing on a knotted wash cloth’ levels of bad.

CRYPTO PRO “WHERE ARE WE IN THE CYCLE?” INDICATORS 🤔

The crypto market is currently pulling back from the initial sprint it took into 2026.

… so where to from here?

Let’s check in with our trusty cycle indicators.

The goal is to spot the bull market peak before the inevitable bear market hits your bags hard.

We believe we are still in a bull market, and since timing the top perfectly is almost impossible, we use various indicators to give us a better shot at taking profits before the music stops.

⚠️ CLICK HERE to view the Crypto PRO “Where Are We In The Cycle” Indicators.

GO CRYPTO PRO AND UNLOCK:

Full access to the 6 bull market peak indicators above to help you stay bullish long term and spot the top when it comes. 📈
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. 🫂

GO PRO TODAY