GM. This is Milk Road, the crypto newsletter that’s as wild as Wall Street discovering MetaMask and asking, “Wait… this actually settles instantly?”
Here’s what we’ve got for you today:
- ✍️ The world’s largest stock exchange moves onchain.
- 🎙️ The Milk Road Show: The Biggest Risk for Bitcoin Isn’t Price… It’s the ETF System w/ James Seyffart.
- 🍪 PumpFun goes VC?
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THE WORLD’S LARGEST STOCK EXCHANGE MOVES ONCHAIN 🥲
Ladies and gentlemen, we got ‘em. 👇
Let’s jump right into the nuts and bolts of why this is such a big deal, and how it affects you as a crypto holder:
1. Why this matters more than any other onchain trading announcement
The New York Stock Exchange (NYSE) is the world's largest stock exchange by total market cap, with over $30T in listed shares.
For context:
Ethereum (the most likely candidate to host this new form of trading) has $341.4B worth of assets locked up on its chain.
Meaning, if you were to port the entirety of the NYSE’s listed shares over to Ethereum, it would damn-near 90x ETH’s total value locked (TVL).
And TVL typically does two things:
- Acts as a price floor.
- Moves in a rough correlation with price (not perfect, but directionally correct).
I.e. Increased TVL typically supports higher highs and higher lows in token price.
* wipes drool from chin * 👇
2. How/why this is different from other tokenization announcements
Outside of it coming from THE WORLD’S LARGEST STOCK EXCHANGE?
Er, what this guy said:
Ok, that’s all well and good for stock traders (they get a system upgrade, blah, blah, blah…).
But last time I checked, this was a crypto newsletter.
So, beyond a nice little TVL bump, what’s in it for us?
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THE WORLD’S LARGEST STOCK EXCHANGE MOVES ONCHAIN (P2) 🥲
Back-of-the-napkin mathletes, asseeeemble!
Pens ready? Pocket protectors firmly attached? Topical retinoids applied? Good.
Let’s crunch some numbers…
3. Here’s the ‘number go up’ potential for crypto holders
In the past 24hrs, ETH did ~$24B in total trading volume.
And for every one of those trades (whether the user was trading ETH or an Ethereum L1-based token), the fees were paid in - you guessed it:
ETH.
NYSE does anywhere between $80-120B in daily trading volume. That’s 3-5x Ethereum’s daily trading volume.
So if NYSE launches its stock trading on Ethereum - there’s a potential 3-5x in demand for ETH on the table.
(More demand for a scarce asset = number go up).
It’s not a perfect real-time correlation – but over an extended period, it’s pretty damn drool-worthy.
For example…
Bringing that into perspective with percentage gains…
April - Oct, 2025:
- Volume +151.49%.
- Market Cap +142.64%.
Somebody get me my bib!
P.S. This kind of broad, institutional-level adoption of blockchain technology is why we think 2026 will be the most important year in investing history!
PRO ALL ACCESS PORTFOLIO UPDATES 📊
The market has been hurting this week.
But so far in 2026, the Milk Road PRO All Access Portfolio is still up by ~$10k!
Wanna know how we’re doing it, and get notified on which projects we’re allocating to, in real-time?
Join Milk Road All Access and read our “How To Build a Crypto Portfolio” report to learn more about our portfolio strategy.
GO ALL ACCESS AND UNLOCK:
- The Milk Road PRO All Access Portfolio: See what we’re investing in, how we’re allocating capital, and what actions we’re taking each week (buy, sell, hold, watchlist). ✅
- Weekly “Where are we in the cycle?” Indicators: Signals that help you stay bullish long term and spot the top when it comes. 📈
- Weekly reports across crypto & macro: Deep dives, token breakdowns, market analysis, and investing frameworks that give you the edge. 🧠
- Access to the Milk Road Community: Full Discord access including signals, AMA invites, portfolio update calls, and exclusive All Access channels. 💬
- FREE Crypto Investing Masterclass: Included with all annual All Access subscriptions (30% off for monthly). 🎓
PRO REVIEW OF THE WEEK
BITE-SIZED COOKIES FOR THE ROAD 🍪
Privacy is one of the biggest issues in crypto. Zama is fixing that.*
Tariffs are back in the spotlight: U.S. vs Europe trade war - what’s next?
PumpFun goes VC? Pump said it will test a market-driven funding model that replaces traditional venture capital selection with live token launches.
Another day, another buy: BitMine just bought another $108M worth of Ethereum, pushing their holdings to 4.2M ETH total, with 40% of it staked!
Interested in trading crypto options? Derive is one of the largest DeFi options platforms that also lets you trade perps.*
*this is sponsored content.
MILKY MEMES 🤣
ROADIE REVIEW OF THE DAY 🥛
VITALIK PIC OF THE DAY
