GM. This is Milk Road, the daily crypto newsletter that backs its spicy takes with data – so you know it's not just hot air.
Here’s what we got for you today:
- ✍️ The most important chart in crypto
- ✍️ ETH > BTC as a treasury asset
- 🎙️ The Milk Road Show: How Solana Gets to $2,000 | The Institutional Playbook Revealed w/ Cosmo Jiang
- 🍪 MSTR just raised $715M
Fuse is a $300M ARR energy company launching The Energy Network on Solana. Discover the future of energy now.
Prices as of 2:00 PM ET. Trade today with Milk Road Swap.
THE MOST IMPORTANT CHART IN CRYPTO 🚨
This is the most important chart in crypto right now:
The more onchain Real World Assets (RWAs) grow → the more important onchain markets become.
Think of it like a corner store grocery vs. a supermarket.
If you go to the corner store, you might be able to do some of your weekly shop there – but not all of it (they just don’t have the range).
Right now, onchain markets are a corner store grocery.
You can trade crypto there, sure. But if you want access to stocks, bonds, ETFs, real-estate, etc. – you’re probably going to have to take your money offchain and go somewhere else.
RWAs bring those assets onchain, turning crypto into a supermarket (aka: a one-stop-shop for all things finance).
Ok… but you’re a Milk Road reader.
Which means there’s a good chance you lean ‘crypto purist’ more than the average person – so in your mind: who even cares about RWAs?
We’ve harped on about this a few times over the past few weeks, but it bears repeating:
To trade an RWA, you need to pay the trading fee in the native token of the blockchain that the RWA lives on.
(E.g. If you trade USDC for another asset on Ethereum, you need to pay fees in ETH).
More RWAs being traded onchain = more fees being paid = more demand for native tokens = number go up.
P.S. If you want an intro to RWAs and their potential – we wrote one here!
A NEW FOUNDATION FOR THE GRID
Is this the most legit energy company to ever enter crypto?
Fuse is a $300M ARR UK utility powering 200,000+ homes - and now it’s launching The Energy Network, a new digital layer engineered to scale our grids and save billions in costs.
It’s real infrastructure, not speculation - connecting homes and devices to make power smarter, cheaper, and more efficient.
One of the highest-revenue DePIN projects in crypto - and it’s still pre-launch.
PROVING THE “ETH IS A BETTER TREASURY ASSET THAN BTC” THEORY 🤝
I’ll admit it…
We ruffled some feathers back in July when we said ETH is a better treasury asset than BTC.
But today, we’re ready to double down – because this just happened:
Yeah — SharpLink (SBET) generated $1.57M in staking revenue just last week.
That’s $81.64M annualized!
(BTW - when you ‘annualize’ a figure, you assume the same return continues for a full year, and calculate how much money would be made in that period.)
But here’s the kicker: ETH tends to go up in price over time.
So these returns will likely compound further, even if SBET weren’t to stake more ETH from here on out.
PLUS! SBET owns this ETH outright – they haven’t taken on loans to acquire it, so there’s no obvious scenario where they might have to dump it to pay back their lenders.
This is a VERY solid business.
One that can continue to grow, regardless of market conditions.
We’ll say it again:
ETH is a better treasury asset than BTC.
BITE-SIZED COOKIES FOR THE ROAD 🍪
Humanity x Mastercard: Mastercard's Open Finance Tech will soon allow Humanity Protocol users to access credit, loans, and real-world financial services onchain.*
Earnings insight: Bitcoin revenue accounted for nearly a third of Block's total Q3 revenues.
“Aaaw, he thinks he’s people!” — new research shows AI models can develop genuine gambling addictions.
Saylor goes to Europe: MSTR just raised $715M in Europe to (you’re not going to believe this) buy more Bitcoin.
We’re hiring an AI Investment Analyst & Writer ← click to apply!
Bridging just got a whole lot more rewarding. Wormhole just launched Portal Earn that lets you unlock rewards every time you bridge.*
*this is sponsored content.
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