GM. This is Milk Road, the crypto newsletter hotter than a 100x leverage button you definitely shouldn’t press.
Here’s a taste of this week’s menu:
- 🔥 TradFi is the "Dumb Money" now.
- 🥵 The 10% "Giga-Win".
- 🌶️ Universities are the new Blockbuster video.
Warbux is the easiest way to start trading crypto with zero deposits required. Get funded and start trading today!
HOT TAKES OF THE WEEK 🔥
TradFi is the "Dumb Money" now 🤤
Jeff Dorman (CIO of Arca) believes the classic "smart money" vs. "dumb money" dynamic has flipped.
He says over the last seven years, institutional investors have been the ones panicking and selling at the lows, while retail investors have actually been the "smart" ones buying every dip.
According to Jeff, retail has been right every single time.
Whereas the big macro funds are just causing volatility because they don't actually understand what they're holding.
🎙️ Listen to the full Milk Road Daily episode here.
The 10% "Giga-Win" 💪
This is smart: Karoush says he’d be thrilled if Bitcoin only did 10-12% annually over the next decade.
While the rest of the world is screaming about a $1M Bitcoin, Karoush is focused on modest outperformance versus the stock market's 8%.
He’s looking at a scenario where Bitcoin goes from $70k to $200k over ten years as a massive victory.
By lowering his expectations, Karoush removes the emotional desperation that usually leads to getting wrecked on high-leverage trades.
🎙️ Listen to the full Milk Road Daily episode here.
Universities are the new Blockbuster video 📼
Education is about to hit a wall, and Salim Ismail thinks it’s happening in the next 3 to 5 years.
He argues that personalized AI tutors are 5x more efficient than a classroom, which basically nukes the entire university business model.
Since the cost of learning is dropping to zero, Salim notes the "student debt" system used to "indenture" the younger generation will simply vanish.
If a kid can learn 7th-grade math in one hour a day with a bot, and that expands out into higher education - the traditional college degree becomes an expensive, obsolete relic.
🎙️ Listen to the full Milk Road AI episode here.
GET FUNDED. START TRADING.
Want to trade crypto but don't want to risk your own stack?
Warbux lets you trade with their capital - not yours.
Here's how it works:
- Pick your path - Choose 1-step (starting at just $40), instant target, or instant funding
- Prove your skill - Pass or skip the eval and unlock a funded account
- Stack profits - Trade, grow the bag, and withdraw on-demand
The best part? If you blow it, you only lose the test fee. Reload anytime and try again.
No deposits. No massive risk. Just you, a state-of-the-art platform, and real capital to trade.
HOT TAKES OF THE WEEK (P2) 🔥
The "Stage Four" financial reset is looming 😥
Chris Vermeulen (Founder & Chief Investment Officer at TheTechnicalTraders) warned that we aren't just looking at a "buy the dip" correction.
He believes we’re forming a massive "head and shoulders" topping pattern that could lead to a Stage Four decline.
(Aka: a full-blown financial reset that feels like 2008 all over again.)
Chris says once that neckline breaks, we’re talking layoffs, unemployment spikes, and a multi-year economic winter.
It’s not about if it happens, but being ready when the "heavyweight boxer" (the Nasdaq) finally takes a knee.
🎙️ Listen to the full Milk Road Macro episode here.
Institutions are the new "Exit Liquidity" (sort of) 💰
Damn, everyone’s beating up on the big dogs today, huh?
The dream of Bitcoin as purely "anti-state money" might be dead, and Jason Pagoulatos (Head of Markets, Delphi Digital) thinks we need to get used to the new reality.
With BlackRock buying Uniswap tokens and ETFs becoming the primary faucet for capital, Bitcoin has been "co-opted" by the very systems it was meant to bypass.
He argued that because the institutional catalysts (like the ETF approval) are already "priced in" and the big buyers are currently underwater, there’s a vacuum of hype that’s keeping the price suppressed despite the massive fundamental adoption happening behind the scenes.
🎙️ Listen to the full Milk Road Daily episode here.
PRO INSIGHT OF THE WEEK 🔮
Our lead PRO analyst, Martin (m0xt), on Coinbase’s recent earnings:
“Q4 earnings for Coinbase were probably weaker than some expected.
But during our portfolio update on Wednesday, I mentioned that I expected a noticeable decline in the numbers and that view seems confirmed.
That said, I don’t think there’s anything fundamentally wrong with the business.
Coinbase reported a net loss of around $670M, but that was largely driven by unrealized gains and losses on its crypto holdings.
This is similar to what we’ve seen with Galaxy. If you only look at the headline numbers, it can be misleading.
You need to dig deeper to understand what’s actually happening.
If we exclude those mark-to-market swings, the core business remains profitable. I prefer to look at adjusted EBITDA because it gives a clearer view of operational performance.
On that basis, Coinbase generated roughly $570M in the quarter, which is solid.”
P.S. 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 🍪
Want to trade crypto without the risk? Warbux is a crypto trading platform that lets you trade using their capital.*
ICYMI: The Supreme Court ruled Trump's tariffs ILLEGAL in a 6-3 decision.
Matt Hougan, CIO of Bitwise: AI agents aren’t going to go to the local Wells Fargo branch and open a bank account. They're going to use crypto and DeFi.
New all-time high, but in a bad way: ‘Is Bitcoin dead’ searches surged this past week, as sentiment continued to struggle.
Tax season is just around the corner. If you’re not sure how to go about it, SUMM is a tax software built specifically for crypto.
*this is sponsored content.
Start free then save 20% off your IRS-ready report.
MILKY MEMES OF THE WEEK 🤣
