🥛 We're up... But for how long? 🥴

GM. This is Milk Road, the crypto newsletter that helps you figure out if the market is running a marathon or a sprint.

Here’s what we’ve got for you today:

✍️ The crypto market is up… but for how long?
🎙️ The Milk Road Show: The Institutional Playbook for Crypto in 2026 (Retail Is Late Again) w/ Zac Prince.
🍪 Morgan Stanley filed its first two crypto ETF applications.

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

THE CRYPTO MARKET IS UP… BUT FOR HOW LONG? 🏃♂️➡️

Good lord.

Crypto has sprinted into 2026 as if it’s Usain Bolt on a cocktail of meth and Red Bull.

But is this pace sustainable, or are prices set to collapse, like, well, Usain Bolt on a cocktail of meth and Red Bull?

Let’s dig into just that - starting with some context…

In the first two trading days of the year, TradFi poured $1.16B into the BTC ETFs alone:

Source: Farside

Meanwhile, the total crypto market cap grew by ~$250B in the first 5 days of the year:

Source: @WatcherGuru

Now – if you’re like us, numbers this large start to lose their meaning past a certain point…

So lemme drive home what’s just happened here:

In the last 3 months of 2025, crypto’s total market value dropped by ~$920B – and in just the first 5 days of 2026, we’ve already regained 27% of those losses.

(That Usain Bolt analogy is starting to make more sense, no?)

Ok, that’s cool…

But is Newton about to crash the party and hit us with the ol’ “what goes up, must come down”?

Keep scrolling and we’ll dig into just that. 👇

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THE CRYPTO MARKET IS UP… BUT FOR HOW LONG? (P2) 🏃♂️➡️

Alright, back to the big question:

Is the current market pace sustainable, or are we due for a rude surprise?

In the short term: No one knows. Treat anyone/everyone that combines blind confidence with zero nuance as if they’re this guy. 👇

Source: Imgflip

Long term: Macro can help us shine a light on what’s ahead.

It won’t tell us exactly when or how prices will move – but it can hint at the market’s general direction (up, or down) over a longer time horizon.

Here’s what we’re seeing…

1. Quantitative Tightening (QT) is over, Quantitative Easing (QE) has returned

QT is self-important nerd talk for “the Federal Reserve is pulling money out of the market”.

While (in the same language) QE translates to “the Federal Reserve is re-allocating its investments in order to support the market”.

Right now, the Fed isn’t pumping crazy amounts of cash back into the financial system via QE (it’s more of a trickle than a flood).

Either way, we’ll take it!

2. Employment & inflation continue to weaken

These are signs of a weakening economy. Which sounds bad – but you know what happens when the economy starts to weaken?

The tends to Fed cut rates (pushing fresh cash into the economy, and by proxy, asset markets).

Right now, the likelihood of a January rate cut ain’t looking too good:

Source: CMEgroup

But a weak jobs report this Friday, followed by a cold inflation print next Tuesday has the potential to shift those odds in our favor. 💪

3. Nearly 80% of global economies are in easing mode

And by ‘easing mode’ we mean: they’re making money cheaper/easier to access for people & businesses (typically through loans).

More access to money = more money being spent = a growing global economy = more money finding its way into asset markets (including, but not limited to, crypto).

Long story longer: The macro outlook for 2026 is pointing up, so we remain bullish.

That is, at least, for now.

If/when things change, we’ll be here to let you know.

In the meantime, we’re going to be enjoying the green charts and cheering the market on like an over-bearing stage mom at a dance recital:

“WOOOOH! YOU SHOW ‘EM WHO YOU ARE BAAABY!”

P.S. If you want a deep (and I mean DEEP) dive on the 2026 macro outlook – read this report.

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