🥛 What you missed this week 👀

GM. This is Milk Road, the only newsletter that delivers market insights and unicorns in the same scroll.

Here’re the quick highlights from the week:

✍️ We have a new crypto unicorn
🎙️ This cycle’s altcoin play: crypto equites
🌐 The tension in the Middle East is easing
🎲 Top 3 tokens on the Virtuals ecosystem

Grayscale is the OG crypto asset manager. Check out Grayscale’s ‘BTC’ ETP - the cheapest way to get exposure to Bitcoin

WHAT YOU MISSED THIS WEEK (P1)

Crypto headlines you shouldn’t miss

👉 Polymarket raised $200M at a $1B valuation making it the latest crypto unicorn. (read more)

👉 Ethereum is absolutely killing it. We’ve outlined 3 reasons we’re still bullish on $ETH. (read more)

👉 In 2025, crypto equites like $CRCL, $COIN and $HOOD will lead altcoin season… and we’re already seeing signs of this in action. (read more)

👉 BNB Chain is dominating DEX volume… but its other metrics (like total value locked and app revenue) are mostly flat. (read more)

👉 We dropped an article on Bitget’s Unified Trading Account (UTA) that lets you trade spot, futures and margin all from one place.* (read more)

Top podcasts of the week 🎙️

👉 The Wolf Of All Streets (or Scott Melker) joined the pod to explain why the best altcoin play isn’t actually altcoins. (Spoiler: it’s crypto equities) (listen in)

👉 Co-founder of Tether, William Quigley, breaks down why the crypto market could be on the verge of a major breakout. (listen in)

THE CHEAPEST BITCOIN ETP

Pop quiz: Who is the only asset manager with two Bitcoin ETPs?

Answer: Grayscale!

Most of you might have heard about $GBTC - their flagship Bitcoin ETP.

But their other ETP, BTC, might actually be the better choice. Here’s why:

BTC is the cheapest Bitcoin ETP in the U.S.! 🔥

With a 0.15% management fee, it undercuts competitors charging 0.19%-0.25%. Sure, the difference might seem small but the savings add up over time.

BTC offers the same Bitcoin exposure but with lower fees (sounds like a no-brainer to me).

Invest in the cheapest Bitcoin ETP now!

WHAT YOU MISSED THIS WEEK (P2)

All the macro stuff you might have missed 🌐

👉 It seems like the worst of the Middle East conflict is behind us. (read more)

👉 The FED is planning to add ‘sneaky liquidity’ to the economy through something called the Supplementary Leverage Ratio or SLR. (read more)

**The wild sh*t from the degen world** 🎲

👉 Believe is a token launchpad where anyone can spin up a coin with nothing but a tweet. The whole thing is down bad but here are 3 tokens we’re watching on Believe. (read more)

👉 Virtuals activity may be down, but a rebound’s on the horizon. LG shares 3 tokens he believes will lead the next wave. (read more)

That’s a wrap on the week and also the first half of the year (yep, we’re halfway in already).

Manifesting green candles for H2.