GM. This is Milk Road, the daily newsletter that’s like a crypto piñata - whack it open and savor the sweet, sweet pieces of knowledge.
Here’s what we got for you today:
- ✍️ Who's winning? Gold, BTC, or ETH?
- ✍️ Coinbase is cooking
- 🎙️ The Milk Road Show: Why Digital Asset Treasuries Will Change Crypto Forever w/ Matt Zhang
- 🍪 Galaxy Digital made $505M profit in Q3
SX Bet is on pace to hit its first ever $40M betting month! Find out why it's the sports prediction market of choice, here. 🤝
Prices as of 2:00 PM ET. Buy today with Milk Road Swap.

GOLD VS. BITCOIN VS. ETHEREUM – WHO’S WINNING? 🥇
Something’s up with Gold right now.
It’s moved +57% year-to-date (while $BTC is only up 19%), and there are hoards of buyers queuing up out the front of physical Gold stores around the world. 👇

Hell, my dad even brought it up in conversation.
(And I’ve managed to orange-pill him pretty darn effectively over the years.)
So lemme tell you what I told him:
Zoom out.
‘Cause sure – Gold has outperformed Bitcoin since the start of the year…but once you go beyond that – it doesn’t fare too well in comparison.
- Over the past 12 months: $BTC +65%, Gold +52%
- Over the past 5 years: $BTC +756%, Gold +117%
- Over the past 10 years: $BTC +34,877%, Gold +262%
Good – and I cannot stress this enough – LORD! 👇

Ok, now…ready for the plot twist?
Check out Ethereum’s performance against Bitcoin and Gold over the same 10yr period.

Yuh. Ethereum’s returns over the past decade are more than 10x those of Bitcoin (and more than 1,500x that of Gold).
BONKERS.
So yeah, Gold’s having a moment…
But zoom out and you’ll see that holding major cryptocurrencies has historically been the winning long-term bet.
It’s the reason why – even after this recent gut wrenching pullback – our Milk Road PRO Portfolio is still miles above our principal investment.

Source: Milk Road PRO AA Portfolio
Now it's your turn to yap – which asset do you think will win out over the next 10yrs?
Reply to this email with your answer:
- Gold
- Bitcoin
- Ethereum
SX BET: HOME OF ONCHAIN SPORTS PREDICTIONS
Want a prediction market that can match your freak?
SX Bet is just as obsessed with sports as you are.
It’s the prediction market delivering the best odds on NFL, NBA, MLB, Soccer and Tennis, as well as the first prediction market to have parlays.
And it’s putting up numbers right now!
- 🏈 Highest ever betting volume day on Saturday Oct 19th
- 💸 Bought back ~400,000 SX tokens with parlay fees
- 📈 90% increase in their token this month
(Looks like that obsession is paying off.)
Want more action and better ways to play your edge?

COINBASE ACQUIRES ECHO. MARKETING TEAM COOKS 🍳
Damn, I reckon this latest stunt from Coinbase is going to be studied in college marketing courses around the world.
Lemme catch you up on everything you missed by first setting the scene…
Say you’re Coinbase and you’re looking to spend $400M acquiring a crypto platform from a famous figure.
(A famous figure who once hosted a massive podcast within the space – one that folks have been begging him to bring back for years.)
How do you make as much noise as possible when spending that $400M?
If you’re Coinbase, you do the following:
1/ Buy the guy’s NFT for $25M
In May of this year, Cobie put the fate of the Up Only podcast in the public’s hands:

And yesterday evening, Brian Armstrong announced that Coinbase had purchased/burned it – causing a crazy amount of chatter, because…
- $25M is an insane amount of money to spend on calling someone’s bluff
- Everyone was excited for a new season of Up Only
But there was more at play here…
2/ Roughly 12hrs later, Coinbase announced it had bought Echo for $375M
Echo is a platform that allows users to invest in early-stage crypto projects, and it’s owned by Cobie.
Which set Coinbase up for the perfect ‘alley-oop’ of a tweet:

3/ The net result?
Coinbase started gobbling up attention, breaking into the top 5 on Kaito’s mindshare rankings behind $BTC, $ETH, and $SOL. 👇

Tying it all together:
Sure, it seems like Coinbase just gambled $25M on a marketing stunt to promote their latest acquisition…
But it’s most likely that they’d planned to buy Echo for $400M, and jumped at the chance to make some waves by dividing the payment.
(Same investment. Two very different outcomes, as far as attention goes.)
Case in point: we’re writing about it and you’re reading it.
Something that might not be happening if this were a quieter acquisition.
Bravo, Coinbase.
Bravo.

PRO ALL ACCESS PORTFOLIO UPDATES 📊
Getting the urge to tinker with your portfolio?
Before you make any big decisions, why not steal a few insights from our PRO team?
The new and improved Milk Road PRO All Access Portfolio is an active feed of our holdings, percentage allocations, and average entry prices — with real-time buy/sell/swap alerts that go out via our Discord.
Disclosure: We are not a day trading portfolio so don’t expect a high volume of trades. Read our “How To Build a Crypto Portfolio” report to learn more about our portfolio strategy.
The Milk Road PRO All Access Portfolio is exclusive to PRO All Access members.
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 spot the market top before it’s too late 📈
- Weekly Reports Across Crypto, Macro & Degen — 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 🍪
We just dropped a new review: iTrust Capital. A solid, low-cost option for U.S. investors looking to add crypto and precious metals to their retirement plan.
Bullish earnings: Galaxy Digital netted $505M in profits and reached a record $17B in assets in Q3 (up 70% quarter-over-quarter).
Woah! Ok. Fed Governor Christopher Waller just said the central bank plan is entering a new era and cryptocurrency will "no longer be on the fringes".
QT is ending. What does that mean and what happens after QT dies?
Zero trading fees. Up to 5% APY on cash. Up to 4% cashback on your Crypto.com card. These are all the benefits you get with Crypto.com’s “Level Up” rewards program.**
**this is partner content.

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