🥛 Guys, is $ETH ok? 🫣
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GM. This is Milk Road, the newsletter that makes you sound smart about crypto to all of your friends.
(We won’t tell if you don’t).
Here’s what we got for you today:
✍️ Is Ethereum ok?
✍️ AI agents can now scale their brain power autonomously
🎙️ The Milk Road Show: What the Past 40 Years of Inflation Tell Us About Markets Right Now / Cem Karsan
🍪 We’re hiring a Social Media Manager at Milk Road—apply here!

IS ETHEREUM OK? 🫣
Can someone do a wellness check on $ETH?
‘Cause according to this chart – it ain’t doin’ too hot! 👇
This is an $ETH/$BTC ratio chart, meaning if Bitcoin is outperforming Ethereum, the line goes down (if it's the other way around, the line goes up).
And right now the current cycle (in black) has been pretty much down only since mid-late 2022, meaning Bitcoin has been outperforming Ethereum for ~2.5 years (yikes!).
But before we all collectively hit the panic button, let’s remember a few things…
1/ Bitcoin is having a moment right now!
$BTC got its first set of ETFs in January of last year (6 months ahead of $ETH)
It’s gaining institutional attention/adoption faster than any other crypto out there
And could soon be added to the US government’s balance sheet
So the fact that Bitcoin has sustained its outperformance over Ethereum longer than previous cycles shouldn’t come as too much of a shock.
2/ Ethereum is still up
Just because Bitcoin is performing better, doesn’t mean Ethereum is going down.
$ETH is still up more than 3x since its cycle lows (which aren’t exactly crazy gains in the crypto world, but hey – it’s moving in the right direction).
3/ Ethereum is still king of TVL
If people keep locking their money up in Ethereum-based assets (think: Ethereum-based tokens, memecoins, stablecoins, etc.) more than any other chain – can we really call it ‘dead’? 👇
Ok, ok – we hear you!
That’s all well and good, but it kinda sucks when the token you’ve been patiently diamond-handing is sluggish, when everything else seems to be ripping. 😑
And we’re with you – that’s no fun.
But remember the rules of the game: Be fearful when others are greedy, and greedy when others are fearful.
If you have long term conviction in a token, the times in which overall sentiment and conviction are in the toilet should be seen as a blessing.
(Your favorite asset is now on sale!).
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AI AGENTS CAN NOW SCALE THEIR BRAIN POWER WITHOUT HUMAN PERMISSION 🦾
In today’s “We just got one step closer to SkyNet, and I for one welcome our new robot overlords” news…
Hyperbolic (the decentralized compute provider) just made it possible for AI agents to automatically upgrade their GPU access.
Translation: AI agents using Hyperbolic can now automatically increase their brain power without human permission. 👇
Now, there are two sections we want to cover from here on out – first, ‘Why this is a winning solution’, followed by ‘A Bullish Conversation We Had In Our Newsroom Meeting’…
1/ Why this is a winning solution
An AI agent hosted on Amazon’s AWS can scale its GPU access (brain power) automatically, as long as whoever sets the agent up has ‘Auto Scale’ switched on.
(So Hyperbolic isn’t exactly the only game in town offering these kinds of features).
The crazy part here is that Hyperbolic is somehow more affordable than AWS!
You’d think a company with economies of scale like Amazon couldn’t be beaten on price by a rag tag network of GPUs (apparently not).
2/ A Bullish Conversation We Had In Our Newsroom Meeting
Our lead PRO Researcher, Martin, made a point in today’s newsroom meeting that got us super bullish on the future that we couldn’t help but share with you…
See, decentralized compute platforms like Hyperbolic will source compute power from anywhere that’s offering it.
In some cases, that might be a gigantic data center…but in others, it could just be a desktop computer in someone’s house.
We believe that there will soon be demand for in-home AI models – aka: an AI model that runs locally on a standalone GPU in your home.
(Meaning every time you send a prompt your personal data isn’t being gobbled up by OpenAI, or the Chinese Communist Party via DeepSeek).
The picture Martin painted was that:
We could run a local AI model trained on our own data (tailoring its knowledge base and upping our productivity) on an in-home GPU
We could then use the GPU’s excess compute power to support a global network of AI agents via platforms like Hyperbolic (earning money for us in the background)
And increase those earnings even further by using it to support staking services onchain
(Hell, you could even train your AI to look for better/more profitable ways to use its excess GPU power)
The end result? An unassuming box that sits on your desk and earns you money when it’s not busy making you more productive
Helluva concept!

BITE-SIZED COOKIES FOR THE ROAD 🍪
Walrus solves crypto’s data problem. Storing data across decentralized nodes had been a major pain point until Walrus figured out a solution.*
Saylor just landed on the cover of Forbes. I hope we’re wrong, but this is giving serious top-cycle vibes.
Trump officially announces 25% tariffs on Canada and Mexico. He’s also threatened 100% tariffs against all BRICS nations. Trump just keep us on our toes, eh?
Ross Ulbricht just lost $12M on pump.fun. Ten years in prison, only to come back and take a hit in the trenches. Welcome back, Ross.
We’re hiring a social media manager! You’ll be the voice of Milk Road across X, Instagram, Youtube and maybe even more. Oh, and we’re a blast to work with.
OKX secures MiCA license. The whole EU becoming more open to crypto? Bullishhhh.**
*This is sponsored content.
**This is partner content.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.