🥛 What you missed this week 👀

GM. This is Milk Road, the newsletter helping you to maintain the title of ‘crypto big-brain’ among your friends.

Here’re the quick highlights from the week:

✍️ How $ETH won July
🎙️ Dissecting the rate cut chaos
🌐 The ‘tariff fog’ is slowly lifting
🎲 A 2x, 5x, and 10x across 3 degen tokens

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WHAT YOU MISSED THIS WEEK (P1)

Crypto headlines you shouldn’t miss

👉 At the start of last week we saw the $ETH ETFs flip $BTC ETFs for the first time, $ETH outperform $BTC by 5.5x over the trailing 30 days (read more)

👉 We saw PumpFun’s $PUMP token drop 62% from its peak, but with a $1.8B treasury, it’s well-positioned to compete with rising rival LetsBonkFun (read more)

👉 Kraken is reportedly raising funds at a $20B+ valuation ahead of a planned Q1 2026 IPO, highlighting growing Wall Street appetite for crypto (read more)

👉 We broke down how to value $ETH treasury companies and how they can generate outsized returns compared to just holding $ETH (read more)

👉 We’ve just added a new event to our conference page: European Blockchain Week. Use code “MiLkROADebc” for a 20% discount on tickets.* (read more)

Top podcasts of the week 🎙️

👉 Rate Cut Chaos: Inside the Fed’s July Meeting Standoff w/Tony Greer (listen in)

👉 The $ETH Supercycle Has Begun: Here’s the Proof w/ Jake Brukhman (listen in)

👉 Why The Fed Is Wrong About AI and the Economy w/ PDS (listen in)

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WHAT YOU MISSED THIS WEEK (P2)

All the macro stuff you might have missed 🌐

👉 The ‘tariff fog’ is slowly lifting: The U.S. sealed a major trade deal with the EU, cutting most tariffs to 15% (read more)

👉 When will the Fed cut rates? The Fed held interest rates steady but showed internal division, with two Governors dissenting in favor of a cut (read more)

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

👉 These two tokens won July: $REKT surged 120% thanks to a Binance collab and $PENGU ripped 5x as Pudgy Penguins delivered $10M+ in toy sales (read more)

👉 $ZORA ripped 10x in a month despite a botched airdrop and a poor reputation, but there could still be more gas in the tank (read more)

Alright, that’s everything you missed!

Now go and enjoy the rest of your Sunday.

(That’s an order.)