GM. This is Milk Road, the crypto newsletter that runs hotter than the Treasury's ink budget.
Hereโs a taste of this weekโs menu:
- ๐ฅ AI might invent its own currency.
- ๐ฅต Trump said "Hyperliquid" and just like that, the printer's back on.
- ๐ถ๏ธ Oracleโs bull case is basically just Larry Ellison's friend group.
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HOT TAKES OF THE WEEK ๐ฅ
Tom Lee says AI agents might invent their own currency and leave humans behind ๐ป
Tom Lee, co-founder and head of research at Fundstrat Global Advisors and chairman of the board at BitMine, dropped one of the wildest lines of the week on the future of money.
He calls it the "uncanny valley of wealth," the same discomfort humans feel watching a robot that looks almost-but-not-quite human, except applied to AI agents managing your finances.
His actual warning is darker than that though: if agents can't run fast, cheap microtransactions on legacy rails like Visa or JP Morgan, they won't wait around, they'll just create their own monetary system and cut humans out of the loop entirely.
That's exactly why BitMine has bought Ethereum every single week for 65 straight weeks, now over $14B worth, because Tom's betting crypto rails are the only thing standing between agents transacting for us and agents transacting without us.
He's not shy on the price target either, he thinks the ETH/BTC ratio breaks its old 0.08 high and runs to 0.25 or beyond, which puts ETH somewhere around $6k if Bitcoin gets to $150k.
๐๏ธ Listen to the full episode here.
Trump said "Hyperliquid" and just like that, the printer's back on ๐ต
John Gillen, Milk Road's own host and crypto analyst, broke down exactly what set off Bitcoin's $4B liquidation cascade and roughly $500B added to crypto's market cap in days.
His read: volatility and shorts had been stacking for months, then Scott Bessent's Treasury buyback plans and Trump's offhand "Hyperliquid" line at the White House hit a market that wasn't positioned for either.
John points out Trump threatened to use the military against the bond market over the weekend, and however you read that, it means liquidity is coming.
His pitch now goes like this:
The easy AI trades are mostly played out, so if you're rotating anywhere, rotate into crypto, especially Ethereum, where tokenization and agentic finance are stacking up as real demand.
๐๏ธ Listen to the full episode here.
Melvin's biggest Oracle bull case is basically just Larry Ellison's friend group ๐
Melvin, Milk Road PRO's AI specialist and the top performer across the platform's five analyst portfolios, walked through his four largest positions, and Oracle was the one he called his most contrarian pick.
His logic gets almost personal:
Larry Ellison is one of Elon Musk's closest friends, and as Melvin put it, "Elon doesn't hang out with losers."
Underneath the joke is a real thesis though, and it comes down to performance obligations, not friendships.
Oracle's $638B in remaining performance obligations is bigger than its own market cap, and its database and healthcare-records business gives it a full-stack advantage as companies plug AI agents into sensitive internal data.
๐๏ธ Listen to the full episode here.
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HOT TAKES OF THE WEEK (P2) ๐ฅ
David isn't buying the debasement trade narrative, and he used to work at Coinbase ๐
David Duong, the former head of institutional research at Coinbase, joined Milk Road right as Bitcoin ripped through $72k on a massive short squeeze, and he threw cold water on the easy narrative going around.
He said flatly that he doesn't think the debasement trade is actually back, arguing the real story is simpler:
Bitcoin and gold got cheap enough that traders finally stepped back in, no Treasury conspiracy required.
He does think the bottom is in, somewhere around $55-60k, and he's calling for Bitcoin to clear $100k by year end.
His timeline for real conviction to build is post-Jackson Hole into September and October, once ETF flows and a possible CLARITY Act vote give the market something concrete to chew on.
๐๏ธ Listen to the full episode here.
Lucas flipped from Solana maxi to Ethereum bull, and he's not being subtle about it ๐
Lucas Tcheyan, Vice President of Research at Galaxy Digital and host of the Galaxy Grid podcast, spent years covering Solana almost exclusively before making a hard pivot toward Ethereum over the past year.
He points to leadership shake-ups at the Ethereum Foundation as a good sign, not a bad one, plus a technical roadmap that's finally focused on the right priorities like layer-1 scaling and quantum resistance.
Lucas didn't pull punches about the exodus either, pointing to a prominent Bankless host selling his ETH as basically the clearest signal that capitulation had already happened.
His highest conviction trade right now is long ETH/BTC, and he's calling Ethereum a behemoth that institutions still meaningfully under-own relative to where it's likely headed.
๐๏ธ Listen to the full episode here.
BITE-SIZED COOKIES FOR THE ROAD ๐ช
Novogratz: "Web3 is kind of dead." The blockchain ecosystems that got valuable didn't earn it through transactions - they became money through storytelling.
John Gillen: "If it [the CLARITY Act] does pass, that could be another major bullish catalyst because the market is positioned for it to fail."
Raoul Pal: By 2032, SpaceX could be worth $10T while 80% of U.S. companies fail - and the economy could still grow. "It's a really weird world."
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