🥛 'ETH is running the Uber playbook' 🚕

GM. This is Milk Road, the crypto newsletter that makes Tabasco taste like ranch dressing.

Here’s a taste of this week’s menu:

🔥 ETH is running the Uber playbook.
🥵 A single token did more volume on Solana than on Coinbase.
🌶️ AI agents are going to trade options, not perps.

HOT TAKES OF THE WEEK 🔥

Ethereum is running the Uber playbook 🚕

Austin Arnold (Co-founder & Host of Altcoin Daily) is still insanely bullish on Ethereum, and his logic is basically an Uber analogy.

Uber burned cash subsidizing rides for years to lock in the market, then flipped the price switch once everyone was hooked.

Austin thinks Ethereum is doing the same:

Grabbing network adoption first through L2s and stablecoins with the fee switch ready to flip whenever it wants.

🎙️ Listen to the full episode here.

A single token did more volume on Solana than on Coinbase 📊

DJ Ha Trang (Head of Research at Birdeye) dropped a stat that sums up how far Solana's come as a trading venue:

On its peak day, the HYPE token did more volume on Solana than on Coinbase and Binance, hitting $107M in a single day.

Her thesis is Solana isn't trying to out-Hyperliquid Hyperliquid on perps, it's building the "everything trading" chain where any hot asset shows up with cheap fees and fast execution.

Tokenized SpaceX stock backs that up too, it pulled $500M in volume within a week of listing purely because it launched on Solana the same day it hit Wall Street.

Her price target for the next cycle: a new all-time high above $300, though she thinks the actual breakout might not land until 2028.

🎙️ Listen to the full episode here.

AI agents are going to trade options, not perps 🤖

Nick Forster (CEO & Co-founder of Derive) thinks the next wave of crypto trading volume won't come from humans at all.

His bet: once AI agents are actually running money, they'll reach for precise, bespoke instruments over blunt ones like perps, because agents don't get impatient with complexity the way humans do.

He's building toward what he calls the "infinite payoff factory," a system that can manufacture any payoff on any asset, and he thinks that's exactly the tool an agent would want.

🎙️ Listen to the full episode here.

"Space does not matter right now" - Kyle, on SpaceX 🚀

On this week's roll up, we asked our analysts: what actually moves SpaceX these days?

Kyle's take, word for word: "space does not matter right now," because actual space revenue is still years out.

What matters is compute - he pointed to reports that SpaceX could build out 8 gigawatts of AI capacity, and at roughly $50B a year monetized per gigawatt, it rewrites the whole valuation conversation.

The bigger point from the trio:

Infra, memory and energy stocks are basically all the same trade right now, so don't kid yourself that you're diversified just because you own Nvidia, a memory name, and an energy play too.

🎙️ Listen to the full episode here.

A $230B fund manager just said the U.S. won't keep its promises 💀

Jan van Eck (CEO of VanEck) didn't soften the biggest risk sitting under the entire AI bull market right now: the U.S. federal deficit.

His line: by 2032, the government won't have enough money to pay full Social Security benefits, meaning scheduled payments drop by 20% unless something changes - essentially a default in everything but name.

Jan won't try to time it, but his portfolio move is simple: overweight equities, underweight fixed income, load up on real assets.

He's holding both gold and Bitcoin against that scenario, calling gold "the number one global currency" as trust in the dollar slowly erodes.

🎙️ Listen to the full episode here.