🥛 Ethereum is caught in a trap! 🪤

GM. This is Milk Road, the crypto newsletter hotter than asphalt in August… and just as hard to ignore.

Here’s a taste of this week’s hot takes:

🔥 Ethereum is caught in a trap!
🥵 We have boomers to thank for BTC’s price strength.
🌶️ Google is coming for Amazon (and most people haven’t realized it yet).

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HOT TAKES OF THE WEEK 🔥

Ethereum is caught in a trap! 🪤

Bitwise’s Jeff Park just dropped a take that deserves more attention than it's getting.

He points out a major vibe shift where Ethereum is being "bear-hugged" by regulators.

ETH wants to be decentralized and noble, but to get mainstream adoption from giants like BlackRock, it has to embrace KYC and AML.

(Which kills the core crypto mission.)

Yikes!

🎙️ Listen to the full Milk Road Daily episode here.

We have boomers to thank for Bitcoin’s price stability 👴

James Seyffert is calling out the weak hands of the market.

(And apparently Skinner was right.)

James points out that while Crypto Twitter has been melting down every time BTC takes a dive, boomers holding ETFs are actually the ones standing firm.

They rarely sell more than 5% of their flows even when Bitcoin tanks 40%.

The generation that supposedly ‘doesn't get it’ is actually providing the price floor (who’d have guessed?).

🎙️ Listen to the full Milk Road Daily episode here.

Google is coming for Amazon (and most people haven’t realized it yet) 🥊

Ejaaz Ahamadeen (former Product Manager at Coinbase) pointed out something happening with Google that nobody's talking about…

While everyone's watching the AI chatbot wars (who has the best model? Who's winning the interface wars?), Google quietly dropped the ‘Universal Commerce Protocol’.

The aim: automate the entire "add-to-cart-and-checkout" process within the chatbot.

(Something that could effectively turn Amazon into nothing more than a "warehouse and distribution service”.)

🎙️ Listen to the full Milk Road AI episode here.

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HOT TAKES OF THE WEEK (P2) 🔥

**At the end of the day, no one really cares about decentralization** 😴

Freakin’ amen!

In a bit of a reality check, Sky/Maker founder Rune admitted that "no one cares about the ethos or true decentralization" for its own sake.

He believes money will flow to Sky simply because it’s a superior, more efficient machine for risk-adjusted returns.

(Treating capitalism, not ideology, as the primary driver of adoption.)

It might not make you feel all warm and fuzzy inside, but it’s true!

🎙️ Listen to the full Milk Road Daily episode here.

Precious metals are stealing crypto’s spotlight 🥇

Market strategist Caleb Fransen says there’s a massive rotation happening - one where speculative capital is ditching crypto and tech, for gold and silver.

(Caleb says even his non-investor family members are now asking about silver.)

The obvious impact: Risk assets lose their bid as safe haven plays absorb the flows.

When money rotates out, even strong narratives struggle to push prices higher.

🎙️ Listen to the full Milk Road Macro episode here.

PRO INSIGHT OF THE WEEK 🔮

So, ICYMI…

The godfather of global liquidity, Michael Howell, expects liquidity (aka: the amount of money sloshing around the global financial market) to peak in Q1 of this year.

With that in mind, one of our PRO All Access members posed this question:

“Given that historically Bitcoin has been closely linked to global liquidity, and it often enters a bear market before liquidity actually peaks, I’m concerned that even if the broader business cycle improves in 2026, as Tomas has suggested in his newsletters, we may already be in a longer-term bear market.”

To which our resident macro big-brain, Tomas (previously mentioned) said this:

“I believe Michael's theory is derived from his famous ‘liquidity waves’ chart.”

“I'll just say I have no idea how this was created - I've tried to recreate it and haven't come anywhere close.”

BUT!

“Crypto can demonstrably perform well when Howell's mysterious liquidity wave is falling.”

“The same liquidity chart was plunging throughout the whole of 2017 (which was the biggest and stupidest crypto mania of all time).”

Phew! Ok, nerves: calmed.

P.S. Want direct access to our PRO analyst team, so you can get your burning questions answered in real-time and make the right moves?

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