GM. This is Milk Road, the daily newsletter that makes you the oracle of your friend group.
Here’s what we’ve got for you today:
- ✍️ What we’re watching for this week.
- 🎙️ The Milk Road Show: Is This The Last Big Bitcoin Dip Before New ATHs? w/ John Gillen.
- 🍪 “Ethereum is the densest intelligence network”.
Nexo is back in the U.S. - and new clients get 30 days of Wealth Club Premier perks! Higher yields, lower borrowing rates, and crypto cashback - start here.
Prices as of 2:00 p.m. ET. Powered by Coingecko.
WHAT WE’RE WATCHING FOR THIS WEEK 📆
Every Monday morning, the Milk Road team gets on a call and argues about what's happening in markets.
Today (as always) we're letting you eavesdrop.
The market setup as we logged on:
Bitcoin sitting at $77k, the S&P 500 showing green, and crypto doing its best impression of a confused toddler at a four-way intersection.
John kicked us off with a chart read. To him, this week looks like a clean rejection at the bull market support band (~$80k).
His view: "If the rejection holds and we lose $75k, then I would expect us to go back to $70k."
He's still got buy orders parked at $60k and $58k from weeks ago. But if Bitcoin slips under $70,000?
"That's ‘back up the truck’ mode."
The bigger surprise was his macro call. John's not buying into the idea of a quiet summer (no "sell in May and go away" for this guy).
ISM data is accelerating. Trucking is at all-time highs. Data center buildouts are finally hitting the real economy instead of just balance sheets.
He sees the S&P 500 making a run at 7,600-7,800 this summer, mostly powered by AI names.
Then, mid-meeting, Michael Saylor casually announced a $2 BILLION Bitcoin buy…
John's reaction: "He's out of his f***** mind."
(In a good way).
It's a real bid in a market where spot volume has been dead of late.
Which led us to the question we kept circling back to:
Why isn't crypto coming along for the ride right now?
CRYPTO SHOULD WORK HARDER FOR YOU
Most people hold crypto and hope.
The smart money? They're earning interest on it, borrowing against it without selling, and trading it.
Where can you do the same all in one place? Nexo.
And right now, new U.S. clients get 30 days of Wealth Club Premier (benefits normally reserved for loyalty program members):
- Enhanced interest rates on your digital assets
- Lower borrowing costs against your crypto
- Up to 0.5% cashback on trades
No need to sell to access liquidity. No juggling 5 different platforms.
*Disclaimer: Geographic restrictions and terms apply.
WHAT WE’RE WATCHING FOR THIS WEEK (P2) 📆
John's theory on why crypto is stalling while the S&P continues to hit new all-time highs:
Crypto was correlating just fine with the rest of risk-on assets until October 10th, when everyone got too leveraged and the market liquidated itself into oblivion.
We never fully rejoined.
Add in $4T of IPOs lined up for 2026 competing for capital, people making life-changing money in AI names… and suddenly altcoins look like a worse trade.
This is where M0xt jumped in…
He's been selling his alts. Lighter (LIT): reduced, Aave (AAVE): gone.
Not because he's bearish on blockchains - he thinks the fundamentals have never been better - but because he thinks the value capture happens somewhere else entirely.
His pick to win: crypto-integrated equities. Coinbase. Circle. Western Union. Tether (if it ever lists).
The companies built on top of the rails, not the tokens themselves.
His broader portfolio strategy is "compounders" - stuff that grinds higher without heavy doses of hype.
(Btw - you can try Milk Road PRO for a buck to see M0xt & John’s full portfolios + allocations.)
Then we turned to Nvidia, which reports earnings this week.
Our AI researcher, Melvin, is not adding here. He's already long, but thinks AMD is the better play - as it's smaller and more agile.
His prediction: Nvidia will report stellar earnings, see a knee-jerk sell-off, then a recovery. Same script as last quarter.
So where does all that leave us this week? In short:
- BTC needs to pick a direction. The CLARITY Act passing into law this August could be the bullish catalyst - but it might need to re-test $70k before then.
- We're all bullish on crypto long-term, but we disagree on whether tokens or equities are the better way to ride things right now.
- We're patient buyers on BTC weakness, skeptical of the summer-doldrums narrative, and are watching Nvidia earnings to gauge the market's overall risk appetite.
Alright - that’s everything for today!
Stay bullish. Stay sharp. 🫡
BITE-SIZED COOKIES FOR THE ROAD 🍪
Bitcoin is everywhere except at checkout. GoBTC is trying to fix this by enabling instant Bitcoin payments at checkout.*
New trade: our Head of Research made his first AI energy play, here's what he bought and why...
Raoul Pal: "Ethereum is the densest intelligence network" - more activity, more intelligence, more DeFi economic value than anything else.
The AI cold war summit: markets celebrated too early.
There is one big problem with Bitcoin: Payments. We just released a review on GoBTC that’s making Bitcoin easier to use for everyday payments.*
*this is sponsored content.
MILKY MEMES 🤣
ROADIE REVIEW OF THE DAY 🥛
VITALIK PIC OF THE DAY
