🥛 The 2 factors driving this rally 🔥

Today’s edition is sponsored by Sui – explore the full lineup of legends speaking at Sui Basecamp 2025.

GM. This is Milk Road, your friend in crypto.

(Like, real friend. The kind that’ll save you a seat so you’re not left alone like Steven Glansberg.)

Here’s what we got for you today:

✍️ 2 things everyone is missing right now
✍️ Why it pays to be a crypto snob
🎙️ The Milk Road Show: Are You Too Late to Buy Bitcoin? BTC OG Adam Back Reveals Why the Biggest Gains Are Still Ahead
🍪 Bitcoin is now bigger than Google

Prices as of 2:00 PM ET. Click here for our Fear & Greed Index.

TWO FACTORS EVERYONE IS MISSING IN THIS CURRENT MARKET RALLY 📈

Over the past 24hrs, two BIG things have happened:

→ Discussions of a US-India trade deal began

→ Trump changed his tune on China: "We're going to be very nice"

If you’ve checked your portfolio in the past day, you’ve probably already clocked the effects all of this has had on the crypto market.

(Hint: number has gone up.)

But there’re a few things most people are missing…

1/ $BTC is on the edge of confirming “we’re back”

This past Saturday (when $BTC was ~$85k), our PRO team finished their weekly deep dive by saying: “We need to see Bitcoin get back into its range of $91,500 before we have some confirmation that we truly are back.”

Well – as of this writing $BTC is at $93.1k!

We’ll need to see $BTC close the week above $91.5k to indicate we’re back with greater confidence – but so far, so good! 👇

Source: TradingView

The crazy part of all of this?

Bitcoin isn’t even the biggest winner here…

2/ $ETH is leading the majors in this breakout!

$BTC is up 7.7% over the last 48hrs, while $ETH is up 10.7% in the same time frame!

(Hell yeah!)

But as you’ll remember, one of the governing laws of our physical universe is that being an $ETH bull = pain .

And that law still applies today…

Despite its recent gains, $ETH is still in a 4 month downtrend.

And if we want to see that pattern get comfortably broken within the next month, we’re going to need to see a further ~15-30% gain in the next 28 days.

Silver lining: that’s not out of the realm of possibility! 👇

Source: TradingView

With all of that said – there’s still debate on whether this is a breakout on the way to new all-time highs, or a bounce as we head for recession.

Where do you land?

THIS SPEAKER LINEUP > YOUR ENTIRE FEED

Raise your hand if you follow key crypto voices on Twitter. 🙋♂️

For those with your hands up, what if we told you those voices are real people and you can meet them in person at Sui Basecamp?

The final lineup of speakers at Sui Basecamp just dropped and let’s just say, it’s a banger.

We’re talking 100+ legends from all corners of crypto, finance, and AI:

Jeff Ren, Partner at OKX Ventures
Jason Allegrante, Chief Legal & Compliance Officer at Fireblocks
Alex Svanevik, CEO at Nansen
Raoul Pal, CEO at Real Vision
Christine Moy, Partner, Head of Digital Assets, Data & AI Strategy at Apollo

And the list keeps going.

Lock in your spot before the FOMO hits.

WHY IT PAYS TO BE A CRYPTO SNOB 💅

The days where every token does a minimum 2x in a bull run are OVER.

You need to be SUPER picky with your investments nowadays, because:

Most tokens are built on sand
ICOs are not IPOs (but everyone thinks they’re the same)
We’re producing more new tokens than we are new investors

Here’s a closer look at each point…

1/ Most tokens are built on sand

If you’ve been in crypto long enough you’ve probably heard folks say “99.9% of tokens are going to $0”...

This is because most tokens are either:

An outright scam
Represent useless technology
Artificially priced by market makers
Do not accrue any value from the success of the protocol
Have consistent dilution/inflation from incentives, airdrops, unlocks, etc.

(Or all of the above.)

And the ones that DON’T fit this mold still need YEARS to prove themselves – which is a problem, because the distinction between private and public markets are fuzzy in crypto.

Lemme explain…

2/ Initial Coin Offerings (ICOs) vs. Initial Public Offerings (IPOs)

IPOs = offering shares in an active company that has been pressure tested and (somewhat) proven in the private markets (i.e. IPOs are early bets on semi-proven companies).

ICOs = teams usually selling an unproven, often yet-to-be-started idea/plan to the public via a token offering (i.e. ICOs are early bets on rough ideas).

Need a visual aid? Here, have a visual aid:

Source: Imgflip

3/ The amount of new tokens is increasing faster than new investors

Back in 2017–2018 there were less than 3,000 tokens in existence (and in 2013-2014 there were less than 500).

As of April 2025, there are over 37 MILLION crypto tokens in existence!

This means investors’ focus is being pulled in a million different directions (literally).

As a result, the concentration of capital is being fragmented → leading to sector-specific gains, instead of broad-market pumps.

The takeaway:

You need to be Regina-George-from-Mean-Girls levels of snooty when choosing how you allocate.

High risk assets are ok in small doses (5-10% of your portfolio, that you’re willing to lose) – but the majority of your allocated funds should be in tokens that pass these checks: