GM. This is Milk Road, the crypto newsletter that brings the heat without burning the roof of your mouth.
Here’s a taste of this week’s menu:
- 🔥 The ‘rip-your-face-off rally’ is cooked.
- 🥵 Oil crisis now, food crisis next.
- 🌶️ AI is about to industrialize entire fields of human knowledge.
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HOT TAKES OF THE WEEK 🔥
The ‘rip-your-face-off rally’ is cooked 📉
Lance Roberts (Chief Investment Strategist at RIA Investors) was the guy who called the current equities rally back in early April.
Now? He's flipped.
Breadth is garbage, semis are vertical, and the rally is being held up by like 5 stocks.
Lance reckons we get a 10-15% correction sometime between May and the midterms.
He's already raising 10-20% cash in portfolios because, in his words, "money rotates, it doesn't leave."
🎙️ Listen to the full episode here.
Oil crisis now, food crisis next 🌾
Tavi Costa (Founder & CEO of Azuria Capital) laid out the domino effect he sees lining up:
Metals & mining led for 18 months (gold, silver, copper). Then energy took its turn. Now? Agricultural commodities are next.
He's watching corn, wheat, sugar all coiled up at multi-year resistance.
Farmer bankruptcies are up 46% on fertilizer prices alone, and cattle herds need rebuilding which adds incremental demand to an already broken supply chain.
🎙️ Listen to the full episode here.
AI is about to industrialize entire fields of human knowledge and no one is ready 🧠
Dr. Alex Wissner-Gross (Co-founder of Physical Superintelligence) believes AI is about to industrialize entire fields of human knowledge.
I.e. Bulk-solve entire disciplines.
And according to Dr. Alex, math (as a discipline) is already largely done.
Next up? Physics. Then by 2032-2035 - we're literally building Dyson swarms and putting GPUs in sun-synchronous orbit around Earth.
The dude is on another timeline!
🎙️ Listen to the full episode here.
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HOT TAKES OF THE WEEK (P2) 🔥
We never had a real bull market 🐂
John Gillen (host of Milk Road Macro) lit a small fire on Monday's episode by claiming that even though BTC was technically in a bull market for the past 4yrs - it wasn’t a REAL crypto bull run.
No euphoric blow-off top, no crazy alt season - just a slow grind up.
John says consensus right now is that Bitcoin will bottom on the 4-year cycle in October/November 2026… but he doesn't buy it.
He thinks the market is an "information generating machine" telling us everyone's positioned the same way - which is usually exactly when the rug gets pulled the other direction.
His move? Just keep stacking ETH and BTC on dips.
🎙️ Listen to the full episode here.
“Put 3-6% in crypto” - Franklin Templeton 🏦
Christopher Jensen (Director of Digital Asset Research at Franklin Templeton) says the Franklin Templeton institutional house view is now 3-6% of portfolio allocation to digital assets.
(Funded out of the equities/risk bucket, not bonds.)
Chris said the conversation has evolved from "how do I get a little Bitcoin exposure to dip my toe?" to "I'm allocating X percent to digital, now break that down across beta, venture, long-only, market neutral, and yield."
This is BlackRock-tier money managers having grown-up portfolio construction conversations about crypto.
🎙️ Listen to the full episode here.
PRO INSIGHT OF THE WEEK 🔮
This past weekend, a PRO member dropped a question in the chat:
“Had a Sunday morning thought in the ETH space, was hoping to get various positions here.
What happens to BMNR and ETH when they reach their 5% total supply target?
They're currently at >4% of supply, and with their accumulation timeline, they'll reach 5% by EOY worst case, and much likelier within ~15 weeks
Once they stop accumulation, wouldn't ETH price be more receptive to swings?”
To which our always-on PRO analyst, John Gillen, responded:
“I think it will contribute to ETH price stability.
They're not going to keep accumulating (maybe), but they're not going to sell either.
They're just going to keep printing more ETH and using it to stake or maybe invest in DeFi and keep strengthening the ecosystem.
I also think it's worth noting that Saylor is targeting around 7.5% of BTC total supply.
So I think Tom Lee might get to 5% and just let the staking rewards accumulate and grow his bag directionally towards 7% of ETH.
In other words he may stop buying at 5%, but he won’t stop accumulating.”
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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The ‘tokenization of everything’ continues: Computershare (the transfer agent for 58% of the S&P 500) just partnered with Securitize to put actual shares onchain.
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MILKY MEMES 🤣
