GM. This is Milk Road, the crypto newsletter that never sleeps on Bitcoin bottoms.
Here’s a taste of this week’s menu:
- 🔥 The Treasury called the crypto bottom.
- 🥵 We’re not buying Dario’s ‘Pace the frontier’ argument.
- 🌶️ Crypto insiders had mixed feelings about CLARITY.
HOT TAKES OF THE WEEK 🔥
Ethereum just beat the Singapore Stock Exchange on Volumes 🇸🇬
Binji (Founding Member, Ethlabs) dropped that tokenized stock volume on Ethereum just beat the Singapore Stock Exchange over the past month.
Ethereum is winning tokenization not by being the fastest horse in the race - but instead, by being the most boring and credibly secure network on the planet.
His argument: You can build a faster Nasdaq, but you can't build a faster Ethereum that's still Ethereum unless you're extremely careful about how!
🎙️ Listen to the full episode here.
Former SEC enforcement pro says crypto insiders had mixed feelings on CLARITY 💀
Ashley Ebersole (Former SEC Enforcement and Co-founder and CLO at TX) is not panicking about the Senate tanking the CLARITY bill.
He points out that GENIUS took roughly three years and flopped this exact way several times before becoming the law, so a first-year miss tells you nothing.
He says there was real disagreement inside the industry over whether CLARITY was even desirable, with plenty of people backing it only because "some legislation" beats none at all.
🎙️ Listen to the full episode here.
Treasury called the bottom on Crypto while CT was fast asleep 😴
Dan Tapiero (Founder and CEO of 50T) says the low is in, and crypto missed it because nobody in the space watches the Dollar/Yen anymore.
Bessent and the BOJ ran a coordinated intervention when the Yen traded at 163 against the dollar to force the rate down. Gold bottomed at basically the same moment, and you could have picked up BTC in the low 60s days later while CT was busy writing obituaries.
He says we've never had a better treasury/Fed pairing, and that fading two Druckenmiller alumni because of a newspaper column is laughable.
Dan’s fund is modeling a $50T digital asset market with Bitcoin alone valued at $20T (a 10x for the largest crypto asset in the world).
🎙️ Listen to the full episode here.
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HOT TAKES OF THE WEEK (P2) 🔥
AI stocks are going through an earnings bubble 🫧
Brian Feroldi (Investor, Author, and Motley Fool Writer) says everyone is reading the AI bubble wrong.
Price bubbles are easy to pin. The nastier kind is an earnings bubble where revenue, margins, and profits all look gorgeous because the demand behind them, though temporary, looks structural. It’s like Etsy selling homemade masks in 2020.
His concern with the Microns and SanDisks of the world is that a capacity glut turns "5x earnings" into not cheap at all.
Brian has skipped the whole trade and is now 25% cash, the highest of his career compared to the usual 5%.
🎙️ Listen to the full episode here.
Melvin isn’t buying Dario’s “Pace the frontier theory” 🇪🇺
Melvin (Analyst at Milk Road) isn't buying the AI safety panic that gripped the markets this week and thinks it reeks of regulatory capture.
His read: The safety rules being floated look suspiciously like the systems Anthropic has already spent years building, which lock in a duopoly while smaller labs drown in lawyer fees, audits, and outside testing.
He also pointed out that the Wall Street Journal published a piece about that viral Anthropic resignation tweet BEFORE the tweet went out, which he says is hard to explain without coordination.
His actual suggestion to Dario: if you want to slow down AI “Move the company to Europe, problem solved.”
🎙️ Listen to the full episode here.
BITE-SIZED COOKIES FOR THE ROAD 🍪
NEAR rips 27% in 24 hours as Confidential Intents TVL crosses $70M.
SEC grants temporary ‘Innovation Exemption’ for tokenized stocks.
Seven Democrats join in support of CLARITY after Senate Cloture stall.
MILKY MEMES 🤣
