🥛 Why didn't war crash BTC? 🤔

GM. This is Milk Road, the daily crypto newsletter that's like the pep talk before the big game.

Here’s what we’ve got for you today:

✍️ Are we at the bottom of the bathtub?
🎙️ The Milk Road Show: The Smart Money Is Preparing for Something Big in Crypto.
🍪 Bitcoin's bull case has two legs.

Securitize is the platform institutions trust to tokenize their assets onchain. See what nine years of regulated tokenization looks like.

Prices as of 2:00 p.m. ET. Powered by CoinGecko.

MONDAY HUDDLE: WAR, A $62K BTC, & THE BATHTUB NOBODY WANTS 🛁

Every Monday morning, the Milk Road crew jumps on a call to hash out what we're watching for the week ahead.

And as always, you're getting a seat in that meeting.

Here's what was covered:

The U.S. and Iran traded fresh strikes, oil jumped, and many of us opened the charts expecting a crater.

Instead, Bitcoin dipped about $1,500, sitting around $62.5k as we type this.

That muted reaction is where the whole meeting went, because it means two very different things depending on who you ask.

John's read: Last week he called $64K the deciding level - the point that tells you whether buyers are still showing up.

We lost it. And in his eyes, we have further to drop…

"Every time Bitcoin gets a little motion, it just decides to fart and then die."

His target from here: $57k.

But the number itself matters less than the shape of the whole thing…

If we get to $57k, don't expect a V-shaped bounce (where price slingshots back up).

John's expecting a bathtub.

(A long, flat, boring bottom that could mean months of choppy sideways action…)

THE RAILS BEHIND BLACKROCK'S ONCHAIN FUND

Assets still run on decades-old infrastructure:

Slow settlement, walled access, paperwork everywhere.

Tokenization fixes that but who’s actually doing it at an institutional scale?

With nearly nine years in the business, Securitize has become the platform institutions trust to bring assets onchain.

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BlackRock, Morgan Stanley & ARK Invest have all invested in Securitize
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The only public pure-play in tokenization infrastructure

This isn't a crypto project waiting for TradFi to catch up. It's the regulated bridge that the largest asset managers in the world already build on.

See what nine years of regulated tokenization looks like.

MONDAY HUDDLE: WAR, A $62K BTC, & THE BATHTUB NOBODY WANTS (P2) 🛁

The price sluggishness for Bitcoin comes down to volatility - which is sitting at historically low levels.

No volume, no momentum, no conviction in either direction.

John's take is that almost any big move would be healthy. A puke down to $30k or a rip to $74k would both drag attention and volatility back into the asset.

The extended, choppy sideways price action is the real enemy.

But Martin heard all that and pushed back…

His argument: look at who's left holding Bitcoin. The weak hands have mostly been shaken out already. If war headlines can only knock $1,000 off the price, maybe there's simply nobody left to sell.

Martin's long-term thesis doesn't budge on weekend drama, which made him, in his words, more bullish than John for possibly the first time ever.

And somewhere mid-call, we realized John and Martin weren’t actually arguing.

Both think we're closer to the bottom than the top. The disagreement is about the shape of the bottom, and how long we sit in the tub before anything interesting happens.

Beyond BTC - alts are likely to feel this next (and John's watching for dips like a hawk).

He's been sitting on dry powder for months, and if alts take one more leg down, he's ready to start buying - because he thinks money comes rushing back into crypto around August and September.

So that's the huddle: short-term heaviness, long-term conviction, and shopping lists at the ready.

What we're watching this week: whether $60K holds while stocks wobble, and how deep the alt pullback goes.

We'll break down the exact levels and setups we're eyeing in Milk Road PRO.

If you want the full playbook instead of the fly-on-the-wall version - you can go PRO for 33% off right now.

… but only til midnight tonight (9hrs from now).

BITE-SIZED COOKIES FOR THE ROAD 🍪

Best crypto loan platforms in 2026. Milk Road pick: Ledn.*

Novogratz: Bitcoin's bull case has two legs - and one of them is broken right now. Bitcoin needs the CLARITY Act to pass AND the Fed to start cutting.

Raoul Pal: The scale of capital flowing into AI right now is almost incomprehensible. "Everybody is committed to adding more liquidity."

Grayscale: Bitcoin ETFs have had $5B in outflows this year... but that doesn't tell the whole story.

Which crypto exchanges publish proof of reserves? Bitget has been reporting monthly since December 2022.**

*this is sponsored content. **this is partner content.