The case that it is time to buy crypto, with John Gillen

Transcript

So, while we're still in this bottoming process, while we're still in this range, I don't feel a big rush to get off the sidelines with all my capital into into crypto again. And I'm just going to kind of like see what happens this summer. I think we've got another couple of months before we're going to start seeing people frontr run the expected bottom in October. I think that's when everyone thinks Bitcoin will bottom and they're going to start making, you know, a more wholesome allocation of digital assets in Q4 because everyone is planning to do that. I think that the market is going to frontr run that. So, I think we will see the actual bottom prior to Q4 of this year. What's up everybody? It's LG Ducet here and welcome to the Milro Show, the daily crypto show that they can't decide if it's time to top blast Micron or

bottom blast Salana and it's probably just going to stay sidelined instead. Today is June 22nd, 2026. Earlier today at 6:00 a.m. my time in our creator huddle, which I somehow get up for, our crypto writer Chevy asked John if it was time to buy tokens. And what followed was an absolute bomb going off as John sucked in breath to unleash an absolutely wild and bullish response. Of course, it's time. We'll get his usual thoughts on the state of the market, the state of the macro, and even find a little time to look at the Milk Road portfolios on today's episode. Also, before we continue, Milkro is hiring an investment analyst to uncover the biggest opportunities in AI, robotics, space, biotech, emerging tech, anything else that you like that's part of the future. We want somebody who's going to research companies, uh maybe put out

some high conviction thesis, share a portfolio along with our other analysts. If you think this is you, check out the link in the description. If you think this is someone you know, definitely send it to them because we want you guys hear. Today's episode is brought to you by BitGet Stocks 2.0 with real liquidity, real dividends, and Nexo. Earn interest, borrow and trade crypto. John, happy summer, bro. >> Thanks, LG. It's good to be here. >> What did you do to celebrate the solstice? >> Nothing particular. I mean, I don't really do anything to celebrate the solstice. I I might get some ice cream at some point. I don't know. What do you do to celebrate the solstice? Like New York, New York is full of all these parades and weird little niches of people that want to do their prayers to the sun gods and all that kind of stuff

and stay out all night for the shortest night of the year. Is that not true? >> It's nice to talk to you again, LG. How you doing? Where was the last time you were in New York? >> I guess they drained their animal spirits on the on the Knicks win a couple weeks back. I don't even know when that was. Feels like a long time ago. Um I we'll see how long I can go without actually talking about GO on today's episode, but we should we should get into it pretty soon. Uh, I'm doing well, thank you. Um, I was at the beach last night and I escaped right before the silent disco started, which is about 50 people wearing headphones all listening to the same thing. Uh, and I think that was for solstice, but I didn't I didn't I didn't stick around to

find out. Let's put it that way. I needed to get home uh and prepare for the week that was at Milk Road, sir. >> Okay. >> Yeah. I You know what? Cool. Sounds Sounds neato. Sounds terrific. >> That's the state of things up here in Canada. Okay, John, let's get to the part that I actually tease with people. Um, listen, you know, this morning we do this, we do this meeting and it's in the 30 minutes before the market opens. And usually, as long as you and I have been doing these shows and since we've been running this meeting, it's usually like pre-market for stocks, usually looks good, although often it's been it's looked bad as like the Iran deal has fallen apart, which is the same story we've had for like 10 or 11 weeks. And yet the market has continued to go up.

Uh, but crypto, we've kind of stagnated. And what was funny is that although we talk about this exact question many times on the show, it did seem like it it it really struck a nerve for you today when Chevy, who writes our newsletter, it does a fantastic job, also writes uh the exac account for for Milk Road. Um he asked you, he was like, "John, is it do you think it's time to buy tokens?" Uh which is hilarious because I feel like we talk about that all the time on the show and you've answered that many times. Many of our guests have answered that, but you seemed particularly enthralled this morning, John. Uh I don't know if I was particularly enthralled this morning and I don't recall like explosion going off but yeah I think Chevy in his question kind of stated a thesis that I've had

for a long time which is that the entire digital asset space is severely undervalued overlooked and and under capitalized right now and that makes a great bullish investment opportunity. There's a lot of bullish divergence going on in terms of the strengthening fundamentals the institutional bull run the growing adoption of all these assets in the asset class um and the the divergence of price. So yes, I think that's what I told him basically, right? Is like yes, there is a lot of of opportunity in digital assets. There's a lot of things that are being overlooked and I think now is a great time to be looking and and taking advantage of that.

>> Guys, listen, we are at a very crucial point in time right now. AI stocks have ripped. They're going to keep ripping. Our analysts on the AI side are up like literally 100% or more on quite a few calls. And crypto is about to boom again, or at least it feels that way. If you want all the insight on what we're buying, what our analysts are doing, what's on their watch list, all of that is in Milkroad Pro. So, join at the link below. You know what's funny too is that I found that uh Martin moxed as maybe some people know him. He also when we're talking about the AI market, the stock market, he also pointed out he's like, it feels like the market wants to rotate into something, but I don't know what.

And we've talked about this idea of this rotation in the crypto although they're vastly different asset classes and also the stock market is way bigger than crypto in the current state. But it does it does feel like if people start to take profits that there is this idea that what's something that most people agree will go up relatively soon in terms of a couple of years that is down bad right now and that is crypto. >> Yeah. No, I agree with that for sure. And I don't think there's going to be necessarily like a direct rotation from, you know, what's working now directly into crypto. But I do think that it's it's the same thing that you're seeing all over the market. There's an enormous amount of capital chasing a few names and a few trades and the rest of the

market, whether or not there's good fundamentals or strong valuations, is unable to get capital and uh is seeing multiple multiple compressions and um so yeah, it's a story that's happening everywhere, but I think it's particularly acute in in crypto right now. Um, and that's what happens at bare market bare market bottoms is you see like multi-year best investment opportunities in some of these assets. Um, and that's what I think people should be looking for. I think people are kind of missing this right now. Like what you should be doing is looking where everyone else is not. Um, and then being patient while you accumulate those positions. I think that we're not going to see a rotation. I think we're just going to see a a continuation of momentum. Um, it seems like there should be a rotation, but that's we're just in a later stage of a of a bull run. So, I

think that we're going to continue to see these IPOs come out and Capital chasing that. More speculation. Coinbase announced that they're um launching perpetuals contracts on OpenAI anthropic for preIPO trading. So, we're going to see the same playbook run on these that there was on SpaceX. Probably not quite at the same scale, but pretty close. And then, uh yeah, it's just going to be the same thing, the same hot ball of money, the same retail speculation, the same exploitation trade is going to keep playing out. Um and people are going to keep chasing that. Uh, in the meantime, I think a lot of other value investors are going to be looking for assets that are, like I said, overlooked, undervalued, and have strong fundamentals and being al allocating there. Um, and that's the kind of the trade-off you have to make with your

capital. You cannot participate in this FOMO, you know, uh, bull bullish blowoff top that we're seeing around all these AI trades, um, and miss out on that there, but you also protect yourself from the risk of, you know, beingcoming a bag holder. And yeah, and then you can you can position yourself well for when that capital does begin to rotate or when these other assets do begin to participate in this bull run and we see a broadening out. But either way, it's just that's just kind of how I see this. >> Mhm. Absolutely. I have a question for you, John. Um, you know, I often pester you with this question of like when are you going to buy? Because in Milkro Pro, you have I think like five or six, maybe 10 assets on your watch list. They are alts that you like uh that you have not

bought yet, but there's they're ones that you're watching either for a certain price or for some kind of development or even just for for all signals to kind of flash green again, I'm assuming. Um instead of asking you what it would take for you to buy any of those now, which I think is a little hard to answer, maybe can you maybe walk us through or at least give me a preview of how you managed last bare market? And I know maybe you weren't as involved in the market. I I don't know. you can tell us about that. But what you were looking for in terms of bottoming signals, turnaround signals um last four years ago which had vastly different circumstances, right? There was there was FTX FTX collapse, Luna collapse.

There was a few different markers, but we are entering that zone that a lot of experts have called. They're like, "Listen, if there's going to be a bottom, it's going to be sometime soon." Um what what types of elements or factors are you look were you looking for last time that were clear like you know salon's eight bucks even if it goes lower there's a lot of upside how did you identify that last time >> or what or even if you don't have any what did you wish you had identified what was obvious in retrospect you can even even look at it that way >> so I think the way I think about this is in in a bare market in digital assets you want to try to find things that are going to perform perform well and that are going to survive it um and and come

out of it stronger in a meaningful way. Um and there are a couple of ways to go about that. So I'll say the the first thing to look for is has Bitcoin bottomed. So the reason to answer your question directly that I haven't deployed a lot of uh my capital into altcoins or into um you know just like I've got a big cash position is that I'm not convinced yet that Bitcoin has finished the bottoming process. If if we do, we're at 65K right now, uh, which is a little bit off of the the February lows and the recent retest of the 60K low, but I'm not convinced yet. I haven't seen anything decisive from the market that's made me feel very confident that we're not going to dip below 60K, you know, at least for a little bit, right? So, while we're still in this bottoming process, while we're

still in this range, I don't feel a big rush to get off the sidelines with all my capital into into crypto again. And I'm just going to kind of like see what happens this summer. I think we've got another couple of months before we're going to start seeing people frontr run the expected bottom in October. I think that's when everyone thinks Bitcoin will bottom and they're going to start making, you know, a more wholesome allocation of digital assets in Q4 because everyone is planning to do that. I think that the market is going to frontr run that. So, I think we will see the actual bottom prior to Q4 of this year, but I don't think it'll happen like this week, right? So, I could be wrong on this. We could have already bottommed. That's something I've talked about before, too. We could have seen a

double bottom on Bitcoin form and we could already be moving higher. Like the bare market could already be over. But to me, it's it's still a probability thing and there's still a chance we might see lowers lower lows on Bitcoin. If we do see lower lows on Bitcoin, I'm expecting that we'll get some weakness in the alt space and I'll get a meaningfully better entry on some of these things. But uh if if you know if Bitcoin flips 74K 75K and it seems like it's recovered and it you know the bottom is held so to speak then I might be like all right the the the opportunity for a new low in Bitcoin seems to be less likely. It could still happen but less likely than just a continuation and you know back to a bull run.

>> So at that point I would probably get the cash deployed into the altcoin space. Now, as to where to deploy that, you know, LA last cycle, Salana, I think, was a standout to me because it had already shown so much market adoption, drawn in so much attention and capital and found product market fit on a number of different things um in an interesting and distinct way. And then when it when it collapsed, I was like, okay, nothing has fundamentally changed about my thesis on Bitcoin and digital assets. Salana has found a a niche in the market that it seems to be competitive in. I expect it'll do well on that. So, I started buying Salana when it went under $30. Um, but again, that was a bottoming process that took a long time. That breakdown and collapse took a while for it to get down to eight

bucks. My lowest buy on Salana, I think, was about $10. But, um, >> that didn't happen overnight. And I had to keep eating. Like, when you buy at $30 and it goes down to $20 and you buy some more and then it goes down to $10 and you buy some more, you you know, that doesn't feel when you when you're seeing Salana trading over $200, that's like, oh, wow. what great prices while that's actually happening real time. You have to have a strong stomach and that's how I've become such a good digital asset investor is that I I have the longer term thesis and I don't mind sitting at a loss or around my entry on things for a long time while the market comes to me. And that's where the money is made is in the waiting. That's from a um well I can't remember the name of the

book now but it's a great book on investment. The money is made in the waiting, right? Right? So, you have to be able to pull the trigger and then you have to be able to watch it go against you and say like the market's wrong. This is going to play out differently and and keep pulling the trigger. The other thing I'll look for, and we're seeing this happen, but I I look for projects that I believe in with a long-term thesis that have some sort of like idiosyncratic cataclysmic type of thing happen to them that radically shakes market confidence. like the the Zcash thing that happened, right, where it puked like 50% in in a couple of days because of a rumored, you know, maybe infinite mint glitch. Uh the Sweet blockchain paused four times and that to me is a great sign of an opportunity

there because it shakes out anybody who's not like got very very strong fire conviction. the the the kelp hack on a I'm not positioning into DeFi more right now because I still think that there's some some fallout from that and lack of confidence on DeFi at the moment. But that was a really strong indicator to me like okay this is a great time to look at accumulating this. So that's what I want to see. But I want to see Bitcoin feel confident on Bitcoin bottoming first and then yeah find things that I think are strong like like TA a sui you know Salana that have some sort of like idiosyncratic thing that shakes out weak hands in the market and and gives you a really good entry. You don't necessarily always get these things but that's what I kind of look for. And then you know

other thing I'll just say is that um nobody can ever have enough Bitcoin or Ethereum at least right now. Um, that's my my view of that that could change too. But I I have a lot of that and I'm not selling it. And um, I may accumulate more on that if we get lower lows on Bitcoin, but um, my my the comfortableness I have in my position right now is that I have my bags packed on those two. So even if we do go back to bullish momentum here, I'm already going to have more ETH in Bitcoin than anybody else in that's what I want. >> Everyone's tokenizing stocks these days, but almost nobody's doing it right. Thin liquidity, prices that drift from the real thing, dividends that just vanish.

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institutional grade security. Oh, and by the way, Nexo is back in the US with new US clients getting 30 days of Wealth Club premier access. That means elevated interest rates, lower borrowing costs, and crypto cashback on trades. Benefits usually reserved for loyalty program members. Get started at milkroad.com/nexo. Even even just looking at timelines, um, you know, you're saying about this is a great thesis and what you're saying about the waiting for that real bottom signal, right? And if you look at even something like Salana last time, right, you had this dip all the way to I think it was like 25 bucks on June 13th, 2022.

And then this kind of reversal. And this is this is most of the market, but it didn't break back below that price uh until November, which was the FTX collapse. And then even when it went to the 10 to like $15 range, that still lasted like two months until it really bottomed like right at New Year's at like seven and a half bucks, which it only spent like a it only spent a couple days there before it broke back above 15 back to like the 20s. Um, but even then, like sure, you look at that as like a 3 or 4x from that bottom. pretty quick reversal, but it didn't break back above like properly above that like 30 31 range all the way until like a year late until October 2023. So, I think that

that's even that and you know, of course, yeah, buying at 7 12 bucks, 8 bucks, 10 bucks, 20 bucks, all wonderful, but it's like you had so much time to do that that there was so much time to be shaken out of the idea that it'll return. And I think that that's one thing as we talk about bottoming and talking about this with a lot of our guests that yeah, we're so obsessed with the bottom, the part that'll be like that's the bottom, but a there's no way to know if that's the bottom. And B, it doesn't mean that once it goes to bottom, it immediately just shoots back up to all-time highs. Hopefully, this bare market or the reversal won't be as long as last time, take an entire year or more. But it doesn't mean that, you know, once Bitcoin goes to its bottom of

55K, 50K, 35K, whatever you want to fantasize about, doesn't mean that 3 months later it's at 150, you know, and I think that that's but I think the way we talk when we talk about the bottom, we talk about it as though that'll happen that it's like if you miss that bottom, you will miss the generational opportunity. And it's like that's actually probably won't matter. It'll it'll bottom and then it'll still just piss you off for a while before it actually reverses. That's just, you know, and you you like to paraphrase Ben Cohen there um often. I love that saying as well, right? That bare markets make fools out of bulls and bears and correct >> um you know, those patterns will probably speak to that. It'll probably be through the same process again.

>> Yeah. And I just think that that's the lesson I've learned is that I people always panic and talk about selling the top and and calling the top properly. I worry much more about missing buying the bottom. But because the bottoming process is usually much more of like a like a bathtub chart where it's like it goes down and then it stays there for a long time and then finally comes up. You don't have to rush to get in. You just have to make sure that you are positioning yourself when you see these opportunities forming and then just know that hey, you know, there could be another leg down here and don't don't get scared when that happens, but but lean in harder. um when when the um when Jay Clayton sued XRP on his way out the door before Gary Gendler came in, I

bought XRP before they stopped trading of it in in the US um because I was like, well, that's a big big crash and if they don't win this case, that is going to recover enormously. And it took a long time for that thesis to play out, but it did play out and it was, you know, trading over over $3 or around $3 at some point. Um, so yeah, you know, from 20 cents to three bucks is it takes a long time sometimes for some of these things to play out, but you have to um you have to have your your conviction and know what your thesis is and be comfortable for this for yourself because there's opportunity cost to these things, too. And I'm not saying that there's there aren't other things you could play in the markets or other ways to make money. But I think that

this is a a unique asset class in the sense that the the asymmetric upside opportunity on a lot of these things is extreme. and the the attention right now and the you know and like the amount of capital that's trying to get in at the moment is very very low. So it presents a really interesting opportunity. Um but I have still some cash on the sidelines because just like you said we could see new lows. We could chop for a long time in these range and um I could accumulate more. Um so yeah, that's just how I'm looking at it. But yeah, it it it will wear you out based on time, based on price um and just frustration in general. So, you have to really know what you're doing and why you're doing it and and have your own thesis and conviction on it.

>> I think people I think I think we're also obsessed with seeing those headlines from last time, >> right? That it's like you had the chance to buy Salana at $8, right? And that that you you'll you'll lose your waiting for that. you only had the chance to buy Salana at $8. If you were watching Salana grind from 20 to 15 and then the three days or one week, whatever where it just like wicked down below, >> there's the holidays, too. Yeah. You had to ignore your family to do that. >> If you were locked in on digital assets, then you got the chance to buy salon at $8,000. If you like I got it at 10 bucks just cuz I had a stink bid that I left on and was like, "Oh my gosh, I got filled." Right?

>> But if if you're locked in on these things, then then you get those opportunities. if you're if you're not if you're, you know, chasing shiny objects at other parts of the market, you miss these like incredible opportunities. So that that's why I'm I'm so locked in on digital assets right now. >> I just I just always look at things as as a as a time kind of quadrant, right? So even from that eight seven bottom, it took a year for that to 10x, right? Right. And I think people really fantasize about like, man, if I bought eight bucks and sold it at 300, you know, it's just like, well, that's not you have to hold it for two years and not take profit at any point and survive multiple dips. Like even went to $75, it still dipped back down to 11 at one

point after like 6 months of being at 25, right? So, it's like there's so many I think and you know what's been really helpful is that I feel like last bare market I just like I was just sad and just did something else in my life or or just cried at the charts. But I feel like actually doing the show with you uh and with a lot of the great guests that we have on has allowed me to dissect it and hopefully approach this eventual reversal in a far more disciplined way, right? Than and to wait for the right signals, but also not wait too long. Um, and also to be ready again to almost like lower your expectations for the short term when you do feel like you snag a good deal on some of these assets because it's not an it's a rough road

down and it's and it's not an easy road back up either. >> Yeah, I agree with that. I So, look, I think we are in ranges right now where I feel comfortable buying Bitcoin below 70K is is a good deal. You're seeing lots of good deals on other altcoins as well. Um, so I think it's a great time to be shopping if you want to be shopping. But I'm just also saying I'm not in an absolute rush like panic to buy these prices because I know it'll take time and we could we could see the markets move in different directions um between now and the reversal. Um so yeah, it's just this is a great time to be locked in on this. >> Absolutely. Um John, another important thing I wanted to discuss today now that we've kind of, you know, done our usual uh crypto talk is um what's going on

with our our macro channels. Um obviously macro is very important in Milk Road. you know, we launched an entire channel for it a year ago and that is evolving and what we're actually doing and and as you guys know, anybody's listening to the show, this is this is labeled a crypto show. You get a lot of macro takes uh from John from these shows that we do together and also from some of our guests. If you were listening to our macro podcast, John, that you you ran for a year and did fantastic episodes, I think over 100 episodes. Um, you know, you will also notice that on those shows, yes, you have some guests talk about like commodities and bigger macro things, but a lot of those conversations eventually either shifted to crypto or AI or both.

So, actually, we're making a couple changes at Milk Road starting this week is that we will actually be taking a lot of those macro episodes or those macro guests, let's say, and kind of splitting them off into both shows because we have our AI show um and this crypto show. And then there won't there won't be a macro podcast specifically anymore, but we're actually doing kind of like we've actually kind of done like a bit of a fantasy draft of those upcoming guests behind the scenes and kind of decided like this fits more m this fits more crypto investors, this fits more AI investors um to kind of bolster those shows and kind of put a bit more of a macro like base behind them uh rather than keeping that entirely on its own channel which I which I think is really cool. And John, you've you did such a

fantastic job on that show. You've done a great job. you're going to continue to do a great job finding a lot of those guests, too, because I think a lot of people don't know that that you were you were the one finding those people. So, want to give you your flowers on that and and there's a lot of fantastic episodes there and those episodes will still be there. Um, but I think important to note for people that listen to this show and also listen to the macro show and the I show if you're if you're a Milk Road obsessed podcast listener, um, that we are making that small change. Um, and you're going to get you're going to get a few more macro kind of takes on this show. And I think I think especially while I think I think it's very important and I'll let you

kind of this is your thing so I'll let you give your take on it. Um but personally I think that that's actually really important right now because as I teased in the intro do you want to bottom blast crypto or do you want to top blast AI and macro factors for both are incredibly important right now as that rotation happens as the assets eventually kind of flip in terms of their direction. Whether that happens or not, we don't know. But I think both of them are at opposite ends of the spectrum currently. So understanding the bigger picture for both of those categories is probably more important than ever.

>> Yeah, I agree with that completely. I think that, you know, first of all, I've really enjoyed doing Milk Road Macro. It's been a great podcast and writing the newsletters um and the pro reports on that has been really uh really great way for me to like organize my thoughts and share that with the community and a good way to stay engaged with our community because our community is really locked in on the markets as well. They're dialed into what's going on. They ask really great questions and they've helped direct, you know, my own research and and and how I'm evaluating things as well. Um, so it's just been a really wonderful experience all around and yeah, I'm really glad that I got to interview so many awesome people on the macro channel because we've had a a great run of guests there. Um, and I'm

really proud of the the the content that we've done, the the interviews we've gotten to have, the guests we've gotten to have. Um, so a lot of those people we're going to try to reach out to and continue to bring them on. Um, we'll also try to source different guests as well. But yeah, I think everything you said makes a lot of sense and it's to me macro is really important to keep an eye on because it is the backdrop of all of these different things and it is driving a lot more of these capital flows and market behaviors than I think people are sometimes aware of um when you just like you know look at prices from dayto day. So I think that that that additional context is going to be really helpful. I do want to make sure that we keep this channel cryptofocused though because I

think that um that's that's a distinctive that I want to continue to try to bring to the market which is that as the the macroeconomic landscape develops evolves the monetary involvement environment evolves um and all these things economically financially are changing they are moving in a direction where digital assets are going to have a much larger and more important role to play in all markets and all aspects of of macroeconomics and and finance. Um, and I think that underlining that and and highlighting that on the show is something I really want to do. I think Ethereum, for example, is one of the one of the projects I haven't talked about, but Ethereum has had I think one of the best riskreward macro bets for the next 5 to 10 years on the market for for a while.

And I think that'll continue. And Ethereum has seen a lot of people get very um rage quitty and fuddy. And you know the Ethereum foundation is is shrinking in size and there's a lot of infighting amongst um Ethereums about you know the best way to like you know continue to go forward from here. Um but all that said that's a huge opportunity because they are navigating these problems. They are going to overcome these things. The the tokenization the adoption of stable coins and the rise of agentic finance are all going to drive an enormous amount of value to digital assets. Um and Ethereum will be the one of the the major beneficiaries of that.

So, I think that just understanding all of these things from a macro perspective is really important for people who are digital asset investors because there's more to this space than um than memecoins and NFTTS and it's important to understand all of what's driving that so you can you know make decisions um with your capital and and understand more of what's going on. So, a long-winded like thoughts on this, but I I just think that macro and digital assets are becoming more and more important to one another and intertwined with one another. Um, I think the same thing can be said of artificial intelligence, too. And all three of these things are kind of like moving together in a lot of a lot of important ways. So, trying to, you know, bring on experts who can speak to this and help our audience stay informed about these

things is something I think is is fun and that I'm very passionate about. And, you know, I'm still going to be saying at the end of every episode, stay safe, stay educated, stay bullish. Um, because those are still my goals for our audience and for myself. Um, so yeah, I'm just I'm really excited about uh the the evolution that we've done at Milk Road over time and how we're staying responsive to markets, to our audience, and to continue to deliver the content that people want and and need at this time. So, yeah, it's uh it's going to be an interesting pivot from from the macro content perspective. Um, but it's still going to be there and still be a big part of what we're doing here.

>> Yeah, absolutely. And I think the other thing maybe we can talk about briefly and we we've we've mentioned this a few times on the show but now we have a few additions of it that have that have been released uh is the Milk Road macro index which uh our product team has been working on for a long time with a lot of input from you and uh a a lot of our other analysts where it's basically taking all the macro indicators especially the ones that you know have been covered in our macro pro reports and and and if you study macro and you listen to macro it's like you know that there are a litany of things to look at and that there's a lot of different ones that give you different ideas of what's going to happen to the market and a lot

of ones that are that are, you know, spot-on, some that are a little ambiguous and whatever. So, what these guys have done is actually combined a lot of those into one index um that over time actually tracks pretty well with what has happened to the S&P and other major indexes uh in terms of giving you this kind of signal of um hey, it's a time to buy, it's a time to sell, it's time to be really risk more so it's time to be risk or risk off is is really what this indicator is all about. And what we're doing with it is not only if you're a Milk Road Pro member, you can go you can go check it out anytime you want. You can go look at it and and check it every day if you want. Um, but also it comes with this weekly Milk Road

macro index brief. Uh, which John, you're a big part of of developing. It comes out on Tuesdays. It's it's on on Tuesdays. Our crypto newsletter, which is the main Milk Road newsletter, is actually this brief. So, you can get that and it's that's your free subscribers. You don't have to be part of Milk Road Pro for that. You can get it and read that um on Tuesdays in our newsletter as well. And it's and it's authored by you, John, and it kind of gives you like a sense of what is going on, what the what the numbers are telling you. Uh and and most importantly, what this means at the top, this number that tells you to be risk or risk off right now, just above risk, which is which is nice. Uh it's dipped into caution a few times in the last uh couple weeks, but but hopefully

relatively staying risk right now. >> Yeah. So, what there's a lot that goes into this and just like you said, every every week I write this brief. Um, and I'm I'm using a lot of the the indicators that we're pulling together to do that, but we're trying to get a comprehensive perspective on the economic side of of the equation and the market side of the equation and synthesizing that information in a way that like distills it down into things that people can understand. So, if you just want to look at like the topline index to know which way the wind's blowing, that's there for you. But if you want to read the brief and go through like how we unpack all the different things that are underlying this this index and and how we're putting this all together um we lay that out um and and put it there so you can

have a quick place to go and get a handle on all of this and then kind of go forward with your week as an investor. So I think it's been a helpful resource. We're continuing like you said to expand to improve and innovate on on this. But um yeah, I think our our our community has really enjoyed it so far and we're going to continue to try to make that a place where we can add as much value as we can as succinctly as possible and then you know write it in plain English so people can understand easily what's going on. I think it's really helpful um especially for someone like me that will listen to the occasional podcast and and look at the occasional Russell 2000 but uh having it consolidated into a nifty number and then also I think having you lead us

there with your you know kind of taking your analysis of what all that means I think is is incredibly helpful and valuable and again subscribe to the newsletter on the crypto side and you'll get that every Tuesday. Um, John, I kind of want to wrap up here. Is there anything that you are desperately watching this week? It feels like the war has reached just this ambiguous have they signed the paper or not? Uh, kind of stage where it it does feel like kind of it's old news. People are focused on uh the World Cup. SpaceX has come and passed. Uh, what what what is on your radar these days from a macro, crypto, AI, whatever perspective? What or are you just kind of ready to take a little bit of summer break?

I'm just watching, right? Like I have a pretty large cast position. I've got some bids set on Bitcoin if it goes lower. I'm I'm watching a lot of the broader alt space if that goes lower. So, I think this is a perfect time to to just like just like I said, pay attention, watch, wait, stay prepared. Um the biggest thing that's happened I think is is Worsh as the chairman of the Fed came out and said that he's going to make a lot of changes to the Federal Reserve, but he's also launching five task forces to reevaluate the entire institution from the ground up. I'm really excited to see what that looks like as those reports start to come out, as those changes start to be implemented. What does monetary policy look like? How does that impact markets?

Who benefits? Who's the winners and losers? How's it different from monetary policy under Powell, under Berneni, under Greenspan? etc. So, I think that that is like a a a change to the market that a lot of people haven't really understood totally yet because we're still learning what that means and what that looks like. But I think that's really exciting because we've got somebody who is, you know, a former um member of the board of governors of the Federal Reserve who is now the chairman who has had a long time to think about this institution and how it does business, who has a a close relationship with the secretary of the treasury of the United States. And both of them have a plan. They have a plan that they want to put into place for how to manage both the Treasury and the Fed and how they

want to do this to the advantage of the United States and the continued dominance of our capital markets um and of of our bond markets and our dollars. So, I'm just excited to see what that looks like and how that plays out because I think it's going to be positive for the institution but also for markets. Um and I think it'll be different than what we've seen in the past. And I'm just excited to see how it plays out. anytime you get um some kind of like openness to change or improvement from an institution like the Federal Reserve um I think that that that's an interesting and exciting thing. So I'm watching that. It'll be a while before we we see what happens on that, but I think that's actually one of the biggest like macro changes that's going on at the moment. Um another thing

is that inflation pressures have come off a lot. The price of oil has come down, the price of ura has come down. It's not clear yet whether or not that'll impact this harvest season for food prices for 2027, but um inflation forecasts should be coming to the to the downside now that oil is coming off and hopefully that continues if they can actually get the straight opened. Um but a lot of these things are just generally constructive and bullish for markets. So I think that there's a lot of reason to think that we'll see a continuation of the the bull run that we're in. We're not to the end of it yet. Um, and you know, I don't know, they want to run it hot and go higher for longer and we'll see how long that lasts. But it's just a great time to be paying attention and

um, looking for opportunities because there's just so much of it right now. >> Kyle's made two two added two things to his portfolio which is rare. Kyle, similar to you, is rare to make moves. Uh, he also cut one of his positions on Friday, which was interesting. So anyway, you can check all that out. If you want to see what they are, they're a dollar in Milk Road Pro. You go to the trades page uh, and you'll see Kyle owns the last three trades in Milk Road. So, um, you check those out. Otherwise, John, thank you for your thoughts, man. Um, a great week ahead on both both podcasts and uh hopefully you find some time to to relax or touch touch grass as you wait if there is any grass in NYC. I don't really know. Um, but thank you sir. Thank you for your thoughts and and

we'll be right back here. I mean we'll be here every day on the on the podcast. We'll be back here next Monday for another little chat. >> Thanks LG. >> Thank you. Wart time. Want insights on what's moving crypto markets and how we're trading each event? Subscribe to our channel and join the Milkro Daily and Pro newsletters and start investing like the top 1%. This show is for educational purposes only. Nothing we say is financial advice. Investing is risky. Never invest more than you can afford to lose.