Q4 volatility and the next wave of adoption, with Martin

Transcript

But once we do and we look back, we will be like that was so o because macro was so bullish and like all the administration and pretty much all the whole world is now, you know, bullish on crypto and on blockchain technology. So >> GM GM, good morning and welcome to the Milkro Show, the daily crypto show where we unpack the market so you can pretend you always understood it. I'm your host LG Det and today is Friday, October 24th, 2025. Today's guest is our lead Milk Road Pro researcher, Martin, and he is going to discuss with me why he has been unshaken by price action in Q4. Why he claims that he doesn't even look at the charts, which is crazy cuz that's what I do all day. Uh, and how the pro team has nailed their calls lately,

including calling Galaxy on October 2nd, which is up 44%. since he's going to give us a bit of insight into his process, how they generate alpha. And if you're not a program member, honestly, consider this your your onetime freebie because we're going to be look at some of the looking at some of the stuff that is exclusive only to our members today. Um, and that's that's also what I want to call you out for is that in case you missed it, we actually just pushed a huge update to the portfolio page. We're going to look at it today. Uh, if you're an all accessess member, you get access to it. You can check it out. Uh, and if you're not, again, this is today's designed to give you a little bit of FOMO and also give you insight into the market because that's really, you know,

what everybody wants to know right now, why October hasn't p panned out and if Moonvember is inbound to to really jack up that Q4. Today's episode is brought to you by Figure Markets. Grow your cash like a bank. No lockups, just real returns. And Gemini credit card stack Bitcoin every time you swipe. No fees, no fluff, just crypto rewards. Martin, dude, what is going on, man? Friday afternoon for you. Uh markets haven't closed yet, but but looking like they might close, I don't know, somewhat higher than they did two weeks ago. What is your what is your gut feeling on the markets right at this minute when you look at them?

>> Well, last Friday when I left, I went to a bar uh had a couple beers with my friends and then when I came back, like everything was was bleeding and down drastically. So, I hope it it's not happening again uh this time. >> I thought you didn't look at the charts. Hold on. I I thought you told me you don't look at the charts. What's this about? Yeah. Yeah. But I I went from from the bar and I I got all the messages from my friends like, "Should should I sell? Should I sell?" And I was like, "What's going on?" So, I checked the prices. I was like, "Oh, man. Did Trump say something again or what's going on?" And Yeah. >> So, okay. So, that's actually interesting. So, people ask you when there's big red candles, is that when people ask you if they should sell?

>> Yeah. >> Okay. And when there's big green candles, people ask you if they should buy. >> Yeah. Yeah. the same thing. Um, but actually like I I try to sort of help those people to look at the markets from my perspective which is like just ignore those short-term volatility. Those are the costs of that huge upside opportunity that we are all uh chasing here. So, it's part of the game. just, you know, chill out and like do not panic. Like everything is still solid and we are still going to see a good good Q4, I think. So, all good. How do you feel like in times like like right

now? I feel like every podcast that we've done lately, um on the on the main Daily Show, even on the Macro show, um everywhere I turned on X, the narrative is just like has the cycle topped? And I feel like that's the only thing we've been able to talk about ever since this this trade war has started. Um, do you think that goes away once we go back to a Bitcoin all-time high? Like is that is is like is that is that the only thing that would make that conversation disappear or is you know because you have such great you have you you and and and other similar analysts to you have such great like fundamentals for all this, right? Like every signs point to up, but is the only thing that makes that narrative go away an actual all-time high or or will it just

dissipate naturally? >> I don't know. I I would say It really depends and like I cannot really uh like explain my strategy and my approach and like it takes some time to really like okay I like that and sort of it takes time to get familiar with our approach. So like I really think that uh what are we going to see is new alltime highs for Bitcoin and then the sentiment will change and I guess Ethereum will follow and then uh some other altcoins will do well as well. So the sentiment will change pretty quickly I think. But the point is with our approach we don't really care if we are

still grinding like upwards just slowly. we don't need that you know turbo uh bull market and like going nuts. uh so we are fine either way even though if we have topped but I don't think that's the case but if it is then we are not going to see like 50% uh correction because we do not have like any more leverage and like I don't see many reasons why we should go like drastically down from here but the upside that's that's the asymmetry that's where the opportunity is and I don't think that people are connecting the dots they see people on crypto on X saying like we we topped you should have sell everything and like you

know consider taking some profits. I I don't think I don't think that's the case. I think macro is pretty much giving us green light to go to go up from here. And then if you look at all the fundamentals like uh Paul Atkins now like pretty much everyone in the space is now just supporting crypto and now SEC is saying like hey we are 10 years behind with crypto so that should be our priority. We need to get on top of that new technology and we need to support it. So like there's going to be that market structure bill maybe passing even this year and like a lot of a lot of stuff it's just small pieces and we

don't see it at this moment uh reflect reflected in the prices yet but once we do and we look back we will be like that was so obvious macro was so bullish and like all the administration and pretty much the whole world is now you know bullish on crypto and on blockchain technology. So, I'm in that camp and I don't know like yes another tweet from Trump can cause another correction but from a long-term perspective I think the secular trend that we are heading to 10 trillion and beyond is is just uh it's just there >> 10 trillion. Okay, hold on. Let's pull up the chart for that. I love that. I love that that uh prediction. I don't

know if you want to call it that. Uh let's look at the actual total uh crypto market cap which currently today look that volatility in the last couple weeks is something else though currently sits at 3.67 trillion. Uh so you you think that why why do you pick something like 10 trillion as a as a number? I think it's pretty much consent to say among like all the top traders and all analysts like uh I'm just taking what they think that's going to happen because I like personally I don't know how they came up with number around eight or 10 trillion. So I'm just like taking what like the consensus is and I feel quite confident we can get there too. Uh like it's you know 2x from here,

two and a halfx from here. So that seems quite reasonable to me. Let's see. Let's let's just put it on the chart. Let's see what that exact Yeah. So 170 175% uh gain from here. We would be adding 6.36 trillion from from right now uh to get to 10 trillion. If you had to like listen, I know you hate to actually like put anything down on the map or like make a specific prediction. if we were to hit 10 trillion as a market cap and now we've just turned in turned this into like the gigab bullish podcast which is kind of which is kind of my intent. Um, when do you think that this would happen? Real realistically, right?

Like this won't happen next week, right? And it's and it's very unlikely to happen in November, but if it were to happen in the next 18 months, >> is that possible? And okay, yes, confident yes. When would that be? Is that like a Q1 thing? >> I guess a little later. Uh I'm still not sure if we are going to really see like very extended period where again we are going to just keep running up and everything will still be you know slow and smooth or if we are really going to see some acceleration. Uh but I like at this point I think we are going to see top in in 2026.

So what would what would what would make you think that it's a top like what would what would quantify it being a top >> um when macro indicators would be suggesting okay the economy is now uh not doing so well so we might be in troubles and it will just drive all all the things in macro and in economy which will be reflected in the prices of stocks as well as crypto >> what are those >> what are those indicators like I I I'm a I'm a I'm a DJ man I just look at like like I when the price swings down 30% in 2 minutes, that's when I get out. That's not going to happen in crypto.

>> Yeah. Um what what's happening right now is that all the central banks are just trying to run the economy hot, which means, you know, inflation is going up, uh unemployment is going up, stocks are going up. So those are usually not times where when uh central banks need to do cuts and and yet we see cuts and there are many more cuts coming. So it means that central banks want to support another growth to the economy and we also got some signals from uh Powell uh that QT quantitative tithing is going to end quite soon and there are already some rumors like okay we are going to see quantitative easing and if so what's

going to be how is it going to look like is it going to be turbo quantitative easing as we saw in the previous cycle or is it going to be like more slow uh we don't know And I guess the plan is like it's going to be uh much more muted than the turbo. It's going to be like slower uh quantitative easing and uh if something breaks or there is real need to like uh act and do something then we are going to see turbo QE again. So like I I I think the whole the whole the whole um sort of spectrum of uh indicators and macro analysts and experts they are all on the same boat pretty much. So I'm not the only one

saying like hey macro is bullish so I think the markets are bullish too. How did you can you give us insight into last cycle and did we have similar indicators for for for being bullish and for tops and if there are there any parallels to draw from then to today? Well, I think uh the previous cycle was um I would say a little different and uh it's now we are in totally different regime and the the previous cycle there was co so it wasn't like a normal cycle because there were some external sort of factors that affected the business cycle and what was going on but uh I think in general the the market and the structure

of the market and the participants that are involved is completely different. So it's it's sort of a providing more robust and sort of a floor for for crypto to not experience 90% draw downs again. But I think the mark the micro indicators are going to uh be a good sort of signals to uh get a sense where we are in that business cycle. So it it it's happening like all the time or you can just use global liquidity or ISM or those kind of indicators and if you look at the previous cycles they were pretty close to give you a a message like okay now you should pay attention and maybe take some profits from the table but not

none of them is showing that yet. So I okay that I think that's really fair and especially the co part. Um and also the institutional part and the uh probably lack of potential future uh legislation or regulation coming down because I feel like in the last cycle it's like especially after FTX it was like well now now a lot of you know bad actors are going to be hunted versus now you know we're in an environment where those bad actors are coming back uh with CZ. Well, maybe not bad actor. I don't know. That's that's that's maybe um contentious. Do you actually I want to ask you about that. That's that's some of the big news from this week is that CZ has been pardoned. Does that is that was did you expect something like that?

Does that What kind of impact does that have? Is Binance going to come back to the US? Like what's what's going to happen from that? >> Man, I I have no idea. Like I don't follow these I don't like that guy. Uh I I know that he he donated some money to Trump. So I guess that there's a deal. Uh uh but outside of that I I don't really care. >> What what um last cycle one thing that I found drove a lot of the narrative were these these kind of like big positive catalysts right of uh certain banks or credit cards taking on payments or whatever. These days I feel like we have an abundance of those. And one that you pointed out to our team earlier was that David Saxs, who's the cryptosar for for

Trump, said that that that uh crypto market structure legislation will pass this year despite the government being shut down. There's lots of other stuff coming in like even today JP Morgan is going to allow Bitcoin and Ethereum as collateral. Um do these do these even mean anything to you at this point given that they are you know they come in this long line of adoption headlines? Yes, I think they are those are the most important headlines. Uh but people are ignoring them because they do not have short-term impact on the prices. So who cares? Well, today nobody cares but like those things have you know long-term

standing compounding effects to the industry. So as I said like we might hit 10 trillion but then we are not going down to one trillion again. And that's because like the the structure of the market is going to be completely different. So if JP Morgan or every other bank is going to offer their uh customers crypto access to crypto that's a huge thing you know and yeah like just putting small pieces together and everything that if you can put like hundreds of headlines that are just saying like okay we are adopting crypto okay there's going to be new regulation because we want more quality for institutions to adopt this new technology and stuff like that. you can see the headlines pretty much every day

and that's what's been been building the the foundation for this whole industry and from there it like the the only way is is up like we are not going to down anytime like well again if if Trump says something but like again I'm bullish >> is that I mean is that everybody says that there's some strategy there involved that it's you know maybe Trump is is purposely dumping the market so they can buy more like what's what is your take on like the actual background story of these trade wars because there's obviously more than than than meets the eye than just the headlines.

>> Uh I think that Trump is just trying to get a more power on the table like when they have those negotiations. He's sort of a guy when okay I'm going to sit with you on the table but you know I want to be in a better position. So he's sort of preparing the the field for those negotiations and like you know we are America so like just you know take us seriously and we are not here just to make fun and like hey guys it's going to be played by other rules. So sort of that position. Uh but even Trump like his agenda is that markets should go up and he everyone wants that. So we are alone there.

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>> I want to talk about uh what we teased at at the beginning of the episode, which is, you know, something that I found was very valuable even getting to know you in the last 6 months and and incredibly valuable to our our pro community and and I think you know we can show some value as well today to people that aren't members. um is what you get when you when you become a pro member. And specifically, I want to talk about your Galaxy Call, which is the most recent pro call, which is up 44% since we since you since you put it out. But first, maybe we can just showcase uh what people get with their portfolio or with the pro portfolio. So, right here is the newly launched Milk Road Research Hub. Um, and pro members get access to this this portfolio page that basically

and I and I not going to scroll down and show you what's currently in the portfolio because I don't want to I don't want to piss off our pro members, but you can see that basically the portfolio value actually how do you h how is this port how do you decide how much money is allocated in the portfolio because we have a portfolio value at 203,000 the unrealized profit is 62k so the performance right now is 44%. How does this how do you guys how did you guys design this? >> We are now adding 1k per months. Uh because a lot of people in our community are dcaing every month and we got a lot of questions each months. Okay, what should we buy this month and this month?

So we said okay uh we actually could add 1k to our portfolio each month and sort of help those people uh to navigate the market. So we are having call every at the end of every month and saying like okay we have got 1k what are we going to do with those 1k and how are we going to allocate it >> and that call is who's on the call >> uh pro research team >> right okay secret secret swat team and pro researchers that we have >> well it's it's Kyle John me uh yeah >> all this I I I try and listen on those those calls and uh just try and survive as as the alpha blows my mind. Anyways,

long-term holding is also something just so new to me. Um, so when you guys decide to either do like a monthly allocation or to make a call on something like Galaxy, what goes into that thinking? >> Uh, well, Galaxy, we uh we noticed that some something's going on with Galaxy. So I went and learned a ton about Galaxy and uh I wrote a pro report about Galaxy and at the end of the pro report I was like okay I I like their business. I like what they do and I think they have they are undervalued. So I pitched that idea to the team and they really like that as well. So we made a call and uh we bought

some galaxy and we we also uh we started to build our position like uh three months ago maybe two months I I don't really remember but then we added because we still saw okay there is still opportunity and we like what they what they are doing and like all all the things that are happening and now they announced their Q3 earnings which were just tremend like phenomenal and yeah like so we build up that position now uh Galaxy is uh pretty big position in our portfolio and we remain super bullish on Galaxy.

>> So that October 2nd call to pro members was that the first time you were recommending Galaxy or was that or was that the >> I think that was the last call. >> Okay. But was that had you done Galaxy before for pro members? >> Yes. Yes. >> Okay. Okay. So they've been So you told them to accumulate a few times. >> Yeah. I I think our average price is about 26 bucks. So, uh I don't know what price was in October 2. I guess it was just uh we just added more. >> Mhm. So, what just going to find some info on the earnings call. So, looks like they posted what a 231% increase in revenue. Is that true?

>> Yes. >> And like >> Holy [ __ ] >> And that call was earlier this week. Okay. So, the revenue or the earnings report. Holy man. >> Yeah. the the the I'd say the most important thing in the number that they reported was uh you can see adjusted AIDA here or you can also see net profits they report and their net profits in Q3 were 55 million in Q3 okay that's one quarter and the company is valued at 15 billion and they have also balance sheet worth three billion.

So uh we can deduct it from the market cap. So 12 billion let's say and they are making just [ __ ] ton of money. But on the earnings call uh CEO Mike Novagratz, he was asked could analysts really annualize these numbers? Do you think those are sustainable and you know durable? And he said hey frankly I think that our revenues and profits are still going to be uh very volatile following the crypto prices. So we don't know if the next quarter the Q4 is going to be this the the same uh as good as Q3. But obviously in the long term we want to uh see growth quarter over quarter year

over year for those earnings. So um just take it with you know a bit of nuance that it might still be volatile over the next couple quarters. But in general those were just numbers that no one was expecting and all the numbers beat expectations by a big margin. What can you just enlighten us for anybody who may not know and didn't get this call and doesn't know this point? What is Galaxy? >> Yeah. Uh I I divided Galaxy into sort of three business lines. One of them is uh balance sheet. They have a lot of crypto on their balance sheet. I think like Bitcoin Ethereum Salana Hyperliquid.

Um it's worth about let's say three billion. Um so that's one part of their sort of business right so if crypto goes up their balance sheet will go up as well um and we think crypto will go up so therefore there's going to be also upside for them then there is the second part of business which is crypto business and it's primarily focused on institutions that's why you or me haven't really interacted with galaxy before because they are serving banks and like you know big institutions and funds they just help to uh uh launch, you know, a lot of these uh digital asset treasuries. Um they they have custody assets, they have staking

operations, they have consultancy business. So they do a lot of you know background stuff uh and provide lending for institutions and many other stuff. Uh but again it's sort of invisible for us but uh that business is growing and galaxy has been around for eight years. So they compounded a decent you know knowledge and sort of user base as well. I think they are serving about uh 600 institutions today. Um and then they have uh the AI data center business that's not online yet but it's going to uh start it's going to bring cash flow starting next year. And it means like couple years ago uh they

bought um uh data miner who was going uh into bankruptcy. So they got that whole data center for pretty cheap price. And they said like okay but uh Bitcoin mining might not be as profitable as if we just rebuild this whole data center into AI high performance computation AI data center and serve this new sort of emerging market that that that's happening and obviously like I use AI you use AI so we know that the use of AI is just going up and therefore this business just brings much bigger opportunity than staying uh in that data center and just uh staying with mining

bitcoin. So they sort of rebuilt the whole data center and now they already have a tenant who is going to pay them 1 billion uh per year for servicing their operations there. So uh it's a huge story but the problem with uh AI data centers is uh now everyone's going to build data centers okay but the the limitation factor here is that you will need access to the grid and it takes a lot of time and processes and sort of approvals from you know the the states to to get sort of access to it because right now uh that galaxy AI data center uh is called Helios and it has access

approval for to 800 megawatt. So they already leased access to those 800 megawatts to Corv and they are going to pay them um 1 billion per year. But then uh there is already another one uh 2,500 megawatt under study and they are just waiting for Texas grid uh sort of the system or committee to get them additional approval and there are rumors that they are going to get uh approval for additional 800 megawatt. So yeah like and then they are going to expand probably next year and they are just going to bring a lot of sort of energy to this AI data center. So they are going to be able to even host much more

uh tenants than just core VVF and the the margins are just so big. So uh starting next year they are going to have some of these cash flows coming in already and then it will just increase. So um yeah by 2028 the the first wave the the full 800 megawatt will be online and it will be bringing them one 1 billion uh revenues but they have uh 90% margins. So it means 900 millions in profits. So they're going to be uh you know uh printing money basically starting next year but it's going to be close to 1 billion by 2028 and those are already signed contracts. So it's not

like you know something's going to happen tomorrow and suddenly like all all my thesis is gone. Those are like signed deals and the the risk is that Corv might go um might become insolvent by then but o over the last few months they made so many deals and they are pretty much serving the biggest players in the industry. So that risk is sort of going down over time. So it really is like you know AI data center business that's going to bring a ton of money. Then you have that crypto business that's growing like nuts these days and then you have the balance sheet where they are holding just crypto and we are all bullish on crypto. So they this company should not be worth 15 billion.

>> What should it be worth? What's the what's the >> much more much more like these AI data center businesses? they are usually valued at uh 40x uh their profits. So just the AI data center business could be worth something about 40 or 50 billion and then you have that um crypto business that again we show the results and the growth is just impressive. So again it it could be like another 30 billion just for the crypto business and yeah but the market is still not reflecting it but eventually it will and like you know we are not in hurry so we are going to hold until it we feel it's

pricely it's it's fairly priced >> so I just this is also I just want to pause and just point out to people listening is that Martin just riff for five minutes about why you should be super bullish on Galaxy. You can also access Martin every day if you want in Discord and ask him a thousand questions about what he just said and ask him a thousand questions about all the other stuff that these guys have called in the portfolio. Martin, do you like it when people ping you with these giant paragraphs? Because I've seen that in our Discord. Our pro members, some of them are really in-depth and they're like, "Martin, I have a question." And then there's like four paragraphs like an essay. But I love I mean I love seeing that with our from our members and and I feel like you

do as well. Uh, and John's in there and all our other, you know, pro macro or yeah, milk macro there. >> I like the questions that made me think. I don't like the questions where I have no idea where I don't have any, you know, value at. So, like you sometimes tend to ask me like, okay, where price of Bitcoin is going to be at the end of November? I have no clue. I have no clue. And like, so these are the questions that I sort of avoid to answer. But when you ask me about Galaxy or what are the risks with Galaxy or what I expect for Q4 earnings or stuff like that, that's what I like and those questions I answer most of the time.

>> Go ahead. >> By the way, I was I was in in other podcast this morning and we were we were sort of uh talking about Galaxy as well and after the podcast recording, the guy was like, "Oh man, I need to learn more about Galaxy. I I think I'm going to buy some. you sold me on that one. So yeah, I think uh people are waking up to Galaxy and uh I think Duncan is a pretty pretty known person on crypto Twitter who sort of popularized and is now sort of evangelist for for Galaxy. So he's really a good guy to if you like Galaxy, if you invest in Galaxy, you should give him a follow. He's really like uh in the weeds.

>> What's the handle? Uh, D U N C an I think he was here on this podcast, too. >> Yeah. >> Oh, is it Are you talking about the Flood Capital guy? Flood Capital. The actual the his actual at is Flood Capital. >> Oh, yeah. >> And it's just Duncan just verified as Duncan. Um, and just on top I just want to wrap that button up for the for the pro portfolio. The other thing you get as well is we have this new pro home that just lists all of the uh pro content that's being made, which is like tons of stuff every week. Um, you and John have been doing a pro crypto AMA.

Uh, I think every few weeks or like once a month or something like that. So, you guys just did that one the other day where people can literally ask any question, you can talk about it. You write a weekly pro article. Um, you wrote a really great one about ether etherfi last week and also one yesterday that's called that's titled uh just when we called the bottom uh that's just basically about price action. Probably repeating a lot of the great stuff that that you've given us today. I do some AMAs in here for the DGEN stuff. Uh the macro guys do AMAs. Um there's a there's there's a huge macro report that comes out once a month from Thomas that is coming out uh not this week but the week after that you can also access through this. Uh and as usual again like I said

the portfolio page and a lot of great content. So uh shout out to our pro members who who have been very supportive so far. Uh and to all future pro members as well. Uh Martin we don't have that much time left. Is there anything else that you've been looking at as a potential uh port uh pro call or anything else that you've been researching lately that that that actually just interests you in general that way maybe we'll see in pro content soon? >> Uh I paid a lot of attention lately to uh so-called super apps or nail banks. Um >> that sort of makes me really bullish and the reason is I think the infrastructure is there. We

have you know a ton of blockchains that are fast enough, secure enough, cheap enough. Uh we have liquidity. We only need to get uh sort of apps that are really bringing users on these rails. But it's not happening right now because you know uh the user experience sucks and we are still sort of thinking about crypto agents who don't really mind downloading MetaMask and you know writing down 24 words and then storing those words somewhere and it's just oh man. Uh so all these super apps what they are trying to do is sort of

simplify everything and bring all your financial needs into one super app and that makes me really bullish. Uh but I think I I was just uh finishing report where I I call that financial disruption and the idea when I was starting to write that pro report was the features that I would expect in that super app uh that should be included you know like uh lending borrowing and trading and investing and then at the end uh I'm already sort of teasing uh what my key takeaways were but Never mind. Uh but then I realized like okay but what make me you know move the needle and sort of

make me download the app and like go through KYC process like what's that feature and I I then I asked like okay but the answer is going to be different for me or if you ask someone from Asia or someone you know in Africa and I realized okay I think the market opportunity much much bigger is really in these uh non-developed countries because those guys they don't have access to to bank. There is still 1.8 billion people unbanked and there is still billions of people who don't have access to stable coins. So they need to rely on their local currencies who are

most of the time experiencing huge inflation and they just do not any way to you know go around it like what should they do and it's really sad and that's why I think that we really need to focus and leverage stable coins because as we all know stable coins are the best product market fit of of of the blockchain these days and stable coins you know uh I think Scott and said we expect stable coins to hit three trillions. We are now in 30 300 billion. So it's 10x from here. And again he is not the only one that bullish on the growth of stable coins. So I think we just need to bring those stable coins to like to the everyday users and

customers. And it's not going to be that they they'll need to download a meta mask or something like that. It's going to be through the nail banks that are just simplifying that access and who are really focusing on this on boarding experience and making sure there are good off and on ramps and stuff like that. So I'm really bullish on on something like plasma or plasma one who is just targeting that you know emerging countries and they are just going to bring okay you can you can send money for free you can spend money we will give you a card you will have 4% cash back we are going to ensure there is enough on ramps and offramps in your country and we are also going to let you

uh earn some money on your cash balances so that's the thing that I think is going to bring you know next wave of millions of people into crypto. It's not going to be you know um a or sky even though I love them like we are we still need to think about the huge potential and the huge total market that there is but it's for like these very basic financial means those people have and they are still underserved. So um yeah >> is there so is there would you are you interested then in in buying plasma or would you want to invest in one of the stable company a stablecoin companies >> or is there a different or is that

something >> something that you you'll reserve that thinking for the pro members? Uh well I think there are going to be a lot of unlocks and uh we still the the plasma one that's the app that I was referring to is not live yet. Uh so we it's we are yet to see it. Um >> but uh yeah I think pretty much anyone who is able to bring that experience or the ones who are sort of fitting into that context. So means, okay, Plasma is going to offer you some yield on your stable coins, but how are they going to generate that yield? And we had a discussion on our discord the other day that we really think that what Sky is doing is really powerful and like you

know, Milk Road Treasury is all in in Sky stable coins. My my cash I don't have cash right now, but once I do cash, I do I do have some stable coins again, I will use Sky, too. So it really feels like okay we don't know what plasma is doing right now but they might find some strategies to generate some yield TVD but like in general like probably a lot of these apps are going to look at ways how they can you know uh provide users a decent yield and we think that someone like Sky could really profit and uh be that sort of uh protocol integrator there.

>> There you have it. Right on. Okay. Okay. Well, thanks for that that thinking. Martin, any final thoughts for the market or any advice for people? Not not advice, not financial advice, but anything you want people to know going into uh the second last Friday market close of of what was supposed to be October or October? Uh anything people should know taking into the weekend? Uh maybe not particularly for for this weekend, but uh like in general uh I think the the people who came in to to become rage quickly will will get burned. But those who came here to sort of try to invest and learn still have a huge upside potential. And we think if

you apply the the very basic things that you can apply elsewhere like in stocks and you are buying stocks that you know have a good business have users and have a have a growth in front of them so they are not you know going to die tomorrow they have some mo uh those are the businesses that you should be thinking about and I think that people are still seeing crypto just as speculation markets and like all the altcoins are just you [ __ ] coins that are going die pretty soon. But that's not the case. I think they are already pretty good projects that are now traded like lower billions and I think they should be repriced because I I think their

products are pretty good and I think they have a solid network effects and I think uh we are gonna see some repricing pretty soon. So just try to zoom out a little. Do not focus on short-term volatility and just forget like 99% of tokens that are going to die, but try to zoom in and filter out and like really focus on the ones that make sense and that you would, you know, recommend your friend to use or to buy because you believe that those projects will be here in five years.

>> I love that. That's a great take. That's I think that that's that's the kind of oversight that I I enjoy getting from you guys and that I appreciate especially from the DGEN side and that I'm trying to trying to learn more now, especially taking on more of the the Daily Show duties. Martin, thank you so much for your insight, man. And and uh thank you so much to our listeners and our pro members for supporting us and supporting the show. Another another great week on the podcast. Uh and another great week in crypto. I think any I think like Martin said, you got to zoom out, man. Like we're probably going to close the day at like 110K. Like that's that's insane compared to any time before the last couple months, right? Like a year ago before the election told us we'd be at 110K today

and most people be ecstatic and especially two years ago, you would have been you wouldn't have believed us. So great opportunity to zoom out. Martin, thank you so much. Uh and we will see you guys back here on Monday on the Milkro Daily Show. Have yourselves a wonderful weekend. >> Onchain betting only lets you bet on one event. Boring. SX bet changes that. Parlay bets, boost payouts, no fees, straight from your wallet. Go to sx.bet now to get your slice of the $50,000 parlay launch tournament. 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

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