The Milk Road Show

Q4 2025 Could Mark the Start of Bitcoin and Crypto’s Biggest Bull Run w/ Kevin Kelly & Jesse Eckel

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Oct 3, 2025
Join Kevin Kelly, co-founder of Delphi Digital and a macro crypto researcher, alongside Jesse Eckel, founder of OpEx Ventures and savvy crypto investor, as they explore the potential for Bitcoin and crypto's next major bull run. They dissect macro forces shaping the market, emphasizing the crucial role of global liquidity and October's structural shifts. The duo debates timing for the market peak, AI's economic impact, and predicts a revenue-driven alt season ahead. Buckle up for insights that could redefine your crypto strategies!
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INSIGHT

Bitcoin Has Become A Macro Asset

  • Bitcoin is now a macro asset whose price is driven largely by global liquidity conditions.
  • Understanding central bank balance sheets and liquidity flows is essential to forecast crypto cycles.
INSIGHT

Look Beyond Fed Reserves For Liquidity

  • Global liquidity must be viewed holistically, not just US Fed reserves.
  • China’s PBOC has been a major liquidity contributor this cycle and can drive Q4 moves.
ADVICE

Prepare For An October Rally Then Pullback

  • Expect a possible early-October rally followed by consolidation as issuance and liquidity dynamics play out.
  • Use that consolidation to reassess positions rather than assume the rally is the cycle top.
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