The Milk Road Show Crypto’s K-Shaped Market: Why Some Assets Will Explode and Others Go to Zero w/ Kyle Reidhead
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Dec 29, 2025 
Kyle Reidhead, a crypto analyst and strategist for Milk Road, discusses the evolving landscape of cryptocurrency. He reveals why retail investors have disappeared and institutions are focusing solely on Bitcoin and ETFs. Kyle predicts a K-shaped market in 2026, with some assets soaring and others plummeting. He emphasizes the growing significance of stablecoins and the tokenization of traditional finance assets. Additionally, he forecasts advancements in AI, including the emergence of autonomous vehicles, painting a picture of a dynamic future for both crypto and technology.
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Retail Left, Institutions Picked Select Assets
- Retail investors largely exited crypto in 2025, leaving markets dominated by institutions for a few public assets.
- AI captured attention and capital, further draining retail from crypto and reshaping market flows.
Crypto Is No Longer One Market
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Narrow Focus On Winning Use Cases
- Focus on a few secular crypto use cases rather than 'investing in crypto' broadly.
- Research which protocols have real moats and revenue that map to those use cases.