The Milk Road Show Everyone Is Giving Up on Crypto Right Before the Real Move w/ John Gillen
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Dec 19, 2025 John Gillen, a macro-focused crypto analyst and host of Milk Road Macro, dives into the shifting sentiments in the crypto market. He discusses how current price actions reveal investor exhaustion and the importance of having strong convictions amidst chaos. Gillen challenges the four-year cycle narrative and explains why institutional tokenization indicates both panic and validation within Wall Street. He emphasizes the need for true decentralization and outlines the risks of centralized platforms, leaving listeners with strong insights on future trends in crypto.
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Retail Capitulation Masks Strong Fundamentals
- Retail is capitulating while institutional adoption and fundamentals strengthen, creating a conviction test for investors.
- John Gillen expects liquidity and macro improvements in 2026 to drive a strong rebound in risk assets.
Hold Majors And Avoid Leverage
- Avoid leverage and don't gamble during this exhaustion-driven phase of the market.
- Hold majors, zoom out, and consider buying the dip only if it fits your conviction and risk tolerance.
Cycles Follow Liquidity, Not Calendars
- The four-year cycle narrative is misleading; cycles follow liquidity and business cycles instead.
- A liquidity rebound tied to macro conditions could surprise markets and invalidate rigid time-based cycle beliefs.