The Milk Road Show Why Crypto Failed to Rally in 2025, And Why That’s Bullish for 2026
Dec 23, 2025
The hosts dive into why predictions for a market rally in 2025 fell short, suggesting that improved fundamentals may signal a bullish outlook for 2026. They discuss Ethereum's role as a financial backbone and how retail investor limitations held back altcoin growth. The conversation also highlights the potential for digital assets and the shift in investment strategies towards concentrated DeFi successes. With insights on AI's impact on economic activity, listeners are treated to a mix of analysis and bold predictions for the upcoming year.
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Cycle Is Lengthening Not Dead
- The four-year Bitcoin cycle is likely dead and market cycles are lengthening into macro-driven liquidity cycles.
- John Gillen says the next leg of the bull run may arrive in 2026 as macro liquidity resumes.
Fundamentals Improved Despite Price Stagnation
- Fundamentals in crypto improved substantially during 2025 even as prices stalled.
- Martin argues that long-term prices will follow these stronger fundamentals eventually.
On‑Chain Settlement Boosts Ethereum Case
- Institutional and on-chain settlement trends massively strengthen Ethereum's long-term case.
- John Gillen expects assets settling on-chain to increase demand for ETH as infrastructure secures global finance.