The Milk Road Show

DJ Hà Trang, Head of Research at BirdEye and author of the 'Solana 2025' report, breaks down why Solana could become a global financial settlement layer. She discusses on-chain revenue and capital efficiency. She covers infrastructure upgrades, ultra-fast finality demos, booming USDC turnover, and tokenized real-world assets. Short, sharp, big-picture takes on Solana’s push into internet capital markets.

In this discussion, Jeff Park, Chief Investment Officer at ProCap Financial and former Bitwise Portfolio Manager, dives into the current state of Bitcoin. He reveals that despite a seemingly stagnant market, the foundational thesis of Bitcoin is stronger than ever, with increasing institutional adoption and clearer regulations. Jeff also explores the complexities around stablecoin yields and compares the rise of ideological investors to traditional ones. Discover why now is a crucial time for defining values in the crypto space.

Scott Melker, aka 'The Wolf of All Streets,' is a notable crypto trader and analyst. He dives into why small price shifts in Bitcoin are causing massive liquidations, revealing how excess leverage is a lurking danger. Scott discusses Japan's bond market and its ripple effects on global trading, as well as the precarious nature of current geopolitical uncertainty. With a focus on risk management failures and regulatory challenges, he also critiques the reckless trading habits fueling volatility in the crypto space.

James Seyffart, a Senior ETF analyst at Bloomberg Intelligence, delves into the nuanced world of Bitcoin and ETF flows. He explains that during market downturns, ETF investors often buy the dip rather than panic sell, highlighting their calm amidst volatility. James discusses who utilizes crypto ETFs—mainly advisors and asset allocators—and how the growing number of ETF filings reflect institutional interest. He also touches on the discrepancies in performance between Bitcoin and Ethereum ETFs, and the influx of new products in the market.

Rune Christensen, Founder of Sky and a key figure in DeFi, discusses the evolving landscape of stablecoins and yields. He argues that as regulation legitimizes crypto, institutions will seek safety and efficiency over memes. Rune highlights how Sky’s USDS offers unique risk-adjusted returns compared to centralized options. He also details practical use cases like liquidity needs and automated fund strategies, emphasizing Sky's commitment to transparency, risk management, and adapting to user demands for optimal returns.

David Duong, Head of Institutional Research at Coinbase, shares insights on the crypto market's future amidst regulatory hurdles. He discusses the stalled Clarity Act and its implications, revealing how certain bank motives could delay crypto regulations. Delving into macroeconomic factors, David explains how $140 billion might boost market liquidity, emphasizing Bitcoin's potential to rival traditional assets like gold and stocks. His bullish outlook signals optimism for early 2026, marking a pivotal moment for investors navigating the ever-evolving crypto landscape.

Michael Nadeau, founder of The DeFi Report and crypto researcher, shares insights on the current Bitcoin landscape. He explains how liquidity cycles and ETF flows impact market trends. Nadeau warns that the recent Bitcoin rally may not be as robust as it seems, citing weak ETF inflows and the significance of long-term holder dynamics. He also discusses how fiscal policy shifts and midterm-year historical patterns can influence market behavior. Dive into his analysis of on-chain signals and what indicators he looks for before investing.

Christopher Keshian, founder of Triton Liquid Fund and a crypto research expert, shares a contrarian view on Ethereum's value. He argues that ETH could support huge economic activity while being overvalued. Keshian discusses various valuation approaches and explains why Layer Twos may dilute ETH's value capture. He also explores crypto's economic verticals, revealing which applications and narratives might last. Additionally, he highlights the importance of macro signals and trader behavior in understanding market dynamics.

Matt Hougan, Chief Investment Officer at Bitwise, dives into the recent draft of the Clarity Act and its potential impacts on the crypto market. He highlights the surprising resilience of stablecoin yields, despite headlines claiming otherwise. The bill aims for bipartisan support, addressing unresolved issues like politician self-enrichment. Hougan also discusses the future of DeFi and stablecoins as payment rails, while predicting conditions for a market rebound. Plus, he shares insights on Bitcoin ETFs and why some assets aren’t ETF-ready, making a compelling case for crypto allocation.

Christopher Kuiper, an Executive at Fidelity Digital Assets and crypto analyst, dives deep into the current state of Bitcoin and the broader market. He highlights that sideways price action often signals significant underlying shifts, with institutions embedding Bitcoin into traditional finance. Kuiper discusses the rotation between gold and Bitcoin as hedges, the impact of investor sentiment, and how derivatives might reshape market volatility. He paints a picture of a maturing crypto landscape, emphasizing the ongoing adoption and integration with traditional finance.