The Milk Road Show

Ryan Connor, Head of Research at Blockworks who analyzes tokenomics and market structure, joins to map where crypto actually deserves capital. He discusses why most projects fail scrutiny. He outlines market maturation toward real business models, the rise of equity perps and who can win them, and new tokenomics trends and yield products shaping 2026.

Matt Hougan, CIO at Bitwise, offers macro and asset-allocation views. Ryan Rasmussen, Head of Research at Bitwise, analyzes institutional demand and tokenization. They debate whether capital is really moving from gold to Bitcoin. They compare gold and Bitcoin for central banks, discuss tokenization, stablecoins, regulatory clarity, and institutional adoption.

Nick Forster, founder and CEO of Derive and on-chain options builder, walks through why options markets reveal crypto’s next moves. He covers market structure shifts, why options matter beyond leverage, how to read option boards and implied volatility, and how concentrated flows and hedging can drive big price moves.

Raoul Pal, macro investor and founder of Real Vision, shares a bold 2030 time frame for building wealth. He discusses liquidity as the dominant market force. He outlines key dates and risks like the 2025 air pocket and October 10th. He covers how gold leads, crypto follows, tokenization’s path to trillions, and simple portfolio rules to navigate a potential macro regime change.

Hoolie Tejwani, Head of Coinbase Ventures and veteran early-stage crypto investor, shares where institutional crypto capital is flowing now. He highlights DeFi’s staying power and on-chain consumer apps. Stablecoins as real-world payments, tokenized real-world assets, prediction markets, and on-chain AI are top themes. He also explains how private crypto deals are becoming more accessible to retail investors.

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.