The Milk Road Show

Santiago Santos, Founder and CEO of Inversion Capital, is a prolific crypto investor with insights into over 150 startups. He discusses the impending valuation pressures on Layer 1 blockchains and posits that future opportunities may lie in overlooked areas. Santi explains the shift needed in valuation approaches, likening blockchains to enterprise software. He also dives into the importance of deep-end projects and the expected legislative environment in crypto. With a cautious yet optimistic view for 2026, he emphasizes the need for capital preservation in a volatile landscape.

Julio Moreno, Head of Research at CryptoQuant, dives into Bitcoin's on-chain data and its implications for the market. He identifies the bear market's onset in November, driven by shifts in accumulation among large holders. Discussing multi-year demand waves linked to ETFs and corporate treasuries, he highlights negative ETF flows and whale selling behavior. Julio also analyzes market fluctuations and volatility, indicating a potential for a milder bear market this cycle.

Scott Melker, a seasoned crypto trader and commentator, dives into why Bitcoin's strong headlines aren't translating to price gains. He explores the frustrating market dynamics driven by macro uncertainty and institutional influences. Melker highlights that despite significant news, investor sentiment is stagnant, and higher price expectations could change the narrative. He also shares his portfolio strategies, thoughts on altcoins, and the importance of revisiting investment convictions as market conditions evolve.

William E. Quigley, an entrepreneur and co-founder of Tether, shares a candid outlook on the current crypto landscape. He discusses how the Bitcoin cycle has broken, leading to randomness instead of predictable patterns, warning that investors need to adapt. Quigley emphasizes the risks of the disappearing upside in crypto, and explores how investor sentiment drives market movements. He also highlights the pivotal role of stablecoins in crypto's future and criticizes the use of leverage, urging for greater transparency in the market.

Jamie Coutts, Chief crypto analyst at Real Vision, dives deep into the factors that caused the Q4 Bitcoin rally to fizzle out. He explores the role of liquidity in crypto markets and discusses the end of price boosts from Digital Asset Funds (DAFs). Jamie introduces his unique Economic Network Intensity (ENI) metric, revealing how it can enhance valuation models for smart contracts. He also touches on how Solana's fundamentals align with ENI while highlighting outliers like Cardano that still perplex analysts.

Jesse Eckel, a crypto analyst known for his insights on macro liquidity signals, discusses the precarious state of the crypto market and argues that the current pain is setting the stage for a significant recovery. He explains how historical liquidity pulses can drive market cycles, predicts a 2026 super cycle, and delves into the impact of recent banking and policy changes. Jesse sheds light on the recent underperformance of crypto compared to stocks and gold while highlighting Ethereum's potential to lead an altcoin resurgence.

Haseeb Qureshi, managing partner at Dragonfly and a prominent crypto commentator, discusses the contentious value metrics of Ethereum versus traditional assets. He argues that Ethereum resembles Amazon's early growth phase, inviting listeners to see beyond mere revenue to profit-driven metrics. Qureshi also elaborates on why cynicism towards crypto has risen, the speculative nature of the industry, and the challenges for institutional investments in altcoins. He emphasizes the importance of strong community governance and thoughtful long-term investment strategies.

In this conversation, Aryan Sheikhalian, an investor at CMT Digital known for his sharp insights on crypto infrastructure, dives into the hidden risks of Ethereum. He discusses the implications of fragmented Layer 2 liquidity as a major threat and emphasizes the need for unified standards led by the Ethereum Foundation. Aryan also shares thoughts on how competing L2s might struggle under equal conditions and the essential role of institutional pilots in driving adoption. With a focus on future innovations, he theorizes about AI's evolving influence in the crypto space.

Nikhil Chandhok, CTO at Circle, previously led engineering at YouTube and Meta. He discusses Circle's vision of creating a comprehensive global financial operating system through USDC. The conversation covers the evolution from a stablecoin issuer to a platform, addressing the inefficiencies in legacy payments and how programmable payments can enhance efficiency. Nikhil also explores the role of AI in payments and emphasizes the importance of multi-chain strategies and partnerships for the future of decentralized finance.

The podcast explores the shifting landscape of crypto as the era of easy money ends. Zeneca shares insights on why retail investors may not flood back and discusses the social excitement of NFTs. He emphasizes a strategic shift towards fewer, longer-term investments while navigating a choppy market. Among the risks, Zeneca warns about potential tech and AI market crashes. Excitingly, he highlights three sectors with promising opportunities for 2025: prediction markets, AI/robotics, and Base, along with his thoughts on token evaluations.