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GM. This is Milk Road – the newsletter that just popped a mid-morning bottle of champagne.

(Janice, if you’re reading this, I don’t care what the HR handbook says – what part of ‘Bitcoin just hit new all-time highs’ don’t you understand?)

Here’s what we got for you today:

$BTC HIT ALL-TIME HIGHS (CAN IT KEEP RUNNING?) 🏃‍♂️‍➡️

Bitcoin just hit a new all-time high (ATH) of $109,483.96! 

But something's off… usually ATHs come paired with: 

But so far, this is what we’re seeing…

1/ F&G is in the mid-range of ‘Greed’

Below 60 = Neutral. Above 80 = Extreme Greed.

2/ Funding rates are chill

When funding rates move into the high positive region (0.05 – 0.08), it indicates that there’s an excess of leverage (loans) in the system and the risk of a pullback is increased…

But right now, we’re sitting pretty at 0.005.

3/ Google search volume for Bitcoin is still in the gutter

Yuh. Still no significant change from last Wednesday. Bitcoin’s search interest is still stupidly low, given its price.

Here’s why all of this is actually a good thing:

As we said this time last week – the market could still turn from here…

But if it decides it wants to keep running, it still has room to do so:

Greed isn’t overblown, markets aren’t overheated with leverage (loans), and broad interest in $BTC isn’t saturated by any means.

Our technical analysis: 

Hell yeah! (Higher.)

P.S. Remember when everyone was freaking out a month ago, saying Bitcoin was about to implode – but all of us Roadies collectively kept our cool? 

Give yourselves a well-deserved pat on the back.

STABLECOINS ARE EATING UP THE U.S.’ MONEY SUPPLY 🍽️

We’ve said it once, we’ll say it again: stablecoins = crypto’s killer use case. 

For example, this just happened:

Minting = an expectation of future demand. Demand that’s likely only going to continue growing.

The crazy part? The ‘big-dogs’ (institutions) haven’t even entered the sector yet… at least not in any meaningful way.

But that’s quickly changing, thanks to the following:

1/ Stablecoins vs. M2 Money Supply

The amount of money held in cash, checking/savings deposits, time deposits, and retail money market mutual funds is called ‘M2’ – so when you hear M2, think: ‘US dollar supply’. 

Now, get this… 👇

2/ The Genius Act is progressing

The Genius Act would set regulatory guidelines designed to support the growth/proliferation of stablecoins in the US – and yesterday, the US Senate voted to continue voting on it. 

(Translation: the bill ain’t dead, as some had feared!)

3/ Stablecoin issuers = Top Gainers

That forward movement on the Genius Act may seem like a nothing burger on the surface – but it seems to have had a tangible effect on the stablecoin market.

4 of the top 7 gainers yesterday were issuers of yield-bearing stablecoins (i.e. stablecoins that pay users interest simply for holding them.) 👇

So, to recap:

Stablecoins are gobbling up M2 supply and regulatory clarity is on the horizon…

But the biggest carrot of them all?

If you’re an issuer, stablecoins can absolutely print cash for you! (Tether made $13B in net profit last year.)

If that’s not incentive enough for the big-dogs to ape into the stablecoin space, we don’t know what is.

“$ETH IS STILL UNDERVALUED” – CRYPTOQUANT

CryptoQuant = the onchain analytics provider whose insights always stop us scrolling on X.

And on today's episode of The Milk Road Show, we’re joined by Julio Moreno, Head of Research at CryptoQuant!

Here’s what we covered:

Plus a whole lot more! Click below to watch it now. 👇

YouTube | Spotify | Apple Podcasts

BITE-SIZED COOKIES FOR THE ROAD 🍪

Maple is shaking up onchain asset management. From lending to various yield products, Maple’s got a foothold everywhere.*

Solana is launching a new token - $SKR! Looks like I might finally be diversifying my portfolio.

Polymarket’s got the wildest bets. You can now bet on which New Orleans jailbreak inmate gets caught next.

Hong Kong just did what the U.S. is still debating. They’ve officially passed their new bill to regulate stablecoins.

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*this is sponsored content.
**this is partner content.

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