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GM. This is Milk Road (but you can call us Zendaya, cause we’re in Euphoria right now).

Here’s what we got for you today:

EVERYTHING JUST CHANGED (IN LESS THAN 7 DAYS) 🤯

Some moments of change are gradual (e.g. The internet’s effect on modern society).

Others are painfully sudden (e.g. That time I was kicked off the boys choir team, after my voice broke over a 3 day period).

The last week in crypto has had big “You’re no longer required to come to choir practice – perhaps you should consider joining a sports team?” energy.

Everything has completely changed, in less than 7 days.

So far, we’ve seen:

1/ Five days with new all-time highs for $BTC

2/ MicroStrategy makes its biggest $BTC purchase since Dec, 2020

MicroStrategy bought 27,200 Bitcoin for ~$2.03B, at a cost basis of ~$74k, pushing its total net holdings to $23B+ at current prices.

3/ $BTC moves $14k+ (+22%) Mon-Sun

4/ The ETFs receive massive inflows (Wed-Fri)

Between Wednesday and Friday of last week, net-inflows of +$2.27B came into $BTC, while $ETH saw +$217.9M.

5/ Everything else followed

$BTC +21.2%, $ETH +29.9%, $SOL +35.2% – hell, even the stablecoins were in the green!?

…ok, but what makes this ‘a moment of change’ vs. ‘a good week’?

Well, crypto has four distinct psychological phases in which th—

You know what? The concept of psychological crypto phases is way too important to just briefly touch on. 

It warrants its own article. 

Scroll down to learn how/why this past week marks a massive shift in the crypto space. 👇

THE FOUR PSYCHOLOGICAL PHASES OF THE CRYPTO CYCLE 🧠

Friend of The Milk Road Show / Co-founder of Blockworks, Jason ‘Yano’ Yanowitz, just dropped a banger of a thread.

We highly encourage you to go and read it (👇) – it covers the four psychological phases of the crypto cycle.

But for those of you currently yelling “I signed up to this newsletter for you to explain things, not to click links” at your phone screen – we got you! 

Here’s what you need to know…

Crypto cycles have four psychological phases:

Here’s a breakdown of each…

1/ Rebirth (everything went to sh*t. Now what?)

You know the feeling you get when you first walk into your living room after throwing a huge house party?

(Your coffee table is lying in splinters, the family photos that managed to stay hung on the wall all have dicks drawn on them, and your TV is nowhere to be seen…).

Yeah. The Rebirth phase is like that. 

Companies have collapsed, markets have tanked, and all of the retail investors have left.

Time to clean up/rebuild.

2/ Excitement (…should we do it again?)

The coffee table has been glued back together, your family photos are dickless once again, and the die-hard party animals in your friend group are already asking “when’s the next party?”.

In the excitement phase, foundationally strong coins begin to move up once again (some even dance around all-time highs), helping to bring optimism back to the crypto-natives who decided to stick around.

Though for the everyday person, crypto is still one of the last things on their mind.

3/ Euphoria (the date is set) 👈 WE ARE HERE.

The next party has been scheduled. The invites have been sent. The day has arrived.

…but the REAL madness is yet to begin.

Instead, the Euphoria phase is more like the pre-game to the big party.

Sure, you’re getting all sorts of texts from people you almost never hear from, saying things like “See you tonight” (i.e. “Damn, Bitcoin is doing well”)...

But for now, it’s mostly just you and your close friends (i.e. crypto-natives) holding things down and enjoying a few cold ones (i.e. gains) while the sun is still up.

4/ Disconnection (madness ensues)

The party is on. Everyone you know is here (as well as a bunch of people you’ve never met before). Things get weird:

And just when you think it couldn’t get any wilder…

A fire breaks out in the kitchen (e.g. FTX collapses) → everyone runs for the exit → and the party ends.

(Which brings it all back around to Stage 1 – Rebirth).

So how do we know we’ve just entered the Euphoria phase?

There’re probably 100 small things we could point to that add further weight to the case built in today’s first article… but if we had to pick one to sum it all up, it would be this:

When a damn-near trillion dollar asset manager puts the bat signal up to the market – not saying “consider Bitcoin,” but instead, essentially screaming “Don’t look. Buy everything!”?

That spells ‘e-u-p-h-o-r-i-a.’ 

Now…who’s ready to party?

TIME TO SELL MAKER? OR BUY MORE AT A BARGAIN PRICE? 🤔

Our PRO researcher, Martin (aka “Dr. PRO”) likes the limelight about as much as he likes the stupid nickname we’ve given him.

(I.e. not at all)

Which has made coaxing him into joining The Milk Road Show a particular challenge.

What changed it? We told him that no one believes in Maker anymore.

(And boy did that get him fired up!)

In this episode, Dr. P helps us answer the question – is it time to sell Maker, or buy more at a bargain price?

Covering:

Plus a whole bunch more! 

Click below to listen now 👇

YouTube | Spotify | Apple Podcasts

BITE-SIZED COOKIES FOR THE ROAD 🍪

Navigate is a decentralized data platform that lets you earn from the data you generate every day. By using their DataQuest browser extension or completing tasks in the app, you can contribute data of your choice for AI training and analytics.

Deutsche Bank is gearing up to launch an L2. The biggest bank in Germany is interested in crypto? Bullish. We’re going to see a lot of big-name institutions with similar announcements soon. Keep an eye out.

FTX sues Binance and CZ seeking $1.8B. Remember the days when we used to compare CZ and SBF? The kids finally get a glimpse of that with the ongoing FTX vs Binance battle.

Cardano surges 35% after Charles Hoskinson pledges a crypto-friendly policy. An $ADA surge? Yeah, we were just as surprised. Texted my Cardano-obsessed buddy for the scoop and he sent me that ☝️ . - DL News

Milk Road's Ethereum Price page is an easy way to track the price of Ether ($ETH) and follow real-time updates. Bookmark this page and let Milk Road keep you dialed into everything $ETH, all day, every day.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.