Helping millions of investors navigate the crypto markets. Track our 5 top-tier analysts portfolios inside Milk Road PRO.
See analyst trades for $1 →
- Tweets 32,692
- Following 3,827
- Followers 105,580
- Likes 36,487
Pinned Tweet
Everyone is calling this the start of a new crypto bull market.
But what if it isn’t?
@BitcoinJesusETH's take: crypto may simply be rejoining the broader risk-asset bull market it fell out of.
If he’s right, the upside could still be huge, but the cycle may be much shorter than bulls expect.
FT @LgDoucet
⏱ TIME POINTS ⏱
00:00 - Intro
00:59 - Why Did Bitcoin Pump So Fast?
04:14 - Did the SEC Just Save Crypto?
07:30 - PRO
07:58 - Did We Miss the Altcoin Train?
14:41 - How Long Can This Bull Market Last?
20:20 - Sponsor: Nexo
20:55 - Is This Really a New Bull Market?
25:52 - Why the 50-Week MA Matters
30:23 - What Will Crypto Price In Next?
3
3
19
9,547
Perps aren't just a crypto trend. They might be the second fastest-growing vertical in all of tech.
"I believe perps were the fastest-growing vertical in crypto outside of stablecoins. And now I would argue it's growing faster than stablecoins."
"I think it's the second fastest-growing vertical in tech outside of AI."
That's the bet Trevor King left Delphi to make full-time.
FT @BitcoinJesusETH @trevor_flipper @Nexo.
The perps war hasn’t even started.
@trevor_flipper thinks the market could become 100X bigger as U.S. regulation opens the door to institutions, equities, commodities, and FX.
The real battle won’t just be Lighter vs Hyperliquid.
It’ll be crypto exchanges vs. Wall Street.
FT @BitcoinJesusETH
⏱ TIME POINTS ⏱
00:00 - Intro
01:14 - Why Lighter Could Be “Generational”
03:58 - What Zero-Fee ZK Trading Unlocks
06:26 - Lighter’s Partnership Strategy
07:41 - Inside the Robinhood Deal
09:26 - Can Distribution Beat Hyperliquid?
11:40 - Winning Institutional Distribution
13:13 - SEC, CFTC & Crypto Regulation
15:10 - Coinbase and Kraken Enter Perps
16:27 - How Big Can Perps Get?
18:39 - Why Lighter Is Expanding Beyond Perps
20:19 - Who Are Options Really For?
23:56 - Lighter’s AI Agent Strategy
26:17 - LIT Buybacks and Token Value
27:52 - Giving Token Holders Real Rights
29:31 - When Lighter Says No to Partners
30:48 - Lighter Is Knocking on Doors
32:31 - Will LIT Staking Rewards Last?
33:07 - Can Zero Fees Last Forever?
36:09 - When Partners Become Competitors
37:01 - Lighter’s Next Big Announcement
38:13 - Where to Follow Trevor and Lighter
1
2,160
Milk Road Crypto retweeted
$UNI is up 195% in the last 40 days
Tokenized stocks is the new narrative for crypto
The good thing about this narrative is that it's also the next breakthrough technology for finance
This isn't just narrative, its actually upgrading the financial system
First we tokenized dollars via stablecoins, now we tokenize stocks
Uniswap now settles more trades/month than two US stock exchanges
And it's done it with basically ZERO stocks on it
Uniswap just started onboarding the world's most popular assets (stocks) and its volumes will balloon as a result
Tokenized stocks is how DEXs eat the world (here's why)
On September 17 the SEC granted a five-year "Innovation Exemption" that lets qualifying venues trade tokenized versions of US listed stocks onchain through permissioned AMMs, without registering as a stock exchange
Uniswap already built exactly that with its v4 permissioned pools launched with partners like Superstate and Securitize, and tokenized SpaceX, Apple, Tesla and NVIDIA are already available
So the DEX that's already out-trading two stock exchanges is about to get access to the entire US stock market
But you might be wondering why anyone would trade on a DEX if they can already do it on a normal brokerage or exchange?
When you buy a stock on Nasdaq, Nasdaq matches the trade. The actual settlement happens a day later through a separate clearing system
On a DEX the trade and the settlement are the same transaction. It happens in seconds, 24/7, and any app can plug into that liquidity through an API
Stock exchanges still shut down every weekend while Uniswap never closes. And of course, anyone in the world with a crypto wallet (or any agent) can access Uniswap, this isn't true with stock exchanges.
As Brian Armstrong said: Coinbase tokenized stocks are the best version of stocks, not just the best version of tokenized stocks becuase tokenized stocks are simply better
And finally, DeFi is building around tokenized stocks to give anyone access to lending, borrowing and more with your stocks. DeFi is giving more utility to the stocks many of us already own
Tokenized stocks and DEXs will be a huge story in finance for the next few years.
I've been positioned for the onchain shift for a while holding crypto equities like $HOOD, $COIN and $GLXY. Also one of our analysts at Milk Road PRO added $UNI just before it ran to $10. You can track our real-time portfolios here: link.milkroad.com/t5837z
3
5
13
2,094
Milk Road Crypto retweeted
BREAKING: CFTC opens the door for derivative firms to park customer funds in tokenized assets and use the blockchain as the official system of record.
US-regulated firms can use the blockchain as long as they can still pull the records in the event of an outage.
Hyperliquid Policy Center and Phantom had asked the CFTC for clarification on the above in July.
Now the CFTC has answered "yes".
This opens the door for the US perp exchanges to come onshore, and for tradfi to hold tokenized versions of real financial instruments on public blockchains.
The CFTC crypto market-structure rules are sitting at the White House. A clean passage of that through the President is the only step standing in the way of platforms like $HYPE coming onshore.
1
1
5
2,748
BREAKING: $AAVE partners with Coinbase to turn tokenized stocks into lending collateral.
Aave's new equities hub on Base allows non-US investors to deposit AAPLc, AMNZc, GOOGLc, METAc, and other Coinbase tokenized stocks to borrow USDC.
The pool starts with strong risk controls.
The combined collateral cap is set at $29M. USDC supply is capped at $32M. The LTV for these assets will be ~66-79% depending on the name.
The move turns tokenized stocks on Base into working capital.
Aave is targeting the ~$4.6T traditional securities financing (TradFi) market with this proof of concept on Base.
Bringing stock-loan economics onchain allows holders to keep more of the fees, rather than brokers and platforms taking 50-80% cuts in the real world.
DeFi summer 2.0 won't be about more altcoin markets. It will be RWAs moving on-chain at godspeed and finding their way into DeFi primitives like Aave.
$AAVE is up 36.7% since September 16.
2
7
1,576
Milk Road Crypto retweeted
Hyperliquid open interest is at an all-time high, above $18B, according to 21Shares Head of Research @elindinga.
He expects copycats, the same way Bitcoin spawned Bitcoin Cash, Diamond, and Gold, but perps venues behave differently from L1s because liquidity attracts more liquidity, and when a geopolitical headline hits on a weekend with every other market closed, Hyperliquid is where the price gets discovered.
His analogy is Google, which was nowhere near the first search engine and still ended up owning internet search.
Feat. @BitcoinJesusETH @elindinga @Nexo
Hyperliquid’s endgame may be much bigger than crypto perps.
@elindinga thinks it has a shot at becoming the #2 crypto asset after Bitcoin, and potentially the “Google of price discovery” for 24/7 global markets.
The bet isn’t on a DEX. It’s on an everything exchange.
FT @BitcoinJesusETH
⏱ TIME POINTS ⏱
00:00 - Intro
01:04 - Why Is Bitcoin So Bullish?
05:16 - PRO
05:36 - 100+ Crypto ETFs Incoming?
08:49 - New Money or Split Capital?
11:23 - How Much Upside for Hyperliquid?
15:19 - Can Hyperliquid Beat the Competition?
20:02 - Sponsor: Nexo
20:37 - Who’s Winning the Layer 1 Wars?
27:04 - 21Shares’ Biggest Crypto Takeaways
34:20 - What Comes Next for Bitcoin?
7
4
11
4,761
Milk Road Crypto retweeted
Uniswap now settles more trades/month than two US stock exchanges
And it's done it with basically ZERO stocks on it
Uniswap just started onboarding the world's most popular assets (stocks) and its volumes will balloon as a result
Tokenized stocks is how DEXs eat the world (here's why)
On September 17 the SEC granted a five-year "Innovation Exemption" that lets qualifying venues trade tokenized versions of US listed stocks onchain through permissioned AMMs, without registering as a stock exchange
Uniswap already built exactly that with its v4 permissioned pools launched with partners like Superstate and Securitize, and tokenized SpaceX, Apple, Tesla and NVIDIA are already available
So the DEX that's already out-trading two stock exchanges is about to get access to the entire US stock market
But you might be wondering why anyone would trade on a DEX if they can already do it on a normal brokerage or exchange?
When you buy a stock on Nasdaq, Nasdaq matches the trade. The actual settlement happens a day later through a separate clearing system
On a DEX the trade and the settlement are the same transaction. It happens in seconds, 24/7, and any app can plug into that liquidity through an API
Stock exchanges still shut down every weekend while Uniswap never closes. And of course, anyone in the world with a crypto wallet (or any agent) can access Uniswap, this isn't true with stock exchanges.
As Brian Armstrong said: Coinbase tokenized stocks are the best version of stocks, not just the best version of tokenized stocks becuase tokenized stocks are simply better
And finally, DeFi is building around tokenized stocks to give anyone access to lending, borrowing and more with your stocks. DeFi is giving more utility to the stocks many of us already own
Tokenized stocks and DEXs will be a huge story in finance for the next few years.
I've been positioned for the onchain shift for a while holding crypto equities like $HOOD, $COIN and $GLXY. Also one of our analysts at Milk Road PRO added $UNI just before it ran to $10. You can track our real-time portfolios here: link.milkroad.com/t5837z
4
5
17
3,330
BREAKING: ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 partners with Binance as its first venue to extend the basis trade into equity perpetuals.
The move expands their addressable market from ~$2.5T of crypto assets to the ~$150T+ real-world asset market.
bStocks will serve as the tokenized spot collateral hedged against Binance USDT-denominated equity perps.
Binance equity basis trades have historically averaged ~11% annualized over the past 6 months.
The move comes weeks after Ethena announced a major restructuring, in which Ethena Foundation bought out seed investors' locked tokens and fast-tracked the unlocks of certain VC tokens to alleviate future supply overhang.
Equity perps carry ~$6B of OI across 200 contracts and have grown ~10x since March.
ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 is up ~18% on this announcement.
1
4
1,917
BREAKING: JPY drops 1.33% after Bessent speaks with Japanese Finance Minister Satsuki Katayama.
The conversation follows President Trump’s call with his Japanese counterpart earlier this week.
Bessent commented the United States welcome a strong yen reflecting Japan’s strong economic fundamentals.
Commentators are concerned about a potential Japanese intervention selling US treasuries to defend the yen.
US 10Y yields have surpassed 5.2% this week and it’s already spooking the markets.
All eyes on the bond traders now.
1
2
1,846
BREAKING: Cowen says a weekly close on $BTC above May high will substantially improve the bull case.
A pull back below it and it’s probably just a fakeout.
Advises reacting to the price here is better than predicting it.
Bitcoin closed the first week of May at ~$78.6K. It is currently trading at ~83.8K.
3
9
2,428
The perps war hasn’t even started.
@trevor_flipper thinks the market could become 100X bigger as U.S. regulation opens the door to institutions, equities, commodities, and FX.
The real battle won’t just be Lighter vs Hyperliquid.
It’ll be crypto exchanges vs. Wall Street.
FT @BitcoinJesusETH
⏱ TIME POINTS ⏱
00:00 - Intro
01:14 - Why Lighter Could Be “Generational”
03:58 - What Zero-Fee ZK Trading Unlocks
06:26 - Lighter’s Partnership Strategy
07:41 - Inside the Robinhood Deal
09:26 - Can Distribution Beat Hyperliquid?
11:40 - Winning Institutional Distribution
13:13 - SEC, CFTC & Crypto Regulation
15:10 - Coinbase and Kraken Enter Perps
16:27 - How Big Can Perps Get?
18:39 - Why Lighter Is Expanding Beyond Perps
20:19 - Who Are Options Really For?
23:56 - Lighter’s AI Agent Strategy
26:17 - LIT Buybacks and Token Value
27:52 - Giving Token Holders Real Rights
29:31 - When Lighter Says No to Partners
30:48 - Lighter Is Knocking on Doors
32:31 - Will LIT Staking Rewards Last?
33:07 - Can Zero Fees Last Forever?
36:09 - When Partners Become Competitors
37:01 - Lighter’s Next Big Announcement
38:13 - Where to Follow Trevor and Lighter
5
9
30
8,746
Looking for your next big investment idea?
We called COIN, HOOD, and HYPE before their big run ups.
PRO members get direct access to our top analysts, along with their live trades and portfolios.
Try it for 7 days, for $1:
milkroad.com/pro/?utm_medium…
665
Big news for $ONDO
BlackRock is launching tokenized investment portfolios powered by Ondo's infrastructure.
Ondo is no longer just wrapping treasuries and stocks. It is becoming the onchain packaging layer for traditional portfolio construction.
Advisors in TradFi already run ~$10T of client money through model portfolios.
BlackRock just exported that wrapper onchain with this move.
$ONDO is up ~24% on this news.
11
15
114
6,947
Looking for your next big investment idea?
We called COIN, HOOD, and HYPE before their big run ups.
PRO members get direct access to our top analysts, along with their live trades and portfolios.
Try it for 7 days, for $1: link.milkroad.com/crypto-c
1
1
809
Is shielded Bitcoin on the horizon?
A new research paper from cryptography lab Alloc Init has proposed Shielded Bitcoin, a metaprotocol for private Bitcoin transfers that live directly on L1.
Here's how it works:
> Instead of writing "Alice sent 0.5 BTC to Bob". Alice writes an encrypted note that only Bob can open.
> The encrypted note is accompanied by a small public stamp (called a nullifier) that indicates the money has been spent, without specifying which money it is.
> The transaction has a special mathematical proof attached that verifies its validity without revealing the details.
The Bitcoin network itself doesn't understand any of this. It just acts as a "public bulletin board" that stores and orders encrypted data.
While still a research paper, it's an important first step toward taking Bitcoin private. The cool part is it does so without changing Bitcoin's rules or trusting a middleman.
$ZEC has been gaining momentum, positioning itself as 'Private Bitcoin' for a while now. If the OG protocol can ship a shielded framework on top of the existing protocol, ZEC could face major headwinds from the world's largest cryptocurrency.
1
9
3,312
BREAKING: Polygon just burned 100M $POL tokens, but tokens still remain net inflationary.
On September 23, Polygon announced they've burnt ~1% of the original 10 billion supply, or ~0.93% of the current ~10.7 billion supply.
The burned tokens can be traced back to the base-fee collector contract, which has accumulated ~121M POL from actual network activity.
Polygon says POL has been net-deflationary since January 2026 because fees collected outpaced new issuance for part of the year.
The important change is the process, not the burn figure. Future burns are designed to be quarterly and community-triggered, linking supply reduction to actual usage rather than one-off marketing burns.
POL is not a hard-capped, always-shrinking asset.
It started at 10B and has ~2% annual inflation with no Max Supply.
Independent data from POLTRACK (through Sep 21 and before these burns) showed that POL is still inflationary for the latest month.
For the last 30 days:
> Base fee accrued towards burn: 13.84M POL
> Protocol emissions: 17.43M POL
> Net supply change: +3.59M POL
So, over the past 30 days, POL was net inflationary again.
YTD burn accruals are ~151.7M POL, while emissions run at a similar scale.
POLTRACK's longer-term scenario still shows POL supply going higher by 2033.
POL is up ~55% from early July.
1
14
5,455
BREAKING: Solana's largest liquid staking protocol changes ticker name from $CLOUD to $SANC.
Sanctum, which sits at the top of the Solana list of protocols by TVL (~$2.1B), completed a metadata-only ticker change today.
The old ticker presented a branding and SEO problem for Sanctum.
Searching 'CLOUD' pulled up Google Cloud and Alibaba Cloud instead of the protocol.
Apart from the name change, the team has removed a large, unused reserve that investors have long treated as a supply overhang.
By combining that with the recent end of staking rewards, support for Solana's double-disinflation vote, and the publication of a live investor dashboard, Sanctum is attempting to make the token easier to find and less structurally unattractive.
Sanctum made ~$4.5M in net revenue TTM, and $CLOUD is up ~300% since the beginning of June.
3
1
10
3,396
Morpho CEO Paul Frambot signals institutional alignment.
Frambot says vaults have become the default way to put capital to work across onchain credit markets.
The next phase is setting the standard for institutions and regulators to use vaults at scale.
Citing SEC Commissioner Hester Peirce's July statement that products should be judged by how they work, not by the label "vault", Frambot split vaults into two types:
> Non-custodial: Code-enforced rules, timelocks, in-kind redemptions, full user autonomy and control over risk.
> Discretionary: More manager control and greater trust requirements.
Morpho is now positioning its non-custodial vault design as the version that can survive institutional and regulatory scrutiny.
The MORPHO token is still just a governance token. Protocol fees currently flow to lenders, not token holders.
More vaults and institutional flows can help grow Morpho's TVL and usage, which strengthens the long-term case for turning on the fee switch.
Morpho's TVL currently sits at ~$11B; total deposits are ~$16B, and ~$4.5B is actively managed through vaults. Vault managers make ~$13M/yr for running the vault.
$MORPHO is up ~191% since February this year.
1
2
3,210