# SpaceX IPO Validates Perps Pricing Amid Macro Shifts

**Podcast:** The Milk Road Show
**Published:** 2026-06-15

## Transcript

I still think that there's a reasonable chance that may be the bottom.
But I also don't expect a strong, sharp V-shaped recovery.
I don't expect us to wake up in two weeks and be at 100K, right?
What's up, everybody?
It's LGD said here.
And welcome to the Milk Road Show, the daily crypto show.
They can't decide what would be worse, getting beat up on the front lawn of the White House or getting beat up by this crypto market for the last 10 months like we have been.
Today is June 15th, 2026, and we are pumping.
The beating is done.
The war is over for the 11th time in 11 weeks.
And the market is back off to the races.
The great SpaceX liquidity suck has come and passed and the market has totally shrugged it off and SpaceX is trading at $175.
Wow.
Not exactly what we expected.
Anyways, we're going to talk about all that and more this week.
We're back on our normal Monday episode with me and John Gillen.
Today's episode is brought to you by BitGet Stocks 2.0 with real liquidity, real dividends, Nexo, earn interest, borrow and trade crypto, and Calci, where your takes finally pay out.
Okay, John.
How good was your front row seat at the UFC fight last night at the White House?
I was not at the UFC fight at the White House.
But yeah, we've taken quite a beating in the last 10 months.
So I'm hoping that's coming to a close here.
Would you have gone if Milk Road had a journalist seat or something like that?
Yeah, absolutely.
If I was getting paid to be there, for sure, man.
But I'm not a UFC fan.
I have nothing against any of these.
I don't know.
I don't want to get involved in all the controversy, what's going on.
I've just never been a sports watching fan except for the Knicks recently.
But yeah, I don't know.
I think that they, you know, I hope both teams had fun.
Yeah, I think some people got beat up, but it definitely looked like fun.
You know, my favorite part was actually I saw a highlight from earlier in the day where they just had motorcycles going over jumps in front of the White House.
I thought that was pretty sick.
That's a little bit more of my kind of flavor.
Anyways, John, it has been 72 hours, I think, since we last spoke, since we hosted.
For anybody who missed it, John and I.
co-hosted with OKX, a mega SpaceX spaces to basically watch the price of the stock as it went live.
And before you start rolling your eyes, be like, don't start talking about SpaceX.
I just want to hear another show about crypto.
SpaceX is a crypto company, OK?
They hold a ton of Bitcoin.
X is going to have crypto payments at some point soon, whatever.
Anyways, John and I had a great time Friday morning hosting with OKX, who asked us to host this little stream with them, with a lot of other crypto celebrities as well.
Surprise, surprise, John.
We're just talking before.
I didn't even know the price was holding at 175, which is completely insane.
Did you think that was going to happen?
I thought we all thought that we'd be in the total red by now.
That is what the perps markets were anticipating pre-IPO pricing.
That was what the market was pricing in.
And it seems like that's just been a continuation of that price action.
So although the IPO did not happen until, when was it, Thursday, Friday, whenever it happened, that...
Yeah, that price was predicted by the perps markets before that go live and that live trading on the exchange.
And then what we're seeing now is just kind of like a continuity of that price action, that trading action.
So I think that is a really strong indication that the.
price that we're seeing being set by the markets on these perps, different perps exchanges prior to the IPOs is a pretty reliable indicator of market demand and market pricing.
And it's a much more accurate underwriting of the value of the asset than the professional underwriters that Morgan Stanley or Goldman Sachs are able to do.
or JP Morgan.
So yeah, I think that's there's a lot of interesting things about this, but it's a really strong validation that the purpose markets are getting robust volume and doing a great job at pricing these things out.
And yeah, we'll see if this holds.
I mean, I think that as you're seeing SpaceX add its indices and like, you know, eventually there'll be private, you know, private IPO or pre IPO private equity that comes onto the market.
There'll be some fluctuation in this.
I don't think it's just going to like.
hold this price level or just go up only by any means.
But I'm not sure how that'll play out all exactly.
But it's just it's interesting to see the accuracy of the perps markets be like verified by the live trading markets now.
Is this I mean, is this bullish for the next two IPOs?
Yeah, I would say so.
I think it shows that, you know, the like the the thing that a lot of people were saying coming into this was that.
It was overvalued at $135 and that, you know, like the sharp analysts were saying they were going to get interested buying it at $90, which now seems laughable because it's like a 100% drop from here, but 50% drop from here.
But yeah, so that I think shows that the market is trading off of a lot of speculation, euphoria, and not so much off of the sound fundamentals of the business.
I think SpaceX has an enormous total addressable market that it's going for and a lot of advantages to it.
It's a lot of different businesses rolled into one.
It's kind of a hyperscaler.
It's a social media platform.
It's an interplanetary travel thing.
It's an energy company.
It's all kinds of things.
So I think that that's what the market is valuing, but it's not necessarily valuing that based off of where that business is today.
And it's also a call option on Elon Musk in the future.
So yeah, there's a lot of things that the market's pricing in and it's difficult to underwrite those because it's such a unique.
company and that's such an anomalous offering.
But I think that that is the big takeaway for me is that it seems to be that the market, there's a lot of capital in the market, first of all, that's seeking risk allocation exposure to things that doesn't already have exposure to.
And I think that this shows that these IPOs are going to be continue to be oversubscribed.
There's going to continue to be a lot of speculation.
And I think there's a lot of people who feel very strongly one way or the other about some of these things.
People are very either pro or anti Elon Musk.
They're either pro or anti-anthropic open AI.
But there's a lot of capital that those people have as well.
And they want to articulate that thesis.
And the stock is the most direct way to do that.
So I think we're going to continue to see sort of at the upper ends of these market cap.
stocks, these equities, an articulation of this thesis of speculation and a continuation of overvaluation as capital continues to seek to get exposure to that.
So that'll.
likely continue, I think, as these next two IPOs play out.
And it'll be interesting to see if we see a similar kind of liquidity drag leading up to them and then an unleash of liquidity afterwards.
Because I think that's what's happened here is a lot of people got liquid, took some chips off the table, wondering either to get a position in the IPO or saying maybe this is a top, maybe things will sort of collapse from here.
When that didn't happen, when the IPO opened so strongly, I think now you're seeing a lot of people rotate out of cash back into some of these positions.
And so you're seeing a lot of things do well.
Crypto's included in that, by the way, like crypto's up.
I think Ethereum's up seven or eight percent.
Bitcoin's up near 67K again, which is about 7000 off the lows.
So there's been a resurgence of capital coming back into the markets.
I'm not sure if we'll see that same pattern for the next IPOs, but I do think it shows that there is a lot of capital that's seeking exposure to these risk assets.
A lot of people want to articulate their thesis.
So I expect this to continue.
in these next IPOs.
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And just to clarify, as of right now, Ethereum is up 10% today.
So not nothing, man.
Not nothing, although we've seen days that have been the reverse lately, but still pretty good.
Still not nothing for our dear oldies.
Back up to 1837 right now as we're talking, John.
Very exciting.
John, would you say in moments like this, and I'm thinking, obviously, I'm thinking on a smaller scale coming from crypto, coming from when there's going to be an ICO that's going to open at a...
you know, billion dollar market cap or something like that, literally a fraction of what we're talking about with SpaceX.
But kind of taking from that experience, you'll have the market kind of hold its breath and save liquidity.
And then regardless of what happens, pump back into something, right?
So would you say it's fair to say that maybe because the SpaceX price didn't crater, that it was actually pretty accurate to what people thought that now...
participants are seeing the market as kind of back on track.
And obviously there's a much different reason as well that may be attributed to this market pump, but specifically staying on like the liquidity SpaceX side that it's like there wasn't this implosion.
It is open at the value that we assume, that the market assumed.
And as a result, it's time to go.
You know, it's time to get, try to put your liquidity back into the market because the dip that you anticipated didn't happen.
So now let's go back in.
Is that a simple enough way to put it?
I would say that's a fair way to read it for the moment.
Obviously, it's only Monday.
We'll see what happens the rest of this week.
But it seems like there's a lot of capital that thinks that like, OK, we didn't put in the top.
This didn't crater the market.
This didn't just like drop to $90 immediately on open.
It shot up in the other direction quite strongly and decisively and is holding there.
So it does seem to be a signal to the market that, OK, the bull run's intact.
things aren't going to stop.
The music isn't stopping.
And so it seems like back to the bullish tilt.
I think that's what you've seen kind of across the board in risk assets and just the markets in general is a tilt back towards bullishness, back towards continuation of the bull run and the repositioning into things that had sold off and shown weakness prior to the IPO.
So that's my read of it right now.
I also think that there are a lot of people who are...
taking in sort of into account this projected, expected, announced end to the conflict in Iran.
The deal on that is supposed to be signed on Friday.
Warsh is supposed to have his FOMC meeting on Wednesday.
So whether or not they actually get the deal, Warsh is able to go into that FOMC meeting this week and say, The conflict in Iran is over.
The oil crisis is over.
There's an expectation that this energy inflation shock will pass and we don't need to be super hawkish right now.
So that will be simulative, I think, for the bull run and positive for risk assets.
If he does come out with a not necessarily like a full on dovish tone, but just not a rate hike, not very like extremely hawkish.
But we'll see how that plays out.
I just think that there's a lot of things that kind of lined up this weekend that.
that kind of tilted in the bullish direction and you're seeing that reflected in the markets.
Is the war over?
Like, is it like literally you and I have made this joke so many times that I feel like we're in some kind of time warp.
Is this for real this time?
Trump is going to Europe for the G7.
They're supposed to sign some kind of peace deal or whatever.
And I don't know where they are, Switzerland or Hungary, wherever they're going to be.
Is this for real this time?
It seems to be also like not to like get political again, but Donald Trump was giving handshakes after the UFC fight in the ring at 1 a.m.
in Washington, D.C.
At 3 a.m.
he got on a plane to go to France for the G7 summit.
So he's.
You know, working hard for whatever else he's doing.
And I'm curious to see what comes out of this G7 meeting, if there's any major changes to trade relationships, negotiations.
You know, there's been a lot of talk and speculation about the U.S.
contributions, fiscal contributions to NATO and defense spending in Europe and so forth.
So we'll see how these things play out.
But I'm watching that.
I think that the end of the conflict in Iran seems to be what's happening.
I think Trump badly wants this to be over.
I think the Iranians do, too.
I think neither one of them wants any more pain on this.
I think for a long time, you know, like there was this Operation Project Freedom where we got like 100 million or so, or maybe more than that, barrels of oil through the strait with U.S.
Navy, you know, like kind of shepherding ships through.
And then the Iranians have also been, you know, running the blockade with some oil as well.
The Chinese have cut their consumption by a lot.
The U.S.
has increased its exports by a lot, about 5 million barrels a day on each side.
And so I think net net, like we've sort of seen the worst of this crisis.
We've also sort of like gotten around the problem a lot of in a lot of ways.
And so I think that the worst of that is behind us.
It does seem like the conflict is ending.
It seems like both sides are intent on this concluding.
What I understand of what's been negotiated so far is a 60 day agreement of cessation of hostilities.
Iran is allowed to sell its oil without any encumbrances of sanctions for 60 days.
And then the things that still have to be worked out are.
It seems in general they've agreed to like Iran not having a nuclear program, but it seems like the United States still wants to go in and recover the enriched uranium, like the nuclear dust that's there.
That hasn't been worked out yet.
That could be a sticking point.
We'll see how that gets resolved ultimately.
But yeah, so it's supposed to be like a 60-day agreement, and it does seem like both sides want this to be over in some way.
I don't know.
It seems like we might actually have it this time.
And until we hear otherwise, I think you proceed with that assumption.
But yeah, I think it's very bullish in general that this is finally coming to an end.
Last question for you about, well, maybe not last question, but while we're not talking non-crypto things, although there's only so much to talk about crypto this time, because we have been so close to this, I'm not involved.
We've been so close to this peace deal for so long.
We joke about it every Monday.
We're looking good.
Every Friday after close, there's some new strike.
Something goes down.
And the market for two and a half months now has been basically up only up until the last two weeks.
The last two weeks were red, and now we're looking really green today.
And this is specifically talking stock market, S&P.
What's the possibility that the market has priced in this peace deal?
And I don't mean, obviously, it's reacting to it, or that's the assumption, but that it's been so close for so long that the chances of it completely reverting back the other way to be like, no, there's no peace deal.
It's going to be a conflict for months and months and months.
Seems so unlikely for the last four weeks, right?
Do you think the market has already anticipated this?
Yes, I do.
But what I think the market hasn't...
fully priced in yet is this big question mark of what is Kevin Warsh going to be like as the chairman of the FOMC.
And the reason why I think this matters is that this gives Warsh cover, regardless of what details finally get agreed to of this, this gives Warsh cover to say that the energy shock, the energy crisis from the closure of the Strait of Hormuz is ending and that inflation expectations should be tilting down and to maybe not be so hawkish here.
Because I think a rate hike from the Fed, either at this meeting or the next, would definitely throw a little bit of cold water on some of this bullishness.
And I think the markets wouldn't like that.
And I think Warsh and this administration have been clear about trying to align around more lax, more accommodative monetary and fiscal policy in general.
Yeah, I think that what we're going to see here is the market pricing in and like reacting positively to a more dovish tone from the Fed and more dovish Fed chairman, hopefully.
But I think the rest of the board of governors tilts hawkish right now.
And this gives Warsh a little bit more ammunition to go in and say, maybe we don't need to be.
And in addition to that, we had this recent jobs report, which is very strong.
So even though I think that there are continuing and serious concerns about.
sustained and continued inflation or weakness, softness in the job market.
It doesn't seem like right now that's what's reflected in the data.
So it gives worse cover to be more dovish in the meeting on Wednesday.
And that I think is bullish for the markets.
And I think that's what people are pricing and now are reacting to now, not necessarily the war being closed.
Because I do agree.
It's been priced in six or seven times by this point.
The market has tried to like.
price in the end of the war.
So yeah, I think most of that's done.
But Warsh being more dovish is not, and I think that's bullish.
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How much do midterms start to come into play now?
Because I feel like to me, at least in my time doing this show and learning a lot from you and learning a lot from a lot of our guests who...
zoom out a lot more and think about the bigger picture in the economy, it always feels like we're kind of either we're talking about the thing that's happening now and the next thing that's going to happen, both in terms of like more populist kind of headlines and also like actual macro factors.
And now it's like we've kind of, you know, if the war is over and the SpaceX IPO is done and it's holding around this price, those are two big ones that we didn't know what the outcome was going to be.
And those are pretty determined now.
And then The next things are, yeah, like what is Kevin Walsh going to do?
What are going to happen with rates?
That feels like that is going to be the story now for anything that is finance related.
It's like that's the next thing we're moving to.
And then after that, what's even next is there's two more IPOs.
There's supposed to open at a trillion dollars.
There's midterms.
And there's just, I guess, more FOMC meetings, right?
And I guess maybe the potential for more conflicts, which is always, the door's always open for that in this administration.
Yeah, well, that's optimistic.
Yeah, it's true.
Well, it could happen, but I think, yeah, right.
But, well...
Cuba won't be a conflict.
Yeah, it won't be.
Yeah, it won't be the same.
It won't be the same kind of conflict.
Cuba will be kind of like one flag comes down, one flag goes up, and then somebody...
It won't be as disruptive to an area with a ton of resource and resource refinement.
Put it that way, that is really important for a lot of other countries.
You may have to restate the question for me because I think I may have lost it in this, but I think that what Trump is thinking about going into this midterm cycle is the K-shaped economy where the top half of the economy, not half, it's more...
like an eye.
It's like there's a very small number of very, very rich people who are getting way, way more wealthy.
And then the rest of the economy is falling very far behind.
And not even the economy, the population really, right?
So like, I think what this comes down to is trying to do things that really move the needle for people on that lower part of the economy.
I think it's already a little bit too late.
Like the PR of this, we've minted a trillionaire and like, there's, there's a lot of things that just don't look good through the public perception that kind of help Trump's opponents in the midterms.
But if he can get oil prices to come down, gasoline prices to come down, you know, food prices to come down, but he's trying to relax tariffs on beef and other things.
He's trying to help with some of these things to like impact things for the rest of the American population.
If that comes through, if that starts to be felt, that can maybe help with that situation.
But ultimately, I think his plan is to run it hot.
That involves the rich getting richer in many ways and this continued bull run in AI because they view this as existential and a matter of national security.
I think that the directive that you saw about a prohibition on the use of Fable 5 from Anthropic shows – it just validates that, right?
The US government views this as national security level.
piece of technology that's like vital to our economic and, you know, just political viability as a world power.
So they're going to do everything they can to stay supportive of that.
At the same time, they also have to find a way to try to help the lower portion of the economy of the population.
Those are sort of somewhat competing objectives.
So he's got things he's trying to do in both directions there.
This Iran situation really derailed a lot of that.
Hopefully – I mean if you're Trump, you're hoping that this is all concluded in enough time for some of these things to revert, for the people to feel positive impacts of these things and to change the optics and the story around these things before the midterms.
So I think it's going to be – but all that's constructive for people who are investors, for people in the economy.
the chief executive of the United States is trying to make everyone feel happier and wealthier in the next few months as much as he can with all of his power.
And so that should be bullish.
And I think just generally good for outcomes for the general population.
So we'll see how it all plays out and what he does because he could still pull some more tricks out of his hat.
You never know what's going to happen with this guy, but yeah.
Would a defeat at the midterms be worse for stocks or for crypto?
Oh man.
uh probably for crypto i feel like if we don't if yeah if the defeat at the midterms happens i think it'd be worse for crypto because crypto is the thing that needs some sort of like congressional action to get more regulatory clarity and accommodation uh for for continued investment and more products and services to be welcome in this jurisdiction and in others.
So I think that that, cause that, that kind of kills the clarity act, right?
Like the Democrats are never going to pass up then.
And it seems that the clarity act might already be dead.
So yeah.
So I think it would be worse for crypto overall.
It's so dead that I completely forgot to mention it in my list of upcoming factors.
Yeah.
Yeah.
It's a little dead.
It's, it's one of the, it's still around, but it's like, I don't, I don't, it's not going over the, if it was going to go through, I think it would have by now.
Yeah.
Right.
Yeah.
Okay.
So.
bad like in general a a weakened trump admin bad for crypto worse than for stocks because stocks at this point kind of and this is where we're discussing this in our creator meeting this morning as well is that stocks with the government potentially uh i guess buying a stake in these companies which maybe you can explain that to me a little bit more um it's it's becoming more a matter of national security and it would it wouldn't really make sense for the next administration, which wouldn't be for another couple of years, but even, even, you know, slight swing of power at the midterms wouldn't really make sense to like fully dismantle that, uh, considering it's, it's a much bigger picture than, than, um, I guess crypto, although crypto is a big picture too, but, but a little bit different.
Yeah.
I don't think they're going to do anything to disrupt the bull run and, and AI stocks.
Um, but, uh, I mean like not on purpose, but we'll see, I don't know.
We'll see how that plays out.
But I do think that this idea of.
you know, American, the federal American government taking some sort of ownership stake in tech stocks and AI stocks, you know, Trump did this a little bit with Intel already.
They're starting to normalize this.
I don't think it's a good thing.
I don't think it should be done, but it seems like now they're just fighting over how they do it and how much to take.
So I don't really.
To be honest, I don't really want to speculate too much about all of this stuff.
I just think it's a bad mistake.
It's a bad policy precedent.
And it starts us down a road that I don't think is good to go down for anybody, for the stocks, for the investors, for American public, for American capital markets, for all these things.
But yeah, we'll see what happens there.
I think this is going to move in the direction of Trump's sovereign wealth fund, which again, you could dispute whether or not the Americans should have one of those.
But yeah, it seems like the direction that we're going in.
Right.
Yeah.
And there's already, and these companies have also committed so much CapEx already too, that it's not a change in the midterms.
It's not going to change the trajectory of what these businesses and the hyperscalers are actually doing.
John, I do want to save a couple of minutes to talk about crypto.
I know there's only so much happening at the time besides just watching prices, although you are a permable, you're always giving us a lot of great reasons to be excited about crypto.
Today, honestly, is a good day to get excited about price.
I don't think we've seen this big of a pump in a week, in a while, where we bounced off just below that last bottom, so just below 59K, which was, I think, a week ago or a week and a half ago.
Now back to like 67.
There's alts going off, man, like not just ETH and Solana, both up 10-11% today, but a lot of the hot narratives from the last couple of months also coming back, Zcash all the way back up.
I think Nier is back up.
I think a lot of the privacy tokens, the AI tokens are ripping.
Is this, John, to you, a bounce before another big leg down?
Or is this a proof that maybe we're going to consolidate in this range?
I think that the market still has to prove one way or the other what this is.
So first, you used to call me a permable.
I think that's an impression that I give, but that is not the case.
What?
I think I have...
I think for the last 10 months, I've been pretty clear about calling price targets and levels and saying we're in a downtrend.
I said when we entered a technical bear market and, you know, look, we made these lows in February.
The entire time the market spent like 110 days climbing a wall of worry, inching higher and higher.
I still had bids set at 60K and 58K on Bitcoin.
I still do.
And so I think until we see some of these longer time frame resistances flipped from bear market.
resistance into bull market support, I kind of still retain that posture.
I think it's encouraging to see this bounce.
It seems like we're not just going to go straight to Goblin Town, as I said on the meeting this morning.
But it still doesn't...
to me reflect a break of the pattern.
It doesn't reflect a return to the bull market for digital assets.
It's encouraging to see us finding some support.
I was expecting us to get some support at 60K.
I still think that there's a reasonable chance that may be the bottom, but I also don't respect.
expect a strong, sharp V-shaped recovery.
I don't expect us to wake up in two weeks and be at 100K, right?
So I think that there's going to be some time while we chop through the summer and some, again, some continued periods of weakness and strength.
We could see a Bitcoin go below 60K again before we break out.
So I'm just not really calling this one way or the other.
I think this is right now just a strong bounce, a bear market bounce, a countertrend bounce.
If we get above 75K, maybe I'm...
curious about what happens then but right now 67 is not you know really moves the needle for me one way or the other i think The thing to highlight about this, though, is what I am a permable on is the long-term valuation of digital assets, the long-term thesis of these things.
And I think that we are getting much closer to forming a bottom than a top.
I think this is an excellent time to start getting an extensive watch list of digital assets that you want to accumulate.
I think it's a great time to be positioning.
Like I said, I accumulated 60K.
I've got more bids down there still.
I reset the bid that got filled.
I'm still looking for opportunities to accumulate things.
I'm not chasing this pump, but I am.
really watching carefully to see what shows weakness and where I can get in on some good assets that I like.
I've got an extensive watch list.
I'm watching a lot more than what's on my watch list in Milk Road Pro, but I'm just trying to like add to that list because this is a great time to do.
This might be one of the best buy opportunities we get on Bitcoin and the rest of the digital asset ecosystems for a period of many years, if ever.
And just in terms of like the strengthening fundamentals and the bang for buck in terms of risk and reward on some of these things.
That's where I think the opportunity is.
I'm not really interested in chasing and top blasting a lot of these semiconductors and these AI IPOs.
I think that's where all this attention and capital is.
And obviously there's money to be made there if that's where you want to go.
For me, I'm much more interested in this longer term thesis.
um accumulating these pristine high quality apex digital assets while nobody wants them and no one's paying attention i think this is a huge market opportunity frankly because you know this bitcoin's the best performing asset of all time and nobody wants to buy it right now that's a great opportunity right so it's like um yeah i'm just really comfortable being patient watching carefully having my bids filled and filling and placing new ones um but i'm not in a rush about this but that's how i'm thinking about this at the moment and it's encouraging to see the balance and finding support where we frankly, needed to.
But I don't see us just getting a runaway bullish reversal just yet here.
John, the head of digital assets at Standard Charter, Jeff Kendrick, called the winter over for crypto, saying that that was it.
That was the cycle bottom.
Why would somebody do that?
I always wonder, because you see at every move, you see people that you're like that.
that should be a, an intelligent person, you know, like, you're like, that's probably somebody who has a pretty good informed opinion.
A lot of those types of people come on our show, but you, you see those often.
And then I feel like as soon as that's invalidated, you just, you kind of forget that they ever said it.
Why would people, why would people like, why would this guy say that we bottomed at 59 K and why do you disagree?
I don't necessarily disagree.
He could very well be right.
That's what I'm telling you.
There's a non-zero chance that 60K is the bottom.
There's a non-zero chance, a significant chance, I think, at this point that that retest of the lows is a double bottom pattern and we just continue higher from there.
There's a lot of reasons why that could make sense.
I'm not convinced of it yet.
I think we need more price action and time for the market to kind of prove that thesis.
But that's a completely viable thesis.
And, you know, like I said, whether it is the bottom or it is.
part of the process of bottoming to me is relatively immaterial.
And I'm not, I'm frankly not super interested in this.
Like people who try to get out their microscopes and like, you know, all this like price history and everything.
it's a close enough bottom to be a bottom.
You shouldn't be thinking about like, am I going to get an extra $2,000 off the price of this or not?
You should just be accumulating when you have the opportunity, which I have.
I've been, I like after the 10, 10 crash, the February crash, I was accumulating on the way down.
I'm still accumulating.
Like I'm just, this is, this is the time to just be getting your stink bids filled and then replacing them.
So yeah, that's how I feel about that.
But the reason he says that is because it's a completely legitimate chance that that might be the case.
And he's trying to draw attention because no, investors are paying attention to this right now.
All the attention in capital is on other things.
And what he's trying to do is signal like, hey, this is a major opportunity.
You need to pay attention to this.
This is worth your time.
Thank you for your attention to this matter.
So I think that's how I interpret that and why he would say that.
You're listening to the Milk Road Show, which means you've got takes.
Strong ones, I bet.
But where do those takes actually go?
Do you tweet them into the void, argue them in the group chat, or do you try to express them by buying a stock?
The thing is, stocks move on like 50 other things at once.
And that's where Calci comes in.
It's a CFTC regulated prediction market where you bet directly on outcomes like Bitcoin hitting 100K, Fed rate cuts, GameStop buying eBay with a clean yes or no.
We did a full deep dive on why prediction markets might be crypto's third product market fit moment.
Check the show notes for the full report and claim $10 free when you trade $10 on CalSheet.
That's fair.
Yeah, I think everybody wants to take their shot at having been right so they can.
look back on it and tell everybody they're right.
John, your last move in the Milk Road Pro portfolio, on your Milk Road Pro portfolio, came back on June 5th.
You bought some...
Bitcoin, surprising.
Just above 60,000.
What's on your radar?
Because also you added a lot of assets to the watch list around that time.
I think on that same day saying like, listen, you're looking for bargain bin deals very soon on some of these assets.
Some of those are up a lot since that day, not something you pulled the trigger on.
What is your status on potentially plowing into some of these other things, given your strategy that you just explained?
I'm not necessarily plowing.
I have a lot of...
You haven't.
That's what I mean.
You haven't plowed.
You have more cash than everybody else in Milk Road Pro.
Yeah.
Well, I've got a lot of limit orders set because I feel like we have...
I just don't feel like there's any need to rush at this moment.
Right.
Like I was hoping I would get filled on more of these than I did.
And maybe I'm being a little bit greedy by being too patient and that's okay.
I'll pay for that later.
If that's what ends up happening here, I would be totally fine with crypto bottoming though, because I already have the biggest bag of Bitcoin and Ethereum of any of our analysts too.
So if crypto bottoms here and we're just off to a 10 X, like great.
You know what I mean?
Like boohoo.
I'll have to get some more of these things at slightly higher prices.
But to me, that's my positioning.
I have an enormous amount of Ethereum.
I have an enormous amount of Bitcoin.
I'm getting a little bit more at better prices.
And I have an extensive watch list of digital assets that I've got stink bids on.
I just think that there is… There are so many projects.
The problem I'm having right now, frankly, is I don't have enough capital to get positions and everything that I want to be exposed to.
There are a lot of great projects in the digital asset space.
There are a lot of things that are being overlooked and ignored.
There's a lot of strengthening fundamentals.
There's a lot of great...
businesses that are being built and not just like, you know, like speculation things.
Like I think that there's, you know, a role for mean coins.
That's not really the kind of investor that I am.
I'm really interested in these very strong, robust businesses that are growing and getting more and more lucrative that nobody's paying attention to.
That's the opportunity I see in the digital asset space.
That's what I'm so excited about.
That's why I'm being patient.
Because by the time everybody figures out that this, this remembers that this asset class is here.
and figures out what these things are actually worth, I'm going to have an insurmountable lead on them.
So that's kind of how I'm playing this.
That's my portfolio strategy.
It looks dumb in the moment, but I just think that I don't have to get every single call right.
I don't have to make a trade and be right every week in order to outperform.
I just have to get this one thing right and then not fumble the bag.
And then that's good enough for me.
Well said, man.
John, I think we could probably wrap up there.
I don't know what's going to happen this week.
I think hopefully this.
call for peace stance and hopefully things keep ripping but i think every monday episode has been a bit of a different picture with you so uh we'll keep an eye out if you guys want to link up with john you can talk to him every day he is the best question answerer in milk road pro so especially if you want uh response to your to your questions at like three in the morning that's the time that john is absolutely ripping so make sure you guys check it out milk road pro uh is just a dollar for seven days you want to do a little trial so The link is below and you can talk to John anytime.
You can talk to me too.
I'm also a Milk Road pro.
I'm not a pro analyst.
I don't have a portfolio, but you can come ask me questions about, you know, my hair, my face, things, meme coins I like, which are none of them right now.
And, and anything else that you really want to see.
Otherwise we've got a great slate of shows this week on Milk Road and on Milk Road AI as well.
So check that out.
Otherwise, John, great to talk to you, man.
And thank you for your thoughts as always.
You too.
Thank you for your hair and face, LG.
It was great being back on the show.
It's always here.
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