GM. This is Milk Road, the newsletter that takes you from “Huh?” to “Oooh, I get it!” in all things crypto.

Here’s what we got for you today:

• ✍️ $BTC’s dominant reign ends

• ✍️ How will alt season play out?

• 🥛 Milk Road PRO Portfolio updates

• 🎙️ The Milk Road Show: Why Tokenized Stocks Could Be Bigger Than Stablecoins w/ Ian De Bode

• 🍪 Solana’s Euro Trip

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$BTC’S REIGN OF DOMINANCE ENDS ON THE WEEKLY TIMEFRAME 📉

Last week we saw Bitcoin Dominance ($BTC.D) break its ~3 year uptrend on the daily timeframe.

…and this past Sunday, we saw it break on the weekly timeframe! 👇

The more confirmations we get across more timeframes → the more certain the break.

Which means Bitcoin’s dominance in the overall crypto market is weakening and is likely set to weaken even further over the coming months.

(With the majority of new market gains going to altcoins, if/when this happens.)

Sick! So next step = Valhalla for that bag of Dogecoin you’ve been holding since 2021?

Sure – there’s definitely potential for that…

But if it happens, it’s not going to happen overnight.

If we were to see a super healthy, by-the-book pattern play out here, it would go something like:

$BTC.D breaks down a little further → runs back up to retest the old trend line → before continuing down → until $BTC represents ~40-50% of the total crypto market value.

Confused? Same.

Here’s a chart showing the ideal trend retest (blue line), the targeted ~40 to 50% range (red box), and the previous cycle’s $BTC.D/alt season breakdown (green line)…

So which tokens are most likely going to thrive most during this alt season, if/when it hits?

Lemme answer that question with a second article. 👇

HOW WILL ALT SEASON PLAY OUT? 🤔

Recently, one of our readers asked this:

Short answer: yes, $ETH is the shiny object…for now.

Long answer: as bull markets progress, investors tend to rotate into different crypto assets – often going something like this…

They start with $BTC → let it run up → once it looks like it's running out of steam (like it appears to be now) → they rotate to $ETH → let it run up → rotate to riskier alts with more room to run.

The idea being: you squeeze gains from multiple assets, at different times throughout the bull run.

Now – we think the market is too large to see a broad-based alt season this time round, where anything/everything rips up n’ to the right.

…that said – we highly doubt these alt gains are going to be contained to a single asset.

So what’s the next asset in line after Ethereum?

Probably a bunch of tokens – but for the sake of this example, let’s look at Solana (which we hold in the Milk Road PRO Portfolio).

On one hand, Solana is looking great across a range of reliable metrics…

Outside of January’s data-skewing $TRUMP memecoin mania – Solana is sustaining solid DEX volumes, app revenue, and stablecoin market cap (all metrics that help gauge network health).

…so why is it going down when priced in $ETH (i.e. why is 1 $SOL buying less $ETH than it used to)?

‘Cause Ethereum is having a moment! 

The ETFs are ripping, treasury companies are buying $ETH in bulk, and TradFi is starting to take notice of the network’s potential.

Solana doesn’t have that same ‘narrative juice’ right now.

That’s not to say it won’t in the future – just that the market sees Ethereum as the better risk/reward play right now.

Once they’ve wrung as many gains as they can from $ETH, investors will likely move out along the risk curve in search of fresh gains, and Solana is a solid follow up candidate.

…once (if) $SOL has its moment → investors will move even further out along the risk curve → until the market eventually turns and there’s no more juice to be squeezed from this cycle.

(At least, that’s typically how these things go.)

The exciting part: this recent break in Bitcoin Dominance tells us we could be on the verge of all of the above happening in the coming months/quarters.

Meaning our journey out across the risk curve may have only just begun!

P.S. If you’re looking to trade Ethereum and Solana-based altcoins – Milk Road Swap has you covered.

THE MILK ROAD DEGEN PODCAST DROPS TOMORROW 🎙️

We’ve been brewing this behind the scenes… and now it’s go time.

Episode 1 drops tomorrow (Aug 20) — and we’re kicking things off with a certified legend: OSF. From from Wall Street, to NFTs, to Crypto Twitter, the man’s seen every cycle and lived to tell the tale. He joins LG to talk markets, memes, and what’s next.

This isn’t your average crypto podcast. It’s real talk for people who actually get the space — the degens, the builders, the chaos connoisseurs.

You in? 👀

Subscribe here so you’re first in when it drops.

PRO ALL ACCESS PORTFOLIO UPDATES 📊

Even though we’re not officially in alt season – it certainly feels like it's on its way.

…so is now the time to go all-in on altcoins??

We’re answering that (and more) in this week’s Milk Road PRO Portfolio update! 

Disclosure: We are not a day trading portfolio so don’t expect a high volume of trades. Read our “How To Build a Crypto Portfolio” report to learn more about our portfolio strategy.

Portfolio performance 📉

The Milk Road PRO All Access Portfolio saw a moderate decrease over the past 7 days. Our portfolio value is at $202K, down 3.52% since last week.

Markets are down pretty much across the board and altcoins took the biggest hit. 

Looking at the majors – the diversification helped a lot. While Bitcoin and Ethereum dropped over 3%, assets like $SOL, $COIN, and $HOOD held steady or even saw slight gains.

Some smaller altcoins like Ethena, Sky, and Lido are down around 15%, showing that the hit was much harder on the lower-cap names. 

But if your portfolio is well balanced and focused mainly on the major assets, you’re likely in a good spot.

Portfolio changes 👀

BITE-SIZED COOKIES FOR THE ROAD 🍪

This DEX solves an actual UX issue! Milk Road Swap supports both Ethereum and Solana tokens in a single interface.

Solana’s Euro Trip: the first publicly listed company in Europe running a Solana treasury has just emerged!

State-blecoin? Wyoming just launched its very own stablecoin on Ethereum, Solana, and Avalanche.

What to expect from Jackson Hole this Friday. One speech could set the tone for the rest of 2025 — our macro team just dug into what we could see.

Got stablecoins just sitting idle? MetaLend automatically finds the best yield for your $USDC.

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MILKY MEMES 🤣

ROADIE REVIEW OF THE DAY 🥛

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