July 11, 2025
🥛 What’s driving this new all-time high? 📈
Chevy Cassar
July 11, 2025
GM. This is Milk Road, we take your daily crypto news → season it with primo memes → and serve it to you hot.
Here’s what we got for you today:
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✍️ What’s driving this new all-time high?
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✍️ Funding Friday
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🎙️ The Milk Road Show: Why Ethereum Is About to Take Over This Bull Run w/ Michael Nadeau
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🍪 Tether to sunset USDT on five legacy blockchains
REX-Osprey are the creators of the first US-based Solana staking ETF, giving 100% of its staking yield back to shareholders. Learn more here!
WHAT’S DRIVING THIS NEW ALL-TIME HIGH? 📈
Ahhh, today is a good day.
In case you missed the push notifications from your trading app, the cheers from Crypto Twitter, or the text from that one high school friend asking if they should buy Bitcoin… 👇
(Hell yeah)
…but this kinda feels like it came out of the blue. So how did we get here?
1/ Short liquidations 🩳
See the chunk of yellow horizontal bars highlighted on the chart below? Together, they represent roughly $2.5B worth of $BTC short liquidations.
Meaning $2.5B worth of Bitcoin had to be bought so these short sellers could repay the loans they took to bet against $BTC – helping to push the price up, fast.
And this is just the data from Binance (forced buying also happened in the billions on ByBit, OKX, Bitget, and a range of other exchanges).
Same goes for Ethereum: shorts = nuked.
2/ The ETFs 💵
The driver of these short liquidations? Looks like it was the ETFs. 💪
3/ The best part… 🙏
Retail traders, who typically ape into the market as it’s reaching its peak? They aren’t even here yet.
Now, I need a favor…
Every so often, I ask you for a running chest bump to celebrate big moments like this.
Today I’m asking you to hit me with a Kool-Aid-Guy-running-through-a-brick-wall-level chest bump – enough to put my health care premiums up.
(Thanks in advance)
First mover advantage is a real thing.
Apple had it in smart phones, NVIDIA had it in AI chips, and Coinbase led the charge as the first major US-based crypto exchange.
Last week, REX Osprey racked up three first mover milestones, becoming the first US-based ETF to give investors access to:
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Solana exposure
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Active asset staking
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100% of staking rewards (paid monthly)
The ticker is $SSK. The asset is $SOL. Ready to learn more?
FUNDING FRIDAY: ETHEREUM TREASURY EDITION 💰
$ETH treasuries. So hot right now.
Here are the top 5 publicly traded companies using an Ethereum Treasury Strategy (aka: hold $ETH. Raise capital/debt. Buy more $ETH. Repeat), along with their recent raises/purchases.
1/ SharpLink Gaming ($SBET)
Total $ETH currently held: 215,634. Current treasury value: ~$646.9M.
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June 13, initiated its treasury with ~176,271 $ETH
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June 16-20, bought 12,207 $ETH at ~$2,513 per token
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June 23-June 27, bought 9,468 $ETH at ~$2,411 per token
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June 28-July 4, bought 7,689 $ETH at ~$2,501 per token
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July 10, bought 10,000 $ETH from the Ethereum Foundation at $2,572.37 per token
Publicly disclosed raises targeting $ETH acquisition = $489M (with plans to raise a further $1B).
5-day performance (bottom to top) = +82.56%. 👇
2/ Bit Digital ($BTBT)
Total $ETH currently held: 100,603. Current treasury value: ~$301M.
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June 25, Bit Digital announces its pivot to become an $ETH treasury company → uses its existing 24,434 $ETH holdings to start
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July 7, announces purchase of 76,169 $ETH at $2,534 per token
Publicly disclosed raises targeting $ETH acquisition = $172M.
5-day performance (bottom to top) = +32.89%. 👇
3/ BitMine Immersion Tech ($BMNR)
Total $ETH currently held: unknown at the time of this writing.
…but it looks like they’re gearing up to go in, HARD! (See last bullet.)
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June 30, raised $250M to buy $ETH
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July 9, closed the $250M funding round
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July 10, filed to offer an additional $2B worth of stock to buy $ETH
5-day performance (bottom to top) = -69.50%. 👇
4/ BTCS Inc. ($BTCS)
Total $ETH currently held: 14,600. Current treasury value: ~$43.8M.
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May 20, bought 3,450 $ETH at $2,441 per token
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June 2, bought 1,000 $ETH at $2,630 per token
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June 20, bought 1,000 $ETH at $2,528 per token
Publicly disclosed raises targeting $ETH acquisition = $57.8M, targeting a further $225M.
5-day performance (bottom to top) = +144.59%. 👇
5/ GameSquare Holdings ($GAME)
Total $ETH currently held: 1,818.84 $ETH. Current treasury value: ~$5.45M.
July 10, announces adoption of an Ethereum Treasury Strategy and buys 1,818.84 $ETH at $2,749 per token.
Publicly disclosed raises targeting $ETH acquisition = $9.2M.
5-day performance (bottom to top) = +221.67%. 👇
If you want a closer look at what's to come for Ethereum beyond just treasury strategies (including a price prediction), keep your eyes peeled for tomorrow’s PRO report.
Not a PRO member? You can fix that here.
All right, that’s everything we’ve got for you today – go enjoy your weekend!
COTI is a layer 2 focused on privacy. They use a technique called “garbled circuits” to keep onchain activity confidential.*
Coinbase makes its 6th acquisition of the year. This time, they’ve acquired Opyn — one of the first DeFi options protocols.
All $USDT tokens on Algorand, Bitcoin Cash, EOS, Kusama and Omni will be frozen after September 1st. If you hold $USDT on these chains, you should bridge it out asap.
Don’t sleep on the power of farts. In the latest Milk Road Degen edition, we compare $FARTCOIN to other big memecoins.
An AI agent you can actually talk to. We dropped an article on how Yield Seeker gives you a personal AI agent that hunts down the best stablecoin returns, 24/7.*
*this is sponsored content.
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