Our Head of Research @KyleReidhead just sold 50% of his $COIN position, even though the stock is up more than 4x from his entry. He sold to fix a big problem in his portfolio (save this). The problem is concentration. Kyle holds $BTC, $ETH, $COIN, $HOOD, and $GLXY. Five positions making the same bet. When crypto falls, all five fall together. And $COIN was the heaviest part of that bet. It's his largest holding in the group and the second-largest position in his entire portfolio. So cutting it in half removes more of that shared risk in one move than trimming anything else would. He kept the other half because he remains long-term bullish on Coinbase. (The sale was about sizing.) At half the weight, he still owns the upside. By his own account, the trim was overdue. A position that runs 4x ends up far bigger than the size you originally chose, and Kyle let this one ride longer than he planned. Now he's sitting on fresh cash, and he plans to deploy it into assets outside crypto and finance soon. Whatever he buys next will show up in Milk Road PRO, where Kyle and our analysts share their actual portfolios, position sizes, and research. To see where the money lands, check the first comment.

Coinbase has been building toward 'Coinbase for Agents' since AgentKit in 2024, then x402 last year. The bet being that people swill stop using apps and start using agents. (With Coinbase becoming the account those agents plug into) 👇

Melody Wright drove 3,000 miles across 13 states to verify housing data - and what she found alarmed her. "The data does not match reality in any way, shape, form, or fashion." Permits don't match what's being built. Listings don't match what's for sale. Every trip confirms the same thing - the official numbers are wrong and nobody seems to know why. "This is a massive macro story that also is micro in many ways." FT @m3_melody @BitcoinJesusETH @MilkRoadMacro.

Melody Wright: Stories about AI's lack of ROI are starting to pile up - Uber, Starbucks, DeepSeek... A market collapse could be triggered from anywhere. "I have a feeling it's likely going to be a combination of the AI sudden realization... maybe one of these IPOs does not go forward." FT @m3_melody @BitcoinJesusETH @MilkRoadMacro.

Novogratz lobbies DC every week trying to get crypto legislation passed - and he keeps almost getting there. His message to Democrats: "[If] the administration wants to be corrupt, they can be corrupt. There's nothing you can do to stop it." Plug your nose and pass the bill anyway. It's good for America, good for the industry, and gets crypto off their plate entirely. FT @Scaramucci @Novogratz @AllThingsMkts @SkyBridge @SALTConference.

Melody Wright: Private credit poured into real estate, but now they can't raise new capital. And the gating of redemptions has made fundraising nearly impossible. "This is how any Ponzi scheme works. You have to make sure you're getting in more capital." FT @m3_melody @BitcoinJesusETH @MilkRoadMacro.

Melody Wright: Mortgage delinquencies are rising during the season when they should be FALLING. Tax refunds are in. Bonuses are paid out. People should be catching up on mortgages. And yet... "Weirdly, we are seeing delinquency not only go up in some areas... it's a little shocking where it's going up, which is in 30-day delinquency." "In the US, you'll sell a kidney before you'll go 30 days late." This just shouldn't be happening. FT @m3_melody @BitcoinJesusETH @MilkRoadMacro.

Michael Howell: China is building a new Bretton Woods - backed by gold instead of US Treasuries. Howell says the Shanghai Gold Exchange has already eclipsed COMEX and London as the marginal price setter for gold worldwide. Beijing is recreating "the pre-1971 Bretton Woods gold exchange standard" - holding gold against the yuan to eventually challenge the dollar in world trade. FT @CrossBorderCap @BitcoinJesusETH.

Michael Howell: The real story behind gold's run has nothing to do with global debasement fears. "It is not a global debasement as many people argue. It is a Chinese-led debasement." China has been printing money to inflate away its debt burden. Chinese retail investors, blocked from crypto, poured into gold instead. Now the PBOC has hit the brakes - and gold is seeing an "air pocket" as a result. FT @CrossBorderCap @BitcoinJesusETH.

What's the worst-case Bitcoin bottom if the 4-year cycle actually plays out? Matt Hougan says a 70-75% drawdown from all-time highs puts you in the mid-$30k's. "You have to admit that's something that is possible." He thinks we won't get there - institutional capital and slower actors have reduced the risk. But... "Somewhere around 50 is where many of the people who have been calling for this bear market think it ends." "I suspect we'll be much higher in a year, but I don't know where the bottom is." FT @Matt_Hougan @LGDoucet.