How Benefit Cliffs Create a 'Valley of Death'

In this episode of Milk Road Macro, Michael Green breaks down the passive bid, the force reshaping modern markets, and explains why price discovery doesn’t work the way most investors think it does anymore. What started as a well-intentioned shift toward index investing has quietly transformed market mechanics, distorted signals, and created a system that rewards flows over fundamentals.

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Michael Green: https://x.com/profplum99

📃 Disclaimer 📃

The information presented in this video is for educational and informational purposes only. It should not be considered as financial, legal. The views and opinions expressed by the speakers, are their own and do not constitute professional advice. Investing in cryptocurrencies carries significant risks, including the potential for substantial losses