The Milk Road Show Crypto’s Biggest Setup Is Happening Right Now w/ Kyle Reidhead
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Feb 20, 2026 
Kyle Reidhead, crypto investor and co-owner of the Milk Road, offers on-chain analysis and market strategy. He explains why this downturn is a demand vacuum rather than a classic bear market. He contrasts 2022’s rate-driven selloff with today’s capital rotation. He spotlights protocols growing revenue, buybacks, and DeFi as a path to real-world capital formation.
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Not Every Big Drop Equals A Bear Market
- Crypto drawdowns happen often, so a 40–50% drop isn't necessarily a year-long bear market.
- Kyle argues many tokens will remain depressed, but select assets can still outperform.
The 'Next Buyer' Determines Asset Fate
- Who the "next buyer" is determines an asset's path.
- Retail and institutions currently aren't the next buyers for most alt tokens, creating a demand vacuum.
Regulation And Protocol Buybacks Drive Demand
- Institutions largely sit out until regulatory clarity arrives, limiting demand.
- Some protocols have become the de facto buyers via profitable buybacks.