Podcast Notes | After two months of being out of the market, first buying the dip, $UNI has a weekly floating profit of 30%: Why did this round of bull market rebound come earlier than expected?

"Among all signals, it was the retail investors rushing into the dog coin pool that confirmed the bull market really had arrived."

Organized & Compiled: Shenchao TechFlow

Guest: John (Milk Road Host / Milk Road Pro Portfolio Manager)

Host: LG Doucet (Substitute Host)

Podcast Source: Milk Road Show

Broadcast Date: September 4, 2026

Duration: About 37 minutes

Disclosure: John is the manager of the paid portfolio for Milk Road Pro. Throughout the program, viewers are guided to subscribe to see his positions and trade records; the mentioned assets (including UNI, etc.) may be held personally by him or related products. The following views are his personal expression and not investment advice.

Key Points Summary

Macro Catalyst: The U.S. Treasury is expected to start a $12 billion long-term bond buyback on September 9, while also reissuing short-term bonds, effectively shortening the duration of debt, indirectly introducing liquidity, and weakening the dollar; the trigger point before this was Trump mentioning the name of an exchange at the White House, which triggered a round of short covering.
Core Asset: For the first time in two months, John bought altcoins, choosing Uniswap (UNI), which has seen approximately 30% unrealized gains in a week, already making it his third-largest holding. The logic is that Uniswap has changed its tokenomics, while the trading volume of dog coins and tokenized stocks on the Robinhood chain is flowing through Uniswap V4 at record rates, forming a buyback pressure for UNI.
New Narrative: The Robinhood chain ties dog coins and tokenized stocks together, with trading pairs changing from SOL, ETH, USDT to Nvidia, Tesla, Alphabet, and Meta. This is a live example of asset tokenization hitting the ground.
Risk Side: John clearly states that this does not necessarily confirm a bull market; it may just be a bull trap; he is still holding a lot of cash, as September has historically been the worst month for BTC in midterm election years; if the Fed raises interest rates or if the Clarity Act fails, it will dampen enthusiasm.
Operational Discipline: Don’t let FOMO push you, place trailing buy orders for corrections, and first build a bottom position of 5% to 15% before dollar-cost averaging. His mantra is "Buy in panic; any price is a good deal."

Highlights of Views

On confirming a bull market: "Among all signals, it was the retail investors rushing into the dog coin pool that confirmed the bull market really had arrived."
On buying strategy: "Buy in panic; any price is a good deal."
On Robinhood: "Vlad Tenev has weaponized the enthusiasm of retail dog traders into a card to fight against Wall Street assets."
On Ethereum: "Everything will eventually settle back to Ethereum; ETH is money, the root of global finance."
On Uniswap's pivot: "It used to be a useless governance token, but now it finally allows token holders to partake in the value created by the protocol."

Main Text

1. Why the Sudden Surge

LG Doucet: We recorded on September 3rd in the afternoon, and this morning I woke up to a sea of green candles, Bitcoin has surged out of its trading range. What exactly happened? Why the sudden increase?

John: Because I was right, and you were all wrong, we are going to Valhalla, and no one can stop me. Just kidding. On a serious note, this round of price increase is due to several factors. The earliest trigger was that short covering when Trump mentioned an exchange at the White House, and Treasury Secretary Scott Bessent announced a buyback of treasury bonds; the market reacted very positively, with a lot of shorts being liquidated. It looks like we are seeing this happen again today.

LG Doucet: What’s different about Bessent's buyback this time compared to before?

John: The previous scale was $2 billion to $4 billion. Now we expect that around September 9th, the Treasury will begin a $12 billion buyback of long-term bonds while reissuing short-term bonds. This shortens the duration of U.S. government debt, effectively adding liquidity to the market, and is also a strong signal that the Treasury is willing to weaken the dollar, support the bond market, and the overall market. I think this is a thing that lit the market.

John: Another factor is the demand and activity explosion in the Robinhood chain ecosystem. They have launchpads and tokenized stocks, which enhance each other. Trading volume, revenue, transaction fees, and user numbers are showing extremely exaggerated figures, and adoption is essentially going crazy. This surge has pulled back into the dog coin pool in the crypto circle money that had stopped moving in AI, even the dog coin funds on Solana are migrating to this ecosystem.

LG Doucet: So where exactly are we now?

John: Many people expect Bitcoin to follow that "vertical line and then drop back to the starting point" pattern, which did not happen. As we record this, we are above $81,000 and still climbing, with Ethereum above $2,500. All of this could change at any moment, but the macro catalysts seem to skew positive, and the possibility of Fed rate hikes is decreasing. I still think they will hold their position. The Clarity Act might pass in Congress within two weeks. The Robinhood chain has reignited the vitality of crypto, and all of this forms a strong bullish logic.

2. Why Uniswap Became John’s Third Largest Holding

LG Doucet: Back to Uniswap, you have told me several times, and I want to hear it again. Plus, this is your first time making a purchase in Milk Road Pro in over two months; a week ago, you bought a batch of UNI. You mentioned they changed their fee structure; what was wrong with Uniswap before?

John: It was not exactly self-infliction, but they were previously restrained by regulation. Gensler's regulatory approach and the so-called Schedule 2 blockage were out there; if they used protocol revenues directly for buybacks, they would be deemed securities, effectively risking imprisonment. So Uniswap's workaround is: instead of buying back directly from revenue, they scrape a little bit from the fees generated by liquidity providers, buy UNI in the open market, and then burn it.

John: The key point is that over the years, Uniswap has constantly been criticized as a useless governance token, only giving you voting rights without allowing you to share in any value created by the protocol. But they are now unifying this process, tying the chain and other things more closely to the tokens, allowing token holders to share in the protocol's business, revenue, and trading volume. Once this knot is untied, plus the massive new trading volumes coming in, it's a particularly bullish scenario for Uniswap.

LG Doucet: At what price did you make this purchase?

John: I wasn't the first to jump in; I only bought a little when I saw it start moving, and I added more during the pullback. Right now, I'm looking at around 30% unrealized gains. The chart had been nearly all downhill before, so there was little technical resistance until about $7. As long as we are in a confirmed digital asset bull market, Uniswap will perform very well in this environment. My current stance is to hold this position comfortably.

LG Doucet: I looked at your portfolio interface in the backend; UNI is now your third-largest position, behind ETH, Bitcoin, and cash, with five or six other altcoins behind it.

John: Yes. This week, I went on a shopping spree; besides UNI, I bought several other things, and the community is very excited. What made me turn bullish? First, Bitcoin has historically led, and I originally wanted to wait until it entered the technical bull market before coming back fully. However, the divergence is increasing, meaning Bitcoin is still volatile while other areas have surged madly, with crypto lending protocols and DeFi protocols being the biggest beneficiaries. Many alt projects look to have bottomed; there’s no reason to expect new lows. Even if Bitcoin retraces, I don’t think UNI will suddenly drop below $4 again. Waiting too long is not beneficial for me.

3. Robinhood Chain and the New Play of "Tokenized Stocks"

LG Doucet: You have been saying Robinhood is impressive, but their on-chain fees last month were only three to four million dollars; for a hundred billion company, that's not much. Can it ignite the whole industry?

John: Only looking at how much they collected in fees this week is too narrow. What it really demonstrates is the future of capital markets, the direction of equity tokenization, and the real strong demand from users for this stuff. It’s a proof of concept that shows this model works, and it also pressures competitors to catch up quickly. Coinbase and their Base chain are responding in real-time and aggressively, and OKX is also pursuing tokenization.

John: What’s even more brilliant is that dog coin activities are forcing market makers to create more tokenized versions of large-cap assets. Now trading pairs are no longer SOL, ETH, USDT, but instead Nvidia, Tesla, Alphabet, and Meta. This transforms dog coin investment and meme activities into a big casino that directs value back to the real economy and market, greatly expanding the range of opportunities and products.

LG Doucet: Many people struggle to understand how these meme coins and underlying stocks are related.

John: It’s best to start with Hayden Adams, the founder of Uniswap, who has in his Twitter bio "inventor of the Uniswap protocol." This guy is one of the most important figures in DeFi, and after being silent for almost seven years, he wrote the first blog post since 2019, titled "Related Trading Pairs," discussing how automated market makers win the biggest markets. The core of what he said is: everything will trade with everything; you can tokenize anything.

John: For example, if I have a Rembrandt painting, I can exchange it directly for Pepe coins or Nvidia through an automated market maker that can automatically match liquidity and settle trades safely, scalably, and in a decentralized way. You definitely need to read this piece; understanding what it unlocks is very important. Jordi Visser featured my interview with Tom Lee in his video this weekend because this concept really resonated with him. Once assets are all on-chain, layered with AI doing proxy finance, speed and capital will accelerate exponentially. The intersection of tokenization, crypto assets, and proxy finance is an exaggeration, and everything ultimately settles through Uniswap and essentially through Ethereum.

LG Doucet: How should ordinary people understand these trading pairs?

John: Previously on Solana, every dog coin was paired with SOL, meaning you filled the liquidity pool with both SOL and Fartcoin, and Fartcoin would rise and fall along with SOL. Now some coins are paired with a stock, for instance, there’s one called Artificial Inu paired with Nvidia. If you want to be a liquidity provider, you have to provide both tokenized Nvidia and this coin together. This is a native gameplay that we've never seen before.

John: I think Vlad Tenev genuinely understands this; it’s not just luck. He has a large group of dog coin investors, and he realizes that if he could put dog coins and tokenized assets together, he can weaponize the enthusiasm of the dog coin trading community into a card to play against Wall Street assets. We wrote about another example in our newsletter where Hims' stock was paired with a dog coin called boner coin. The key point is not to miss this "proof of concept": almost any asset can be paired with any other asset, and once you find product-market fit, the value emerges.

4. Other Moving Directions

LG Doucet: Besides Uniswap, what other directions have been moving that caused you to take action this week?

John: Not just dog coins. The fundamentals are solidifying. Syrup (that is, Maple Finance) is significantly underestimated by the market. Lyra has surged to an unbelievable extent and is likely to continue. Perpetual contract platforms like Hype, Hyperliquid, and Lyra have probabilities of positive catalysts coming soon in terms of news. I don't hold Zcash, but now everyone is going crazy for it; I remember it's nearing or hitting $1,000. Other areas are also bullish; it's hard to ignore.

John: Don’t forget, the confirmation of the bull market actually relies on the resurgence of the dog coin pool. Retail investors have returned with liquidity; who knows where their money is coming from, but the money is indeed there. If Ponds can reach a market cap of 600 million, it shows there is liquidity in the venue.

5. Is It a Bull Market Now? John's Position and Discipline

LG Doucet: Two weeks ago when Bitcoin broke the range and surged past $7,000, we said "earlier than expected." This morning everyone is feeling FOMO, thinking their position is not enough, and the cash they held back for a deeper bottom is wasted. How do you deal with this kind of emotion?

John: There are many emotions. No one knows what Bitcoin will do; it’s in a "Bitcoin-ing" phase, and everyone is uncertain about what to do. The general solution is not to trade based on emotions. You won’t miss the entire market; a bull market won't leave you behind; there will always be positions available for you to enter. Make a plan that suits you, and place trailing buy orders for the assets you want. In a strong bull market, Bitcoin can retrace 30%, and other assets can drop even more, so missing the first wave doesn't mean it's a total loss.

John: I still have a lot of cash and am still considering how to handle it. If the Fed raises rates, the market won’t be lenient; if the Clarity Act fails, it might also deflate some excitement; September in midterm election years has historically been the worst month for holding Bitcoin. But I see all this as short-term fluctuations; the long-term outlook is strong, and it gets better every day.

John: A way to calm yourself down is: if you have nothing, first clearly think about what size position you want, take 5%, 10%, or 15% to buy a small amount to suppress FOMO, and then start dollar-cost averaging slowly to let emotions calm down. Also, we have a great community at Milk Road where everyone can ask, answer, and cross-verify, which can help block your own impulses. Being excited is one thing; don’t let emotions take over your wallet; that’s not a good way to make money.

LG Doucet: FOMO has been due to us watching the prices for eight months. Everyone is asking, "Should we sell now?" but by waiting for a 10% retracement, they missed out and instead chased a 20% rebound.

John: That’s human nature. I buy on the way down, so I’m not panicking on the way up. During those eight months, I have been saying if you were in AI, it’s time to rotate back to crypto. Lastly, I’ll give a suggestion: go touch some grass, spend time with those who love you, don’t keep looking at charts; when you come back, they will still be there.

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