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Bitcoin(CRYPTO: BTC) and Ethereum(CRYPTO: ETH) are “really underowned” assets as far as Milk Road analyst John Gillen is concerned.
Even so, he says market participants that have not captured the latest rally should refrain from “panic-chasing.”
Why Was Last Week’s Crypto Rally Inevitable?
Speaking on the Milk Road podcast on Monday, Gillen stated that Bitcoin’s volatility had dropped to levels seen in only 6% of its entire history before last week’s explosion.
Volume was historically low, open interest was climbing, and the market was heavily positioned for further downside.
Two unpriced catalysts flipped that setup: Treasury Secretary Scott Bessent announced expanded bond buybacks, and President Donald Trumpnamed Hyperliquid at the White House.
Together they triggered over $4 billion in short liquidations and Bitcoin’s largest weekly dollar gain on record.
The signal Gillen is watching now is whether spot volume keeps supporting the move — so far it is, with ETF inflows and spot markets both holding the bid since the squeeze.
What Gillen Says About Deploying Cash
Gillen told listeners that he is not chasing the current price and is waiting for one of two things before deploying his remaining cash.
Either Bitcoin posts a weekly close above $82,000 to $83,000, confirming a technical bull market, or the market pulls back into the $70,000 to $74,000 range for a higher-low that would be an even cleaner entry.
He called chasing the pump at current levels poor risk management when confirmation is still pending.
For those feeling FOMO, Gillen suggested taking 5% to 10% of intended capital to get a small position, not to complete the allocation but to calm emotions and think more clearly about the rest.
Why Is Gillen Most Bullish on Ethereum?
Gillen called Ethereum the most misunderstood asset in the market right now, with tokenization, stablecoins, and agentic AI payments concentrated in its ecosystem:
- Ethereum holds 65% of the tokenized real-world asset market
- Ethereum holds 52.9% of total stablecoin market cap
- Robinhood (NASDAQ:HOOD) and Coinbase (NASDAQ:COIN) are both building their own chains on Ethereum, reinforcing its role as the neutral settlement layer for the next generation of finance
“Nobody owns any ETH,” Gillen said. “Nobody owns any Bitcoin. And they’re two of the best assets in the market.”
He expects Bitcoin above $82,000 within the next week if momentum holds, calling it a coin-toss between breaking into a technical bull market or forming a higher low before the next attempt.
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