For the dough:
3¼ cups (16¼ ounces) all-purpose flour
2¼ teaspoons instant or rapid-rise yeast
2 teaspoons salt
1 cup (8 ounces) whole milk, room temperature
⅓ cup (2⅔ ounces) water, room temperature
¼ cup (1¾ ounces) granulated sugar
2 tablespoons unsalted butter, melted
For the brown sugar coating:
1 cup packed (7 ounces) light brown sugar
2 teaspoons ground cinnamon
8 tablespoons (4 ounces) unsalted butter, melted and cooled
For the glaze:
1 cup (4 ounces) confectioners’ sugar
2 tablespoons whole milk
To make the dough, whisk flour, yeast, and salt together in bowl of stand mixer. Whisk together milk, water, sugar, and melted butter in 4-cup liquid measuring cup until sugar has dissolved. Using dough hook on low speed, slowly add milk mixture to flour mixture and mix until cohesive dough starts to form and no dry flour remains, about 2 minutes, scraping down bowl as needed. Increase speed to medium-low and knead until dough is smooth and elastic and clears sides of bowl but sticks to bottom, 8-10 minutes.
Transfer dough to lightly floured counter and knead by hand to form smooth, round ball, about 30 seconds. Lightly greatse a large bowl or container and place dough seam side down. Cover tightly with plastic wrap, and let rise until doubled in size, 1½-2 hours. (Unrisen dough can be refrigerated for at least 8 hours or up to 16 hours; let sit at room temperature for 1 hour before shaping.)
When the dough is ready to shape, make the brown sugar coating. Thoroughly grease 12-cup nonstick Bundt pan. Combine sugar and cinnamon in medium bowl. Place melted butter in second bowl.
Transfer dough to lightly floured counter and press into rough 8-inch square. Using pizza cutter or chef’s knife, cut dough into 8 even strips. Cut each strip into 8 pieces (64 pieces total). Cover loosely with greased plastic.
Working with a few pieces of dough at a time (keep remaining pieces covered), place on clean counter and, using your cupped hand, drag in small circles until dough feels taut and round. Dip balls in melted butter, then roll in sugar mixture to coat. Place balls in prepared pan, staggering seams where dough balls meet as you build layers.
Cover pan tightly with plastic and let rise until dough balls reach 1 to 2 inches below lip of pan, 1½-2 hours.
Adjust oven rack to middle position and heat oven to 350º. Bake until top is deep golden brown and caramel begins to bubble around edges, 30-35 minutes. Let bread cool in pan for 5 minutes, then invert onto serving platter and let cool for another 10 minutes.
While the bread cools, make the glaze. Whisk sugar and milk in bowl until smooth. Drizzle glaze over bread, letting it run down sides. Serve warm.