Across Bitcoin’s history, November has consistently behaved as a structural pivot month and the timing of its monthly low often reveals the underlying market regime.

Between 2020 and 2024, the distribution of November lows shows a clear bifurcation: in bullish markets Bitcoin bottomed within the 1st week of the month, while in bear or tr

I’m thinking something like this for MON prob…

– premarket traders, apparently.

I did premarket trading for the first time to long MON under $6B. Here’s my mid-curve thesis:

Do you guys really think they raised $250M, took 3 years to rebuild Ethereum from the ground up, hired CTs top social media gurus, went super polished overkill on ev

10/29’s FOMC meeting could quietly mark the end of the quickest/steepest balance sheet run-off in modern history.

The Fed’s total assets (WALCL) have fallen $2.39 trillion since 2022, a –26.6% drawdown over 1,288 days, the steepest and fastest decline ever recorded. For comparison, the 2015-2019 QT cycle only reached -16.8% over nearly

When I dropped my Paradex deep dive last month, I laid out why their first-principles approach could redefine DeFi exchanges. Recently, after the October 10th crypto massacre, I caught up with Paradex founder Anand to discuss how they weathered the storm.

In this short update, I want to zero in on an under-discussed aspect that Anand and

BTC remains caught between the 9EMA and 21EMA on the 1D chart. Until a confirmed crossover occurs, I don’t expect a sustained trending move. The current setup reflects typical compression behavior – sideways chop as EMAs slowly converge.

The projected 1D EMA 9/21 crossover is currently set for late November, but that estimate will shift

Last week, the Hyperliquid team enabled HIP-3, opening the door for permissionless, builder-deployed perp markets. Shoku and the TradeXYZ team were the first to launch one, XYZ100, an RWA perp tracking Nasdaq futures. If you need some background on HIP-3, there’s a good deep dive here.

Of course RWA perps are nothing new, but seeing a U.S

Coinbase just acquired Echo for $375M. Coinbase appears to be leaning heavily into the Internet Capital markets (ICM) narrative. Here is a quick post discussing debriefing the move and what it means for Base ecosystem, including Noice, an ICM sleeper.

Coinbase’s ICM pitch is similar to the original Solana ICM thesis, nicely summarized her

Introduction

BTC/Gold remains in a corrective phase, but for now my base case is that this is a typical pullback rather than the start of a new bear market. A local bottom could form sooner, with the next 9/21 EMA cross-up likely confirming a new leg higher between late November and late December.

The BTC/Gold ratio has long served as a

Open interest (OI) on perp DEXs has been absolutely decimated since late last week, dropping as much as 40% from peak to trough.

Why am I pointing this out? Because OI tends to drop when interest wanes or we hit a liquidity flush, and we just saw the biggest liquidity flush ever on DEXs, with ~$19 billion in positions wiped out across th

MetaDAO has been a long time favourite of some of us at Delphi (disc: one of them is me/I own META) and have been following the project from the early days. We wrote the deep dive last October with “Markets Will Save the World”

Recently, MetaDAO has seen a resurgence after doing their token split, announcing new features and the success o