Since the peak of the BTC bull market in late 2017 (when we saw over 2.8 million BTC transactions confirmed in a single week) the network has yet to reach a higher weekly total. That was until two weeks ago when nearly 3 million transactions were c... Read more

I’ll admit that’s a dramatic headline, but I’m still a bit in awe at how well BTC continues to track its post-ATH drawdown from last cycle. I’ve shown this chart before, and right now BTC is trading exactly where it was at the start of June 2019, ju... Read more

NFT marketplace DMarket has seen almost $9.5M in sales volume over the past week (~$1.6M in 24hrs) all thanks to CS:GO in-game items! It is still true that platforms such as Opensea and Blur maintain the lead, holding levels of more than $2M and $8... Read more

This month’s musings have less to do with “the market” per se and everything to do with “the system” we’ve come to see as constant and never-changing. Ever since the fall of the Berlin Wall in 1989, the Washington Consensus has been the dominant pa... Read more

Over the last 12+ months, metrics such as open interest, volume, cumulative volume, deltas, funding rates, etc. have become more popular. I have written about these metrics more extensively in many of our Market Notes as well as in our Markets Framew... Read more

Throughout April, major NFT marketplaces such as OpenSea, Blur, OpenSea Pro, and X2Y2 all witnessed a decline in weekly trader counts, indicating a continuing downward trend in NFT trading since February 2022. The peak trader count for the year was... Read more

Market psychology is an often underestimated tool, but essential for anyone pursuing some form of discretionary asset management strategies. Specifically, there a few areas of market psychology in which participants should be aware: the psychology o... Read more

The U.S. government spends more money than it makes. This is, of course, obvious as it’s been this way since the 1970s — and that’s being generous… To fill the yawing gap between receipts and outlays, the good ole U.S.G. shills Treasuries: debt secu... Read more

With people focusing on $PEPE, another meme coin trend has seemingly snuck under the radar, BRC-20s. As readers remember, BRC-20s are a novel token standard that uses Ordinal Theory to mint and transfer tokens directly on Bitcoin L1. There are now mo... Read more

Leverage is a double-edged sword, and is frequently misunderstood in the realm of crypto trading. While it can act as a profit multiplier for disciplined traders, it simultaneously serves as the harbinger of liquidation emails for those who do not r... Read more