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

Are high ETH fees on Ethereum bullish or bearish? Anytime someone asks this question you get the usual troll response “Ethereum is too expensive, nobody goes there anymore” and while true, I think it’s worthwhile to dissect this point of view instead... Read more

About a week ago, Stan Druckenmiller gave a relatively rare interview and Q&A session on a variety of macroeconomic topics and themes that he is paying attention to during these uncertain times. For those unaware, Stan is one of the GOAT macro invest... Read more

Crypto ramps suck. On-ramping from a bank account > CEX > Web3 wallet can take up to 6 days. Thanks to Coinbase’s debit card and similar new products, off-ramping to make a payment can take as little as 10 minutes, but the UX is far from ideal. To fu... Read more

Since March, there has been a significant increase in the notional open interest of NFTPerp, exceeding 1500 ETH and maintaining that level throughout the month, despite a slight decline towards the end of March. In April, it bounced back and peaked... Read more