Alpha Insights

Pre-Election Jitters & Positioning
By
Anil Lulla•
It’s gonna be a big week. Everyone is waiting with bated breath as the 2024 election looms large. Pre election […]

Bitcoin's Uptober
By
Anil Lulla•
With only a few hours remaining until we close out another monthly candle, we want to draw attention to some […]

Are The Stars Finally Aligning?
By
Anil Lulla•
Many are downright exhausted from the last several months of false breakouts and seemingly endless chop in crypto markets. Yet […]

Not a Bull Market, Not a Bear Market, but a Third Thing
By
Anil Lulla•
Have we even had a bull market? Sure, BTC has had a good year, SOL and memes have done well, […]

Riding Market Momentum
By
Anil Lulla•
Momentum is the most powerful force in markets. And right now, stocks are taking it on the chin. Plenty of […]

Liquidity Headwinds Play Catch Up
By
Anil Lulla•
The crypto faithful are an enthusiastic but impatient crowd. The last couple months of choppy price action has been frustrating […]
Bitcoin Research Reports

Layer 2 / L2Solana the Modular
By
Anil Lulla•
As a follow up to last year's "Solana the Monolith", this report explores Solana's evolving role in the modular landscape, highlighting its transition from a highly integrated system to one where its core components, particularly the SVM, are being leveraged across Bitcoin, Ethereum, and beyond.
We dive into the decoupling of the SVM, its impact on existing ecosystems, and the rise of Solana's L2 solutions. These L2s, coupled with new additions for zk-proof verification and interoperability, represent a new wave of modularity on Solana, pushing its boundaries.
The report also examines Solana Permissioned Environments (SPEs) as a strategic move toward institutional adoption, offering compliance and customization for regulated entities. Finally, we explore Solana's role as a shared sequencer for EVM rollups and its potential to enhance cross-chain interoperability.

Macro & MarketsDog Days of Summer
By
Anil Lulla•
The first half of 2024 has been a tale of two seasons for crypto markets. We went from a classic crypto summer to the dog days of summer.
It looks like we’re finally emerging out of our first bull market pullback. The last few months have been difficult, and the chop caused many to question whether the cycle was over. Now, with the ETH ETF and US election on the horizon the market is starting to get bulled up again.
This deep dive aims to cut through the noise and explore:
1) what’s happened YTD across crypto markets
2) the state of play today
3) our thoughts on the future
This piece compliments our macro report — The Dark Night Rises — that dropped earlier this month. We hope you enjoy.

Global Macro ThemesThe Dark Night Rises - Part 1
By
Anil Lulla•
This is one of the most challenging macro environments we’ve seen in a long time. The latest soft data seems to illuminate a path to rate cuts and a soft landing, but that rosy outlook could change quickly. As we know, the macro environment influences all risk asset markets, and this year has been no exception. This report outlines where we are today, and explores how the future might play out. We discuss the most important macro drivers — global liquidity, rates, and economic data — that impact everything from the S&P500 to Dogwifhat. With markets chopping and calls for a bear markets rising, it’s time for another macro deep dive.

Layer 2 / L2The Dawn of Bitcoin Programmability: Paving the Way for Rollups
By
Anil Lulla•
Bitcoin's scripting system is inherently limited in its programmability. Consequently, bridges to Bitcoin rely on multisigs and federation control, introducing trust. This has constrained Bitcoin's utility.
Recent advancements are enhancing programmability on Bitcoin. BitVM, its successors, and CatVM are enabling the verification of off-chain programs on Bitcoin through fraud proofs. This improves the current state of bridging on Bitcoin, minimizing the reliance on trusted multisig setups and federated bridges.
This report explores these recent advancements, including BitVM, CatVM, Lamport signatures, and the proposed OP_CAT opcode, along with their implications for trust-minimized bridging & zk-rollups on Bitcoin.

Macro & MarketsHigh off the Halving
By
Anil Lulla•
With the Bitcoin halving top of mind this week, our markets team issued a brief note to update their views on the short and longer-term outlook for BTC.
The Delphi Research team has done a ton of work on many of the topics discussed in the memo, and we include plenty of links to prior deep dive reports and Alpha Feed posts for those seeking more context on all that's happening in the Bitcoin ecosystem.

BRC-20 / OrdinalsYour Guide to Ordinals and BRC-20s
By
Anil Lulla•
The report discusses the emergence of Ordinals and the BRC-20 token standard on the Bitcoin network, marking a transformative period in Bitcoin's history. It explains that Ordinals are specific Satoshis inscribed with data, creating a market for digital artifacts valued over $1.8 billion. The BRC-20 standard allows for the creation and transfer of tokens using JSON data on Ordinals. It details the technology behind Satoshis, the functionality of Ordinals, and the interaction through a mempool for transaction processing.
The report also highlights the unique features of Ordinals compared to NFTs, including their mutable on-chain storage and ordered nature. It describes various applications in the Ordinals ecosystem, such as marketplaces and tools for trading, deploying, and lending. Additionally, it covers recent developments like recursive inscriptions and alternative token standards, illustrating the ongoing evolution of the Ordinals and BRC-20 space. Finally, it touches on both optimism and skepticism regarding the future of Ordinals, indicating potential challenges and ongoing infrastructure enhancements.
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