Alpha Insights

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 […]

ETH Restaking Update - Flows Steady
By
Anil Lulla•
With the recent underperformance of $ETH, I thought it would be beneficial to analyze ETH restaking flows. Even with ETH’s […]

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, […]

Flash Update: Majors & L1s
By
Anil Lulla•
Given the overnight move in the Majors, ETH is now negative on a year-to-date basis (-2.6% as of 3:00 AM […]

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 […]

ETHE Outperforms Spot ETH
By
Anil Lulla•
ETH’s price pop this week is fueling a revival of bullish sentiment across crypto markets. The world’s second largest crypto […]
Ethereum 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.

NFTs & GamingGet Ready to BLAST Off
By
Anil Lulla•
We explored how based rollups, preconfirmations, and shared sequencing can help to fix Ethereum's liquidity fragmentation

InfrastructureBased Rollups: The New ETH Alignment
By
Anil Lulla•
We explored how based rollups, preconfirmations, and shared sequencing can help to fix Ethereum's liquidity fragmentation

Artificial IntelligenceMarket Note: The Surprising Interplay of AI & Cryptocurrencies
By
Anil Lulla•
A recent and dramatic surge in artificial intelligence innovation has likened the field to a Cambrian explosion. AI went from the realm of science fiction for many to something rapidly approaching reality.

DerivativesAnalyzing Leverage Ratios and Altcoin Price Movements
By
Anil Lulla•
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 respect it.
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