Today, there are hundreds of different crypto cards to choose from, many of which offer marginal improvements over the next. But the winners will likely be the companies that use cards as an entry poi...

HIP-4 introduces a new contract type that lets users trade discrete event outcomes alongside spot and perps on Hyperliquid. For tradfi readers, these outcome markets essentially function as binary opt...

A cyclical macro framework that leads downside volatility and asset prices...

Aave has dominated DeFi lending from the beginning. Morpho has emerged from a once-saturated competitive landscape to become the most serious challenger Aave has ever faced....

Strategy traded a deadline for a runway. MSTR now plays a supporting role while STRC takes center stage....

Digital asset secondary markets have structurally flipped from token-dominated to equity-preferred, with equity commanding a 2x size premium and 5 of the top 12 most sought-after assets now being AI/d...

I have received some feedback since my initial Pair Trading report talking about how pair trading can be quite destructive. Of course that is true, but that usually happens because (1) you were wrong...

Fragile Conditions + Trigger = Recession...

Most Bitcoin capital destruction occurs not at entry but when coordination fractures and investors fail to recognize the shift. This report introduces a behavioral regime classifier that identifies wh...

Stablecoins have crossed the chasm that once differentiated them as simply a form of digital fiat into what could now be considered the rails to a new financial infrastructure for the institutional wo...

The common critique of equity perps is that funding is expensive, order books are thin, and mark-to-underlying spreads are noisy. Using 22,672 hourly observations across 13 equity perps on Hyperliquid...

Most crypto traders treat conviction as a single-name bet, long HYPE and absorb whatever the market throws at you. Over ~1 year of data, that meant 104% annualized volatility, a -64% max drawdown, and...

Bitcoin was supposed to be freedom money. What we got was a Blackrock ETF. Every transaction visible forever. Every balance trackable. Nearly 9% of supply sitting in ETFs and government treasuries....

President Trump’s August 2025 Executive Order directing the Department of Labor (DOL) to expand 401(k) access to alternative assets could reshape Bitcoin’s demand structure more profoundly than ETFs e...

While CT chases the next perps protocol, traditional options just printed their 6th consecutive record year—processing $185B in July alone. Yet crypto options remain dominated by a single CEX (Deribit...

After nearly an entire decade, the crypto space is coming full circle back to the age-old narrative of facilitating cross-border payments and onboarding the institutions. From the proliferation of sta...

Circle and Tether's moat is eroding. As distribution trumps network effects and white-label providers commoditize issuance, chains and apps are internalizing the yield that once flowed to incumbents,...

This is not a technical explainer, it’s an EV-weighted, liquid allocation framework for positioning ahead of two potential Solana perp DEX winners. Bullet is the more proven, lower-variance, closer-to...

In this update, we revisit Shuffle ($SHFL), one of crypto’s most cash-generative businesses. Since our original report in July, the project has delivered ~45% revenue growth, consistent lottery engage...

Paradex represents a high-conviction bet on a fundamentally different approach to building an exchange. It’s not the easiest path and is far from consensus. Ultimately, my thesis is that we see a zero...