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...

Capable models now run at cents per million tokens and get swapped by the week, which has made the model the commodity in the stack. The value moved up a layer, to the harness that holds your context,...

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....

Jupiter has never raised a traditional venture round. The only known external investment is ParaFi Capital's recent $35M investment in Feb 2026, half a decade into its operations. With that near-zero...

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....

2025 has been an exceptional year for stablecoins. So much so, that our thesis is that stablecoins will play a huge role on the infrastructural level going into the new year. From cross-border payment...

Crypto is closer than ever to a breakout consumer app. This report reflects the industry’s shift in focus, discussing the applications poised to onboard the masses....

The Year Ahead for Markets 2026: After two years defined by liquidity withdrawal and elevated policy rates, 2026 marks a critical inflection point. This report explores how the macro regime is shiftin...

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...

The Macro & Market chartbook examines many of the key macro & market themes taking place throughout the course of the year. The chartbook publication aims to marry the top down macro-liquidity...