Research
Stablecoins Are Quietly One of America's Biggest Treasury Buyers
Tether now holds more US Treasuries than South Korea. How stablecoins became major buyers of US debt, and the new contagion wire it created.
Macro
Research
The One Rule That Decides the Next Crypto Cycle
One legal line, security or commodity, decides the next crypto cycle. How CLARITY, GENIUS, and MiCA set the ceiling that no chart can show.
Research
So Much for Digital Gold: Bitcoin Just Hit 0.96 With Stocks
Bitcoin was supposed to become digital gold. In 2026 its correlation with stocks hit a record 0.96 while gold soared. What the data really shows.
Research
Crypto's Real Boss Isn't Bitcoin, It's Global Liquidity
Global liquidity is the closest thing crypto has to gravity. How global M2 drives bitcoin, the real lag, and why the link broke in 2026.
Research
The Moat Is the Product
The stablecoin rules everyone feared have arrived. They quietly transfer the franchise to whoever can carry a license, and strangle the edge that built the incumbents.
Research
Tokenized Treasuries Are the Trade Retail Cannot See
The loudest story in crypto is almost never the one that matters. Institutions are moving the safest asset on earth onto chain, and plumbing is where the durable money is made.
Research
Warsh Removes the Floor
The crypto desks are reading the wrong screen. The variable that moves Bitcoin in 2026 sits in the Eccles Building, and the new Fed chair is removing the soft floor under global liquidity.
Research
Macro Is Driving, Crypto Is Just Steering
Bitcoin broke $60K because liquidity left, not because crypto broke.
Research
The ETF Bid Is Conditional, Not Permanent
Spot ETF flows just proved they cut both ways.
Research
Bitcoin Stopped Pretending to Be Digital Gold
This drawdown is a macro trade, not a thesis break.