Bitcoin derivatives analysis: Open interest and funding
A rising dollar value of open interest combines changes in outstanding positions with changes in price. A dated Bitcoin case study separates the two and tests what the evidence can support.
Crypto market and macro analysis
Assess how rates, liquidity, regulation, the dollar and commodities affect crypto markets, using dated evidence and alternative scenarios.
All Markets & Macro coverage
Crypto markets after MiCA: access, trading routes and liquidity
MiCA crypto regulation can change service access without changing a token’s global price. We examine permissions, trading routes and liquidity through current sources and a worked cost example.
Tokenized gold: PAXG and XAUT custody and exit risks
Tokenized gold gives access to gold exposure without moving bullion. For PAXG and XAUT, custody rights, total costs and a usable exit matter alongside the price.
Spot Bitcoin ETF flows and price: two quarters of IBIT
IBIT’s first-quarter reports for 2025 and 2026 show different sides of fund demand. Separating gross creations, redemptions, cash movements and fund size clarifies which questions remain open when interpreting price.
Bitcoin and the dollar: when does inverse correlation break?
A dollar rally and a Bitcoin sell-off can look like a dependable trading rule. The useful question is whether their relationship survives a different period, measurement method and market backdrop.
How do Fed rate decisions affect crypto? Three scenarios
The size of a rate cut is only part of the story. Its cause, inflation expectations and financing conditions can lead to very different outcomes for crypto.