Research
Liquidity Cycles
How global liquidity expansion and contraction transmit into crypto markets and shape behavior.
Synthesis
When Liquidity, Custody, and Control Diverge
Liquidity, custody, and market structure are often discussed independently. In practice, they are inseparable. Liquidity determines whether an action is possible. Custody determines who can act. Market structure determines how stress propagates. During periods of abundant liquidity, these distinctions appear academic. Assets move freely. Access feels universal. Risk appears distributed.
Research