Long-form analysis focused on structure, incentives, and system behavior over time.
Research
What Stablecoin Supply Represents Stablecoin supply is often treated as a direct measure of liquidity entering or leaving digital asset markets. In practice, it reflects the capacity for liquidity, not its immediate deployment. An increase in supply indicates that capital has been tokenized into a form that can be used
Research
Exchange flows are often treated as directional price signals. They are not. They are better understood as reflections of liquidity conditions and risk posture. During periods of expanding liquidity, exchange inflows and outflows tend to be interpreted aggressively. Assets moving onto exchanges are assumed to signal imminent selling. Assets leaving