Integrated analysis connecting market structure, on-chain behavior, regulation, and macro forces.
Structure
Beginner Learning Path — Part 5 of 5 This is the final essay in the Beginner Learning Path. → Previous: Where Control Lives → Beginner Learning Path Most wealth systems are built to measure value. Very few are built to remember how that value was created, protected, or nearly lost. This omission is
Synthesis
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.