Integrated analysis connecting market structure, on-chain behavior, regulation, and macro forces.
Structure
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 not cosmetic. It is structural. Ownership tells us who benefits. Custody tells us who controls access. Control tells us who can act under stress.
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.