Market Structure
How the crypto market is actually wired — trend regimes, token launches, on-chain credit and the microstructure behind every repricing. The reads behind the desk's structural positions.
Base creator coins failed: dead model or bull reset?
Pollak admits the creator-coin bet was wrong and hands Base to Cobie. Dead value-accrual model, or the bull case?
How to track crypto whale wallets (free tools, 2026)
What a whale wallet is, why flows beat price, and the free toolstack — explorers, DeBank, Arkham, Nansen, Dune. How to find an address, what to watch, the traps.
DeBank alternatives: 7 wallet trackers compared
Arkham, Nansen, Zerion, Zapper, free explorers and Dune vs DeBank — chains, free tier, whale labeling and best-for. Honest, no shilling.
How to read a whale portfolio like a desk
Position sizing, entry vs cost basis, leverage, LP vs directional, stablecoin dry powder, cross-chain spread — how the desk tells conviction from noise.
Fast trend following died in 2009 — crypto never got the memo
CFM's paper: short-term trend Sharpe fell 0.84 to 0.12 after 2009, killed by HFT market making. In crypto, trend still works — for now.
What is a TGE — and why do 84% of them end up underwater?
Token generation events: the mechanics, the 2025 valuation reset, unlock science from 16,000 events, and the desk checklist.
Bitcoin-backed credit: new market or old leverage?
Strategy sold 3,588 BTC to pay dividends on its credit securities while Metaplanet moves to let Bitcoin underwrite Japanese corporate debt. Two things are being sold as digital credit. Only one is a new market.
Robinhood Chain, week one: the broker eating crypto's rails
Seven days after mainnet it flipped Hyperliquid in 24h DEX volume, crossed $1B cumulative and ~350k addresses. Why a regulated broker absorbing crypto's rails is the real story — not a token.
Dual equity/token structures: is the token just exit liquidity?
The Venice $VVV debate — Dragonfly vs VIKTOR and Fiskantes on whether a token in a dual equity/token structure is real ownership or retail exit liquidity.