How Crypto Custody Actually Works
How crypto custody works: omnibus versus segregated accounts, qualified custodians, multi-party computation, and what actually…
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Market Trends
Structural shifts in crypto markets: liquidity, regulation, custody, institutional participation and infrastructure. Analysis only, never price prediction.
Proof of Reserves: What an Attestation Proves
What proof of reserves actually demonstrates: assets versus liabilities, Merkle tree inclusion, the omitted-liability problem and…
What Crypto Market Makers Actually Do
How crypto market makers work: spreads, inventory risk, retainer versus loan-and-option deals, and why the contract structure…
Reading On-Chain Data Without Fooling Yourself
Why on-chain metrics mislead: addresses are not users, volume is not economic activity, and the clustering assumptions behind…