Daily Note · 10 Sep: Institutions Buy, Flows Sell
Institutional capital deepened its commitment to crypto infrastructure even as short-term ETF flows turned negative and Treasury yields kept climbing.
Articles
Long-form thinking on markets, systems, and behavior. Written to explain, not to persuade.
Daily Note · 9 Sep: Crypto Tracked Gold, Not Stocks
Bitcoin climbed while European equities fell on Iran-related shocks, tracking gold rather than risk assets. Sentiment eased even as price extended, and regulatory friction kept building underneath.
Why Yield Farming APY Hides Impermanent Loss
Advertised APY is a gross number. Why impermanent loss is the hidden cost behind yield farming returns, and how price divergence quietly erases the yield.
Daily Note · 8 Sep: Whales Sit On Record Gains
Bitcoin drifted lower under macro pressure while whale unrealized gains hit a record $9B - a setup where the largest holders have the most reason to sell into any strength.
Daily Note · 7 Sep: Distribution Without Panic
Bitcoin held near $79,500 as whale wallets flipped into broad net distribution for the first time since June, even as a separate theft-linked wallet kept draining in the background.
Daily Note · 6 Sep: Greed Held, Custody Didn't
BTC extended its climb above the 20-EMA while sentiment held at Greed, but a custody gap at a Tether-backed platform and new stablecoin research pointed to friction underneath the calm.
XRP Holds Above $1.40 as Monthly Momentum Cools Toward Key Support
XRP consolidates near $1.42 after a strong monthly run, with weekly gains offset by a two-week pullback. This week's structure points to a defined support-resistance band as the market digests recent momentum.
What Is a MEV Sandwich Attack? What It Really Costs
A MEV sandwich attack extracts measurable value from DeFi trades by exploiting transaction ordering and the slippage tolerance you set before confirming.
Daily Note · 5 Sep: ETF Buying Absorbed a Payrolls Shock
A strong payrolls print pushed Bitcoin below $80,000, but the pullback stayed shallow while ETF inflows kept climbing - a structural mismatch worth naming.
Daily Note · 4 Sep: Flow Returned, Conviction Didn't
Bitcoin cleared $81,000 as privacy coins led a broad rally and ETF inflows hit their highest since January - but the structure underneath the move told a more divided story.