How Liquidator Bots Win DeFi Liquidation Auctions
How liquidator bots race to win DeFi liquidation auctions: the health factor trigger, the 5-15% liquidation bonus, and the gas wars that decide who captures it.
Articles
Long-form thinking on markets, systems, and behavior. Written to explain, not to persuade.
Daily Note · 4 Aug: Calm Absorbing Bad News
Bitcoin pushed back toward $64,000 despite an unresolved wallet exploit and a rare US-Japan currency intervention, even as sentiment stayed pinned in extreme fear.
Daily Note · 3 Aug: Selling Under the Surface
A Coldcard exploit entering its fifth day and Strategy's quiet bitcoin trim both point to the same thing: selling that isn't panic, just steady pressure.
Daily Note · 2 Aug: Small Wallets Ran To Exchanges
A wallet-level exploit and a steady corporate sell-down both pointed the same direction: smaller holders and disciplined sellers are both routing supply toward exchanges while price barely moves.
XRP Consolidates Below $1.10 as Fear Dominates and XRPL 3.3.0 Looms
XRP holds a tight $1.04–$1.08 range this week as Fear & Greed sentiment weighs on price and traders await the XRPL 3.3.0 upgrade for directional conviction.
What Happens During a Flash Loan Attack
A structural breakdown of how flash loan attacks work, why they exploit protocol logic rather than the loan mechanism itself, and what traders can learn from them.
What Is a Governance Token? How Voting Works
What is a governance token? It is a vote weighted by wallet balance. Here is how DAO voting works mechanically, and why the largest holders decide outcomes.
Daily Note · 30 Jul: ETF Trickle, Perp Whipsaw
Bitcoin held near $64,000 through a Fed-driven whipsaw that cleared $280M in leveraged positions while ETF flows stayed near the smallest monthly pace on record.
Daily Note · 29 Jul: Fear Persists as Price Recovers
BTC reclaimed $64,000 ahead of Wednesday's Fed decision, but ETF outflows extended to a fourth session and sentiment stayed in Fear - a split between price and positioning that the market hasn't resolved.
Why Crypto Prices Differ Across Exchanges
Crypto prices differ across exchanges because every venue runs its own order book. Why the gaps open, how fast arbitrage closes them, what a stuck gap means.