Latest posts
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Bitcoin: how the four-year cycle framework holds up now that institutions set the marginal price
The halving cycle shaped every previous Bitcoin bull market. With regulated funds now setting the marginal bid, the framework needs adjusting rather than discarding.
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Ethereum: valuing a network that is also a monetary asset
ETH is simultaneously a commodity that pays for computation, a yield-bearing staked asset and a speculative store of value. Those three identities pull the price in different directions.
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Altcoins: a framework for separating infrastructure from narrative
Most altcoin rallies are liquidity events dressed as technology stories. A few are not. Telling them apart requires looking at usage, supply schedules and who is actually holding.