Insights

On institutional market structure, digital asset infrastructure, and the evolution of capital markets.

Digital Asset Market Structure

The Perpetual Motion Machine: Crypto's Best Invention Is Now Everyone's Problem to Solve

Centralized perpetual exchanges processed $85.3 trillion in 2025, the most active year in the product's history. Now the format is spreading to stocks, commodities, and pre-IPO names — and its structural weaknesses matter more once it leaves crypto's home turf.

July 23, 2026

DIGITAL MARKET STRUCTURE: Part II of II

Convergence and Fragmentation: How Crypto Market Structure Is Reshaping All Asset Trading

What did crypto build that the rest of finance is now rebuilding to inherit? Global access, 24/7 markets, instant settlement, and the perpetual future. The format is becoming the default for everything.

May 5, 2026

DIGITAL MARKET STRUCTURE: Part I of II

The Gravity Problem: How Crypto Liquidity Concentrates and What That Tells Us

Roughly 55 cents of every dollar traded in crypto spot markets flows through exactly two assets. That number is not a sign of immaturity, it is market structure doing exactly what market structure is designed to do.

April 24, 2026