Writing
On institutional market structure, digital asset infrastructure, and the evolution of capital markets.
Part I of II · Digital Asset Market Structure
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. Understanding why requires starting somewhere most crypto analyses do not.
Part II of II · Digital Asset Market Structure
Tokenized equities, 24-hour equity trading, and commodity perpetuals are arriving. The question is what happens to concentration when deliberate fragmentation begins — and whether digital-native markets can solve a harder version of the liquidity problem faster, with fewer guardrails.
