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MASTR · 2024–2026

Market structure · 3

Liquidity, concentrated supply, execution, fees, leverage and the difference between receipts and returns.

98 · Selected publications · 3/5

American Bitcoin: capital structure and who benefits — original source image
Market structure

American Bitcoin: capital structure and who benefits

That is an important and shocking lesson for everyone who is interested in crypto and who sees Trump linked ABTC, American Bitcoin, $WLFI and USD1 being promoted and shilled everywhere:

Research & analysis5 min
Rising prices, FOMO and retail losses — original source image
Market structure

Rising prices, FOMO and retail losses

A long-form examination of FOMO, influencer narratives, speculative booms and the outcomes faced by retail traders.

Original articles27 min
Market structure

Decentralisation and control · 3 Jan 2026

These are my words, and I mean them seriously. And I say this as someone who wants crypto to succeed. But some chains are lost. Completely lost.

Commentary & rants3 min
Market structure

Criminals run price discovery and we all pretend it is normal.

On 10/10 #Binance printed lows that were statistically impossible compared to every other major exchange. Over 100 pairs deviated more than 10 percent. Dozens deviated 50 to 100 percent. Some went beyond 100 percent. At the same moment.…

Commentary & rants2 min
Market structure

Prediction markets are probably what we deserve

The users decided what this ecosystem would become. Not builders. Not protocols. Not regulators. Users. Capital follows behavior, and behavior made the choice clear years ago.

Commentary & rants2 min
Market structure

ASTER Is Heavily Manipulated! So, who ends up losing?

When we warned about the legal risk around $ASTER , a highly supply-controlled project with artificially inflated volume concentrated in a very small number of entities... we received a lot of hate. No problem.

Commentary & rants2 min
Market structure

Liquidity and market structure · 9 Dec 2025

🔺Every crypto hype cycle runs the same script: New tech buzzword appears Influencers race to position Projects launch without products VC unlocks wait in silence Retail enters on belief Liquidity peaks Dumps start quietly Blame shifts to…

Commentary & rants3 min
Market structure

Risk and speculation · 5 Dec 2025

🔺 Between 70 percent and 90 percent of retail traders lose money Sources: ESMA mandated CFD disclosures, FX industry reports, broker risk statements (fxstreet com, afbis com)

Commentary & rants3 min
How crypto price discovery changed — original source image
Market structure

How crypto price discovery changed

People still trade and tweet as if everything is normal, as if the market structure from 4 or 5 or 6 years ago still exists.

Research & analysis4 min
Stablecoins: reserves, control and infrastructure power — original source image
Market structure

Stablecoins: reserves, control and infrastructure power

A place where you park value, avoid volatility and wait for your next move. In reality they are not a side product. They are the core plumbing that keeps trading, DeFi and liquidity alive.

Research & analysis5 min
Why concentrated supply is not a safety signal — original source image
Market structure

Why concentrated supply is not a safety signal

Bundles raise the day one floor. That is all. No real pressure. No real discovery. Just a trap where early wallets feast while the rest get slaughtered.

Research & analysis2 min
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