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MASTR · 2024–2026

市场结构 · 2

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

98 · 精选文章 · 2/5

市场结构

Paid promotion · 2 Jun 2026

Andrew Left, the founder of Citron Research, has been found guilty of securities fraud after prosecutors said he used his public influence to move markets through tweets and research calls, then traded around those moves for profit.

研究与分析2 min
市场结构

Bitcoin: attention and incentives · 1 Jun 2026

He did it because Strategy is a company, and companies exist to protect capital, manage liabilities, satisfy shareholders, service obligations, and extract profit when the structure demands it.

评论与直言2 min
市场结构

Liquidity and market structure · 24 May 2026

"Waiting on a Sunday afternoon For what I've read between the lines Your lies Feelin', like a hand in rusted shame So do you laugh or does it cry”

评论与直言5 min
市场结构

Much of the time it is simply decay wrapped in better marketing.

The $ASTEROID and $RAVE mess, and nearly everything that supposedly reached serious market cap territory since around January 2025, keeps pointing to the same rotten conclusion: almost nothing in this space becomes large without being…

评论与直言2 min
Conflict, liquidity and crypto: a March 2026 scenario analysis — original source image
市场结构

Conflict, liquidity and crypto: a March 2026 scenario analysis

Within the first 24 hours after the large-scale US-Israeli strike on Iranian strategic targets, total crypto market capitalisation fell by roughly 5 – 8 %, Bitcoin dropped about 6 – 9 %, and leveraged long positions worth more than $1…

研究与分析6 min
市场结构

Web3 culture · 18 Feb 2026

Not because the charts look bad at the moment or because the market cap is bleeding, but because the narrative that once carried us has thinned out into something I can no longer defend with the same conviction.

评论与直言2 min
The state of the memecoin market in February 2026 — original source image
市场结构

The state of the memecoin market in February 2026

Listen carefully, because the phase we are in right now is not a market condition, it is a structural exposure of how fragile the entire web3 and CT economy actually was once the vertical liquidity stopped.

研究与分析6 min
市场结构

Exchange accountability · 8 Feb 2026

If we want real change, token and coin teams must be the first to act. But they are the worst when it comes to hypocrisy.

评论与直言3 min
市场结构

A liquidation counter is not a single trade

“CEX Futures Liquidations #ETH Liquidated Long: 1,345,535,687” means the sum of many long liquidations across exchanges over a short window.

研究与分析2 min
市场结构

Decentralisation and control · 11 Jan 2026

I get asked about this constantly, so I want to answer it here once for everyone. Unfortunately, I receive more questions about $whitewhale than about my own project.

评论与直言3 min
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