The Revenue Era: Market Colour from Token2049 Singapore
What a quieter, more mature conference told us about where the market is heading into year-end.
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Research & market perspectives
Independent thinking on digital assets.
Fundamental research, market structure, and the forces shaping the next cycle.
Why the Decoupling Thesis Is Early
The market has declared Bitcoin dominance over for the third time. We reject the premise: a structural altcoin breakout built on a collapsing BTC is a mirage, and the long tail thrives only when the foundational liquidity pool is growing.
Paper Claims & The Physical Reality
The prevailing narrative is that Bitcoin has been permanently tamed by institutionalization. We believe this view misses the broader picture: a fundamental transition in market structure driven by the growing divergence between synthetic exposure and strictly scarce physical supply.
Showing 3 of 3 insightsFundamental research. Cycle discipline.