Jul 7, 2026 | Chainletter
Our internal risk regime indicator has moved from Neutral-Low to Risk-On. This has surprised us, but that’s the nature of models. They take away the emotion. We’re not going crazy on this development, as we consider that major challenges remain for bitcoin in...
Jun 11, 2026 | Chainletter
Bitcoin is back at its 2021 peak and nobody can quite agree why. Around it, markets are behaving in ways that don’t fit the traditional models: bonds and gold telling opposite stories, indices propped up by passive flows, and a US$4 trillion IPO wave being...
Jun 3, 2026 | Chainletter
Why bitcoin’s breakdown could be crypto’s most important moment. Bitcoin and most crypto prices have fallen sharply over the last few weeks. It’s hard to see how bitcoin recovers from this point. Given its dominant market share of the sector that’s clearly...
May 28, 2026 | Chainletter
Executive Summary The central question this report addresses is one we have heard repeatedly since publishing History Doesn’t Repeat, But It Rhymes. What exactly do you own when you buy a crypto token? Most investors assume the answer is that token ownership...
