Field notes on crypto market structure.
A short, occasional letter on what we're seeing in crypto market structure. Patterns from the order books and on-chain feeds, cases from recent anomalies, and brief writing on how to read markets clearly when most participants are reacting. Drop a line if you'd like to read it.
Sent only when there's something worth saying. Unsubscribe in one click. Never sold, never shared.
Three things in every issue.
A pattern we've been watching
One market-structure anomaly type that's been showing up — venue, chain, or derivative — described concretely, with the statistics, and with the reason it doesn't fit anyone's existing rules.
A short essay
Five hundred words on a corner of crypto market structure worth paying attention to. Argued clearly, no price commentary.
Three things worth reading
Curated links — a working paper, a researcher's blog post, a piece of primary data that doesn't often get circulated. Never reposted news.