Research topic

Market Structure

How crypto markets actually clear: flows, liquidity, and the plumbing behind the narratives.

Filed here

piece, newest first.

All pieces.

Bitcoin

ETF

Mar 15, 2026

Bitcoin's Four-Year Cycle Is Dead. Here's What Replaced It.

Bitcoin peaked at $126,000 in October 2025 and has drawn down 44%. The halving narrative didn't drive this cycle. ETFs, sovereign buyers, and macro correlation did. The old model is gone.

Read the piece

Following Market Structure?

Get the next piece by email, or keep browsing.

Get the next piece Browse all research