Start anywhere. Each Field Note is self-contained - I cite its evidence, state the working thesis, and tell you what would invalidate it.
The Stablecoin Treasury
Why privately issued digital dollars may be crypto's quiet macro transmission layer into sovereign debt, dollar liquidity and payment infrastructure.
READ NOTE → FIELD NOTE 002The Signal Is Lying
On-chain metrics can be factually correct while their economic interpretation becomes structurally obsolete.
READ NOTE → FIELD NOTE 00324/7 Changes Everything
Always-on regulated derivatives alter weekend risk, hedging, price discovery and the old assumptions around market gaps.
READ NOTE → FIELD NOTE 004Tokenization Is Not Digitisation
Faster settlement does not remove risk. It relocates operational, liquidity and governance risk into code and infrastructure.
READ NOTE → FIELD NOTE 005The ETF Illusion
ETF inflows are observable. Institutional conviction is an interpretation — and the distinction matters.
READ NOTE → FOUNDATIONAL PAPERBitcoin in the Institutional Era
My original long-form research piece (updated August 2026)
OPEN FOUNDATIONAL PAPER →Subscribe for evidence, not predictions.
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