
Beyond mNAV: A Deeper Dive into DATs
Most investors still judge Digital-Asset Treasuries (DATs) through the single lens of mNAV (market-cap / net-asset-value). This note—compiled from the dashboard built by our partners at Pantera—widens the frame. We disaggregate what actually drives value, how treasuries are managed, and why issuance discipline matters more than the headline premium. –––––––––– 1. The 2025 DAT Summer Is Cooling The sector exploded this year as Bitmine (BMNR), Sharplink (SBET) and Solana Company (HSDT) went mai...

Beyond mNAV: A Deeper Dive into DATs
Most investors still judge Digital-Asset Treasuries (DATs) through the single lens of mNAV (market-cap / net-asset-value). This note—compiled from the dashboard built by our partners at Pantera—widens the frame. We disaggregate what actually drives value, how treasuries are managed, and why issuance discipline matters more than the headline premium. –––––––––– 1. The 2025 DAT Summer Is Cooling The sector exploded this year as Bitmine (BMNR), Sharplink (SBET) and Solana Company (HSDT) went mai...

The Great Bitcoin Bull Run Reset: Why the Rally Isn't Over After the 10/11 Liquidation
Summary The large-scale cryptocurrency liquidation event on October 10th is viewed as a necessary market leverage reset, not the end of the bull market, creating a healthier structural foundation for near-to-medium-term gains. The market is expected to experience a slow recovery in the coming months rather than a rapid surge to new all-time highs, with institutional investors likely becoming the primary drivers of the next leg up. Fund flows indicate "smart money" is shifting from Solana and ...

The Great Bitcoin Bull Run Reset: Why the Rally Isn't Over After the 10/11 Liquidation
Summary The large-scale cryptocurrency liquidation event on October 10th is viewed as a necessary market leverage reset, not the end of the bull market, creating a healthier structural foundation for near-to-medium-term gains. The market is expected to experience a slow recovery in the coming months rather than a rapid surge to new all-time highs, with institutional investors likely becoming the primary drivers of the next leg up. Fund flows indicate "smart money" is shifting from Solana and ...

The "Route War" of Crypto Prediction Markets: The Narrow Gate of Compliance vs. The Wild Frontier of Freedom
Crypto prediction markets are at a critical crossroads, developing primarily along two distinctly different paths. The Compliant "Narrow Gate" Path Represented by platforms like Kalshi, which is regulated by the US CFTC, this path involves packaging event contracts as compliant financial derivatives and distributing them to traditional finance users through mainstream channels like Robinhood. This route is safe but progresses slowly, limited by regulatory approvals. The Free "Wild Frontier" P...

The "Route War" of Crypto Prediction Markets: The Narrow Gate of Compliance vs. The Wild Frontier of Freedom
Crypto prediction markets are at a critical crossroads, developing primarily along two distinctly different paths. The Compliant "Narrow Gate" Path Represented by platforms like Kalshi, which is regulated by the US CFTC, this path involves packaging event contracts as compliant financial derivatives and distributing them to traditional finance users through mainstream channels like Robinhood. This route is safe but progresses slowly, limited by regulatory approvals. The Free "Wild Frontier" P...

The "Truth" of Crypto Pessimism: A Problem of Returns, Not Lack of Innovation
The author refutes the current pessimistic narrative in the crypto space, arguing that the root problem is not a lack of innovation but a dilemma of returns. By comparing the early development of the internet and artificial intelligence, the article emphasizes that the crypto industry is still in its growth stage and highlights the significant achievements already made.Current Issues: Flawed token design, proliferation of low-quality projects, frequent fraud, and inefficient governance stem m...

The "Truth" of Crypto Pessimism: A Problem of Returns, Not Lack of Innovation
The author refutes the current pessimistic narrative in the crypto space, arguing that the root problem is not a lack of innovation but a dilemma of returns. By comparing the early development of the internet and artificial intelligence, the article emphasizes that the crypto industry is still in its growth stage and highlights the significant achievements already made.Current Issues: Flawed token design, proliferation of low-quality projects, frequent fraud, and inefficient governance stem m...

USDe Never De-Pegged—Binance Had the Bug
The Headline That Wasn’t Twitter spent the weekend screaming that Ethena’s dollar-stable coin USDe had “de-pegged” to $0.68 on Binance. It didn’t. What collapsed was Binance’s price feed, not the stable-coin itself.Where the Liquidity Actually Lives USDe’s deepest liquidity is on Curve, not on any CEX. Curve pools hold nine-figure depth; Binance’s order-book is a thin tens of millions. While Binance printed a 32 % discount, Curve never budged more than 30 bps. One of these prices is the real ...

USDe Never De-Pegged—Binance Had the Bug
The Headline That Wasn’t Twitter spent the weekend screaming that Ethena’s dollar-stable coin USDe had “de-pegged” to $0.68 on Binance. It didn’t. What collapsed was Binance’s price feed, not the stable-coin itself.Where the Liquidity Actually Lives USDe’s deepest liquidity is on Curve, not on any CEX. Curve pools hold nine-figure depth; Binance’s order-book is a thin tens of millions. While Binance printed a 32 % discount, Curve never budged more than 30 bps. One of these prices is the real ...