RESEARCH FRAMEWORK

The signal library.

Understand what each market signal measures, why it may matter for BTC, and where the interpretation can break down.

These guides define our coverage. They are educational references; current observations and approved conclusions will appear in dated market reports.

The availability and cost of money shape the conditions in which risk is taken.

Funding costs, currency moves and financial stress can change demand for risk.

Crypto’s settlement assets help us examine liquidity inside the ecosystem.

Fund demand provides a view of one channel linking traditional capital with Bitcoin.

Participation and leverage help distinguish a broad move from a fragile one.

Relative performance and competing uses of capital put Bitcoin in a wider context.

Regional policy, economic releases and surprises can change the market backdrop.

Rules can reshape the routes through which people and institutions access crypto.