Building trust in onchain
capital markets.

Research

BTC registered its most oversold readings on record against both the Nasdaq and gold, while spot trades 18% above its $53K realized price. Comparable extremes have marked the terminal phase of a bear market. Should the historical structure hold, BTC is likely at or near a high timeframe low, with that low likely to be set by year end, prior to a multi-year uptrend resuming.

Research

As frontier AI models move toward greater identity verification and KYC requirements, demand for private AI is likely to grow alongside them. Venice is positioning itself as the privacy layer for AI, but the investment ultimately comes down to whether business success can translate into long term value for VVV. In this report, we evaluate the protocol's adoption, unit economics and token value accrual.

Research

Jito is mispriced because the market still sees it as backend Solana infrastructure, while the business is moving toward owning the trading interface. JTX is the key shift, turning Jito from a price taker on blockspace activity into a price setter on user flow. Few crypto teams deliberately give up high-margin income to help their L1 win, and Jito has now made that trade more than once. Now that team is building Solana's first credible, native trading front end, aimed at the institutional and RWA endgame rather than optimizing for near-term fees.

Research

Compute demand is two-sided, the precondition for any hedging market. Producers (neoclouds and independent data centers) fear their inventory clears below cost. Consumers (inference platforms and the agentic application layer) fear compute will get more expensive. The common read holds that nonfungibility keeps both off any general exchange, since a buyer wants a named SKU in a named region rather than a basket, so the trade stays bilateral and the only exchange users are dealers hedging their book. That describes launch conditions, but understates how commodity markets form. Canonical benchmarks get made through trading, and reservations standardize as the curve deepens. The dealer-intermediated structure is not the end state, it is the seed of one.