4x / yr
Quarterly outlook
Monthly
Sector deep dives
Monthly
Performance notes
Full
Client archive
Quarterly market outlook
Where we think the market is heading over the next quarter and what would change our mind. Includes macro backdrop, flows, and positioning.
- Macro and liquidity conditions
- Sector rotation and flow analysis
- What we are adding and trimming
Sector deep dives
One theme at a time, researched properly: layer twos, real world assets, staking infrastructure, stablecoin rails and more.
- Competitive landscape and market sizing
- Token model and value accrual analysis
- Named risks, not just upside
Portfolio commentary
Monthly notes explaining what drove performance, including the positions that did not work and what we learned.
- Attribution by strategy
- Trade rationale and exits
- Risk posture going into next month
How to get the reports
Investors get the full archive in the portal. Everyone else can subscribe to the research newsletter for public summaries.
- Full archive for account holders
- Public summaries by email
- No paywall on methodology notes
Published research
Public summaries of our quarterly outlooks, sector deep dives and monthly commentary.
Q3 2026 market outlook
Our quarterly view on macro conditions, digital asset flows and positioning, including the specific developments that would change our mind.
Read the noteReal world assets: a sector deep dive
Tokenized treasuries and private credit have grown quickly. We size the market, examine the value accrual, and name the risks honestly.
Read the notePortfolio commentary: June 2026
Monthly attribution across our strategies, including the trades that did not work and what we changed as a result.
Read the noteHow we assess custody and counterparty risk
Our methodology note on evaluating custodians, venues and lending counterparties, published without a paywall so allocators can reuse it.
Read the noteGet research summaries by email
Public summaries of every report we publish, sent the day they go out. Account holders get the full archive in the portal.