01
Correlation Is a Regime, Not a Label
A portfolio view of crypto assets needs more than a full-sample coefficient. It needs an account of when co-movement changes and what may be driving it.
RESEARCH NOTES · 01—05
Research notes
Five practical notes on moving from digital-asset data to portfolio judgement. Each note makes the evidence boundary and review question explicit.
02
Map Liquidity from Screen Price to Exit Path
Institutional execution depends on more than reported turnover. Depth, dealer balance sheets, settlement rails, and internal operating windows can fail at different speeds.
03
Custody Changes the Investable Question
Theoretical exposure is not the same as an implementable position. Account design, key governance, asset support, and operating hours reshape the opportunity set.
04
Read Stablecoin Activity through Three Ledgers
Supply, circulation, and redemption answer different questions. Combining them too early creates a clean chart with an ambiguous story.
05
Design a Research Note for Committee Questions
A compact institutional note should expose its evidence, judgement, and decision triggers so disagreement can be located and the conclusion can be updated.