The Caladan Weekly | Strategy Has Real Problems. A Death Spiral Isn’t One of Them
Strategy has real problems—ETF competition, credibility damage from dilution, and index risk—but a “death spiral” isn’t one of them.
The Caladan Weekly | Why The Road Ahead for BTC Isn’t as Bleak as it Looks: Macro, Structure, and the Path Forward
Bitcoin is down about 32% from its Oct 6 ATH, but the structure hasn’t broken. QT has ended, rate cuts are underway, ETFs and corporates still anchor demand, and on-chain data shows supply migrating to long-term holders. Here’s the macro and market-structure roadmap, plus what would actually invalidate the bull case.
The Caladan Weekly | How Washington Accidentally Made Crypto Too Important to Kill
How the GENIUS Act quietly turned stablecoins into a $3 trillion Treasury financing engine — and made U.S. fiscal policy dependent on crypto adoption.
The Caladan Weekly | Liquidity: The Primary Driver of Crypto Markets
A $647B Treasury liquidity drain synced perfectly with Bitcoin’s 27% decline, proving liquidity is the market’s dominant driver.
