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Research, market commentary, and analysis from the Caladan team.
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Market Analysis

From Pools to Vaults: The $21B RWA Wave Reshaping Onchain Lending

Derek Lim
·
Jan 20, 2026
Market Analysis

2026 Institutional Outlook Predictions Based on Who Was Right in 2025

Derek Lim
·
Jan 7, 2026
Market Analysis

The Yen Carry Trade That Broke Bitcoin 3 Times (And Why the 4th May Be Different)

Derek Lim
·
Dec 17, 2025
Market Analysis

Strategy Has Real Problems. A Death Spiral Isn't One of Them

Derek Lim
·
Dec 10, 2025
Market Analysis

Why The Road Ahead for BTC Isn’t as Bleak as it Looks: Macro, Structure, and the Path Forward

Derek Lim
·
Dec 3, 2025
Market Analysis

How Washington Accidentally Made Crypto Too Important to Kill

Derek Lim
·
Nov 26, 2025
Market Analysis

Liquidity: The Primary Driver of Crypto Markets

Derek Lim
·
Nov 19, 2025
Market Analysis

The Arithmetic Trap: Why Most Investors Optimize for the Wrong Number

Derek Lim
·
Nov 12, 2025
Market Analysis

x402 and the Micropayment Revolution: What Markets Seem to be Pricing Wrong

Derek Lim
·
Nov 5, 2025
Market Analysis

The 2021 Redux Myth: Why Bitcoin's Next Move Likely Won't Mirror the Past

Derek Lim
·
Oct 29, 2025
Market Analysis

Report: The Ten Commandments of Liquidity Incentives

Derek Lim
·
Oct 23, 2025
Market Analysis

Crypto's Largest Crash: What Happened, Why It Happened, and What the Data Says Comes Next

Derek Lim
·
Oct 14, 2025