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Hello readers,
The crypto markets remain arguably the only truly free market in the world.
24/7. Global. Permissionless. Transparent, onchain data. With 100x leverage.
There are no central banks. Margin calls. Circuit breakers. Or backstops.
It’s beautiful and chaotic at the same time.
Over the last few weeks, we’ve seen the more chaotic and messy side of the market.
In this week’s report, we share our views through the lens of the crypto “capital base” to highlight how leverage can create mispriced valuations.
Disclaimer: Views expressed are the author’s personal views and should not be relied upon as investment advice.
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