In our October analyst call, we explored how to leverage implied volatility (IV) to assess market sentiment during stressful market periods and gave a market outlook heading into Q4.

In our September analyst call, we explored the state of crypto market liquidity and volatility following this summer’s market sell-off, and took a look at ETH’s price dynamics since the launch of the ETH ETF.

In our June analyst call, we explore the state of crypto ETFS and take a look at Euro stablecoin market structure, regional market trends, and Kaiko’s crypto exchange liquidity report.

South Korea remains a major crypto trading hub, with a predominantly retail-driven market concentrated on local exchanges. This report examines key trends and the market’s potential evolution toward institutional participation.

The last few months have been a reality check for markets as trade policy roils global markets. Bitcoin fell back below $80k during the quarter, with volatility back on the menu as the second Trump admin heads straight for a trade war with nearly every one of its major trade partners.

The past two years have challenged the traditional altseason playbook. Liquidity is increasingly concentrated in Bitcoin and a select few altcoins, regulations are evolving, and Bitcoin’s growing adoption as a treasury asset further complicates the landscape. Looking ahead, altseasons may become a thing of the past, necessitating a more nuanced categorization beyond just ‘altcoins,’ as correlations in returns, growth factors, and liquidity among crypto assets are diverging significantly over time.