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Survival of the Licensed
Inside the MiCA cull: how Europe went from 3,167 crypto firms to 244 in eighteen months.
Read the essayNo coin to pump. No course to sell. Just the read.
July 2, 2026 · 17 min read
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The arguments behind the numbers. What happened, what it means, and why it matters.
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Stablecoins Quietly Became the Product
Everyone came to crypto for the volatility. The thing that actually found product-market fit holds still on purpose.
Read the essay ▸What the ETF Flows Are Actually Telling Us
A green inflow number is not a vote of confidence. It is a plumbing change, and the plumbing is the story.
Read the essay ▸Custody, Explained: Not Your Keys, Not Your Coins
The oldest slogan in crypto is also the most misunderstood. Self-custody is not safer by default. It just moves the risk onto you.
Read the essay ▸Read the why behind the numbers.
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