Bitcoin Extreme Returns: Power-Law Tails and Finite Variance
Explore how extreme Bitcoin returns exhibit power-law tails with exponents between 2 and 2.5, implying a finite second moment.
Read the analysisResearch area
Bitcoin markets
Analysis of Bitcoin markets, liquidity, price formation, institutional demand, derivatives, and changing market structure
Bitcoin and corporate equity return dependencies
Explore how Bitcoin returns and corporate equity dependencies reveal asymmetric information flows and dynamic risk exposures.
Read the analysis
Bitcoin Allocation and Positive Skewness Preferences
Explore how extreme positive skewness and rare-event beliefs drive optimal Bitcoin allocations under higher-moment and behavioral utility models.
Read the analysis
Bitcoin Futures and Spot-Market Price Alignment
Explore how regulated Bitcoin futures improved cross-exchange spot-price alignment by bypassing physical transfer and short-sale frictions.
Read the analysis
Bitcoin Self-Custody Vulnerabilities and AI Cybersecurity Shifts
Explore how hardware wallet vulnerabilities and AI-driven cybersecurity threats are reshaping digital asset custody and market maturity.
Read the analysis
AI, Bitcoin, and the Emerging Digital Financial System
Explore how AI agents, Bitcoin, tokenized finance, and policy shifts could reshape market structure, monetary institutions, and investment.
Read the analysis
Bitcoin, AI Abundance, and the Repricing of Scarcity
Explore how AI-driven abundance could reshape Bitcoin demand, corporate valuations, portfolio design, market structure, and governance.
Read the analysis
Structural Drivers of Recent Bitcoin Price Weakness
In the February 27, 2026 episode of What Bitcoin Did, Alex Thorn attributes Bitcoin’s drawdown to crowded longs, whale distribution, shifting attention toward AI trades, and macro uncertainty rather than any deliberate price suppression.
Read the analysis
AI-Driven Counterparty Risk and the Future of Bitcoin Custody
The February 27, 2026 episode of The Last Trade features a panel weighing allegations about TerraUSD’s collapse while arguing that claims of a single firm “manipulating” Bitcoin’s daily price action remain unproven.
Read the analysis
Michael Saylor on Bitcoin Critics, Credit Markets, and Volatility
The February 23, 2026 episode of Coin Stories features Michael Saylor arguing that Bitcoin’s recent drawdown resembles earlier mispricings of dominant technologies rather than a broken investment thesis.
Read the analysis
Bitcoin’s Disappointing Cycle and the Path to Renewed Demand
The February 17, 2026 episode of Coin Stories features Lyn Alden arguing that Bitcoin’s latest cycle underperformed because topline demand remained weak despite supportive liquidity signals.
Read the analysis
Quantum Risk and the Future of Bitcoin Governance
The February 11, 2026 episode of Unchained Pod features Nic Carter examining how quantum computing risk, ETF-driven market structure, and failed token cycles are reshaping Bitcoin’s institutional trajectory.
Read the analysis