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Blog · MarketTrace research

Research, post-mortems, and engineering notes.

How we research microstructure events in crypto perpetuals — order-book dynamics, liquidations, and what the order flow tells us. Long-form only. No signals.

35 posts · running since April 2024 · updated weekly
Recent
Jul 8, 202613 min readEvent-study

The Crypto President Got Paid. The Market Got Sober.

Trump's 2025 crypto income hit $1.4 billion while $TRUMP holders lost $3.81 billion, and BTC perpetual funding now sits at its two-year median, 0.65 bps per 8h. Twenty months of the 'crypto president' trade, read through funding, open interest, and liquidations.

macroevent-studyfunding
May 26, 202612 min readResearch

The classic altseason is dead. Here's what replaced it.

Bitcoin dominance sits at 58–60% in May 2026. ~15% of BTC supply is held in ETFs, corporate treasuries, and governments. 11.9 million tokens launched on pump.fun. The broad altcoin rally that defined 2018 and 2021 is structurally over. Here is the data.

altseasonmacrobtc-dominance
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