Notes from the desk
that owns the data.
We measure Bitcoin's structure at the source, then write down what it told us before price reacted. Every piece here is reconstructed from data we collected ourselves, and every claim is replayable from the block or the tick it came from.
Every read, on the record.
Who Absorbed $180M in Whale Shorts? The Invisible Buyer Wall
VWAP $64,500. Pain point $65,334. $180M in net SHORT sold, and price went UP +1.5%. The Absorption Detector dissects the invisible buyer wall on Hyperliquid.
The January Unwinding: From $98K to $60K in 25 Days
A derivatives data autopsy of the January-February 2026 BTC crash. Liquidation structure, whale exits, cascade chain analysis, and what the Fast Feed detected before the market moved.
Whale Positioning vs. Liquidation Zones
When whale positions converge near loaded liquidation zones, cascade probability shifts. This analysis maps convergence patterns across 16,000+ tracked wallets and their relationship to liquidation triggers.
Cascade Anatomy: How Liquidation Chains Propagate
A level-by-level breakdown of how liquidation cascades propagate through price levels across multiple exchanges. From trigger to aftermath, mapped in real-time data.
Leverage Distribution Across 22 Exchanges
Every exchange carries a different leverage profile. This analysis maps the distribution across 22 derivatives exchanges, revealing why exchange-specific calibration is required for accurate liquidation mapping.
Not opinion. Reconstruction.
A research note only ships when the claim can be replayed from data still on our disks. No screenshots of someone else's chart, no borrowed aggregator numbers. If we cannot point to the block or the tick, we do not publish it.
Every figure comes off our own node and venue sockets, never an aggregator.
Reproduce any chart in a note from the same inputs and get the same answer.
The engine and endpoint behind each read is named, so you can check it live.
Read the structure before price does.
New notes land every Wednesday. Get them the moment they clear the desk.