Research and benchmarks
The institutional framework behind our portfolios, live benchmarks against major indices, and ongoing research on systematic trading and market dynamics.
The framework and the data behind it
Whitepaper
An end-to-end methodology covering market opportunity, trading engine architecture, portfolio construction, and risk management.
Read the whitepaper
Benchmarks
Live cumulative returns, drawdowns, and volatility for Bitcoin, the top-50 crypto universe, and major equity indices.
Open benchmarksOngoing research
Quantitative analysis on systematic trading, market structure, and portfolio construction.
Extreme Volatility Spikes in Crypto Perps
Single-coin volatility spikes in crypto perpetuals are rising sharply even in calm markets. The pump-and-dump pattern, quantified across the top universe.
A Bitcoin ETF Is Not a Crypto Strategy
Why passive Bitcoin ETF exposure fails as a crypto strategy, and how systematic algorithmic approaches deliver structurally different return profiles.
When Mean Reversion Breaks Down in Crypto
Mean reversion is one of the most stable edges in crypto. At what magnitude of selloff does the edge appear, and where does it break down? Tested results.
The Structural Shift in Crypto Markets That Most Missed
Dispersion within the top 40 coins increased substantially in 2025 — a structural shift in crypto market dynamics that systematic strategies can exploit.
Extreme Decline Altcoin Strategy
Significant alpha exists in extreme declines. A systematic strategy that buys altcoins after sharp drops and exits quickly, with full backtested results.
Bitcoin's Easiest Trading Days Are Disappearing
Using Kaufman's Efficiency Ratio (KER), we tracked every trending day since 2014. Bitcoin's directional trend days are getting rarer — the data shows.
How to Understand Current Crypto Market Conditions
A simple systematic trading model to read current crypto market conditions: short-term momentum on small vs large coins, and what mean reversion shows.
Profit Targets Hurt Performance — Trend & Breakout
Profit targets reduce performance, especially in trend and breakout strategies. The data shows letting winners run beats taking profit early.
Trading Myth: Always Use a Stop Loss
Conventional wisdom says you must always trade with a stop loss. The systematic data tests that claim — and reveals where stop losses help and hurt.
The Momentum Effect on Cryptocurrencies
Quantifying the momentum effect in crypto: why it's structurally stronger than in traditional asset classes, and the implications for systematic strategies.