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Deep dive


Under $100k — Why Bitcoin Broke Down and What Happens Next
November 14, 2025 Bitcoin’s recent slide, dipping back under $100,000 , is best understood as a liquidity- and flow-driven reset , not a structural breakdown. Institutional demand via ETFs has weakened just as long-term holders have started to take profits. Meanwhile, risk-on equities, especially in high-beta tech, have also cracked, and macro uncertainty has increased. The result is a coordinated retreat, not a panic crash. This still feels like a mid-cycle correction rathe

pgw
Nov 144 min read


Gold’s Running Hot—Why it Matters for Bitcoin and Crypto
November 10, 2025 The U.S. federal debt has now surpassed $38 trillion , raising serious questions about how the government will continue to finance its obligations. Traditional buyers including foreign sovereigns and large domestic institutions are showing signs of slowing purchases. At the same time, investors are signaling concern through their asset allocations. Gold has surged ~55% in 2025 , and Bitcoin continues to gain traction as a “digital gold” hedge against dollar

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Nov 103 min read


Digital Asset Treasuries (DATs) are Maturing — Easy Money Phase Is Over
Digital Asset Treasuries (DATs), publicly traded companies that invest corporate cash reserves into cryptocurrencies, have become a key equity-market conduit to Bitcoin and other digital assets. Since MicroStrategy (MSTR) pioneered the model in 2020, investors have used DATs to gain exposure to Bitcoin, Ethereum, Solana, and beyond without holding crypto directly. The mNAV (market Net Asset Value) metric compares a firm’s market capitalization to the value of its crypto hold

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Oct 214 min read


The Crypto ETF Market is Booming
The crypto ETF market has surged past $200 billion in assets , fueled by strong inflows through Q3 and early Q4 2025 and momentum from the U.S. CLARITY Act . These products now offer a compliant, exchange-traded path into digital assets, removing the custody, wallet, and operational challenges that once kept many investors on the sidelines. Roughly 42 ETFs now trade across major U.S. exchanges, spanning spot, futures, leveraged, yield, and infrastructure strategies. For in

pgw
Oct 172 min read


Investment Case for Galaxy Digital (GLXY)
For investors navigating the evolving crypto landscape, Galaxy Digital (GLXY) delivers a rare combination of breadth, balance, and institutional credibility . Founded in 2018 by Mike Novogratz , Galaxy has grown into a full-spectrum digital asset platform spanning asset management, trading, investment banking, venture capital, and AI infrastructure . This diversified model offers exposure to the crypto economy—without direct token risk—mirroring how advisors approach balance

pgw
Oct 73 min read
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