Market Structure
An Address Balance Is a Snapshot, Not a Portfolio
An address balance records one asset on one chain at a given state, so traders must aggregate wallets, networks and liabilities before drawing conclusions.
Exchange Flows
Everything on Exchange Flows from Crypto Market Dispatch.
Exchange liquidity and order routing
24X’s First Bitcoin Trade Proves Access, Not Liquidity
Standard Chartered took liquidity from Cumberland on 24X, proving spot Bitcoin execution works while price quality and repeat demand remain untested.
Stablecoin issuance and settlement
Visa Turns Card Receivables Into Onchain Credit
Visa’s Credit Coop model uses settlement receivables to fund stablecoin card programs, shifting liquidity risk from issuers to onchain lenders.