Research

Crypto Insights & Market Analysis

Market briefings on Bitcoin and Ethereum from the JL Capital research desk. A daily brief, a weekly review and a monthly outlook.

Updated

Last 7 dailies
–Fri 25–Sat 26–Sun 27–Mon 28–Tue 29–Wed 30–Thu 1
Last 8 weeks
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▲ Bullish– Neutral or mixed▼ Bearish

Current briefings

Daily
Mixed

Holders invested in something literally called magic internet money. The only thing they're entitled to is a government sponsored CT scan.

  1. 01PropAMMs caught spoofing: Tessera on Base hikes fee early block, dumps it late, aggregators route on stale quotes
  2. 02Only 39% of Tessera swaps fill at quoted price. Avg 1.08 bps shaved. 0x and Kyber reportedly immune
  3. 03PropAMMs now >50% of SOL/USDC volume on Solana. Passive LPs getting farmed, propAMMs printing 0.37-1.19 bps per fill
SOLAAVEMIMAztec privacy with secondary proof checksRobinhood Chain migration and memes
Read the full brief
SourcesETH Zurich paper: propAMMs dominate SOL/USDC, Tessera caught spoofing aggregators on BaseAave V4 at 6 months: 5 chains, $1.33B depositsThe Abracadabra saga, detailed
Weekly
Cautious

EEZ owned the week's opening. Code shipped ahead of the narrative, but launch is L2→L1 only and bidirectional slips to 2027. The builder dependency is where the MEV lands

Synchronous composability / EEZ: atomic L1<>L2 calls in one block, Gnosis first mover via GIP-153, nested cross-chain flash loans already passing e2e testsRevenue-to-burn with legal cover: SEC Q&A says buybacks on functional networks are not a managerial-effort promiseInfra accountability as DD: after Kelp vs LayerZero, desks want SLAs, indemnity and legal recourse from infra providers
15 sourcesRead the weekly
Monthly
Bullish

Ledger vuln and 1inch fade opened the month with alpha calls and RIP holders

Robinhood Chain liquidity and fee dominance rotated in hardTokenized stocks RWA experiments broke out with Base and memecoin auto-payoutsUniswap V4 hooks plus propAMM volume explosion caught flow
15 sourcesRead the monthly

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75 briefings since 2025

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