$BTC
POA Newsletter 33/2026 - The Market Is Waiting for Permission
Crypto recovered without euphoria as ETF inflows surged and US employment weakened. CPI now decides whether the setup becomes genuinely bullish.
Macro
Macro
Start Here: The Operator's Manifesto
Most crypto content is optimized for urgency. Proof of Analysis is optimized for survival, patience, and the occasional violent mispricing. We provide crypto research with a healthy suspicion of anything promoted with three rocket emojis. This is research for the intelligent retail investor: sector synthesis, tokenomics, on-chain forensics, incentive
Macro
The AI Crypto Stack Is Finally Separating Signal From Costume
The AI-crypto market is commonly treated as a single narrative. That classification conceals fundamental differences between inference, compute, storage, data acquisition, provenance, agent coordination, payments and consumer applications. These layers possess different customers, margins, competitive pressures and token-capture mechanisms. A strong outlook for artificial intelligence therefore provides little
Macro
Crypto Market Outlook Q3 2026: Liquidity Bottlenecks, Regulation, and Sector Rotation
The second quarter of 2026 was characterized by macroeconomic headwinds and significant outflows in the crypto sector. Stubborn inflation in the US and the Federal Reserve's restrictive stance have dampened hopes