Long-form XRP analysis built the same way as our daily read: our own rolling ledger dataset, regulators read at the source — the Japanese ones in Japanese — and every claim carried by a measurement. Descriptive, never advice. Published in English and Japanese.
Deep dive 06 · September 21, 2026 · regulation × Korea · teaser
Washington answered on 15 September, 49 to 50, with not one Democrat in favour. Seoul has not answered yet: a finished Digital Asset Basic Act, a Bank of Korea versus FSC fight over who owns the won stablecoin, and one date that does not move, the 22 percent crypto tax on 1 January 2027. With our own measurement of the three days after the vote across 748 exchange wallets, Upbit included, and a pattern at Upbit we cannot yet explain. Public teaser; the full article is in the Oracle App (beta).
Deep dive 05 · August 30, 2026 · regulation × macro · teaser
Six scheduled events fall between 8 and 18 September and only one of them is about crypto. While the Senate argues about ethics language, the SEC and Japan's FSA are already writing the rules, so the cloture vote decides less about whether XRP gets rules than about who writes them. With our own August measurements on how this market meets an event: participation arrived one to four days after the move, not before. Public teaser; the full article is in the Oracle App (beta).
Deep dive 04 · August 18, 2026 · macro × Japan · teaser
Japan and the US bought yen together for the first time since 1998, and Goldman puts the remaining capacity near $1 trillion. Capacity is not the measurable question — persistence is. We measured every 2026 intervention on ECB daily reference rates: both completed episodes have been given back in full, and July stands at 42% after eleven trading days. Public teaser; the full article is in the Oracle App (beta).
Deep dive 03 · August 10, 2026 · regulation · Japan
In one August week, Japan's FSA upgraded its crypto unit to a full division — and, jointly with the police agency, asked exchanges to tighten withdrawals. Read together, from the primary sources: the FIEA/ETF clock through 2028, the two-track reality of "crypto as a financial product", and what the ledger did on the days that made headlines (nothing).
Deep dive 02 · August 1, 2026 · on-chain
Every month the escrow release is framed as a flood. Our 91-day ledger dataset shows what it really is: a one-day administrative spike — 75 escrow transactions on July 1 against a ~10/day baseline — and an exchange-netflow needle that barely stirs. The number that would actually matter, measured against its baseline.
Deep dive 01 · July 28, 2026 · regulation × flows
The CLARITY Act slipped past the summer's one deadline that mattered — without a single decisive event. Prediction-market odds deflated from above 80% to about a third. What does that waiting room look like in the flows? Three layers, three different answers: sentiment in fear, netflow near neutral, ETF inflows still running.