Welcome to the Supercycle Substack
Context and frameworks for navigating crypto as a real capital market.
Crypto is now a real capital market. In 2025, total market cap crossed $4T, and over $175B sits in BTC and ETH exchange-traded products.
Yet, most analysis still reads like 2021. Supercycle is for allocators who need structure, not headlines.
We focus on market structure, incentives, and cycle context to spot mispriced narratives, and where durable edge still exists.
We do three things:
As a subscriber, you’ll get:
Clear theses & frameworks you can sanity-check in an Investment Committee
Sector deep-dives where market narratives lag reality
Case studies on what worked, what failed, and what breaks next
First drop: Inside Multicoin’s $5.9B Crypto Investment Playbook, with Investment Partner Shayon Sengupta breaking down how their fund thinks about edge, market structure, and where the next cycle’s winners are.
Subscribe to get the episode + briefing in your inbox.
- Team Supercycle
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