# Satswise

Free Bitcoin, sound money, crypto, macro and AI payment infrastructure research. Published by the Satswise organization, owned by David Bartas.

Dated figures are fixed research snapshots. Hypothetical examples and editorial interpretations have explicit scope. Article modification dates do not advance observation cutoffs.

## Reading paths

- [Bitcoin research](https://satswise.com/topics/bitcoin): Supply, custody, cycles and investor indicators.
- [Sound Money, Austrian Economics and Inflation](https://satswise.com/topics/sound-money): Read the Austrian case for monetary choice, the Cantillon effect and US purchasing-power evidence, with explicit counterarguments and dated sources.
- [Bitcoin Macro Research: Liquidity, Rates and Inflation](https://satswise.com/topics/macro): Understand Bitcoin’s possible links to liquidity, interest rates, the dollar and inflation. Compare channels, expectations and dated evidence.
- [Crypto Research: Token Economics, Custody and Incentives](https://satswise.com/topics/crypto): Trace token value accrual, fee destinations, custody and allocation incentives. A strategic reading path for evaluating crypto mechanisms.
- [AI Agent Payments and Crypto Infrastructure Research](https://satswise.com/topics/ai-infrastructure): Understand x402, delegated payments, wallet controls and token value accrual. Separate documented infrastructure from adoption and revenue claims.

## Research and publication

- [Research methods](https://satswise.com/research-methods): Dates, formulas, evidence types and citation guidance.
- [About and corrections](https://satswise.com/about): Ownership, AI assistance, editorial position and correction contact.
- [Research index](https://satswise.com/research-index.json): Article summaries, limits, dates and linked sources.
- [RSS](https://satswise.com/feed.xml): Published articles.

## Articles

- [Bitcoin’s Monetary Case Meets a Mixed Market](https://satswise.com/research/bitcoin-briefing-october-2026): Fixed snapshot: Bitcoin through 11 October, ETF flows through 9 October, US CPI through August 2026.
- [Inflation Slows. The Loss of Purchasing Power Stays.](https://satswise.com/research/fiat-money-inflation): Observed US CPI through August 2026; the constant-rate examples are hypothetical and exclude interest.
- [Who Gets New Money First? The Cantillon Effect.](https://satswise.com/research/cantillon-effect): Conceptual mechanism and editorial interpretation; no distributional effect is estimated.
- [The Austrian Case for Bitcoin—and Its Limits](https://satswise.com/research/austrian-economics-bitcoin): Editorial interpretation of Mises and Hayek; limited issuance does not guarantee purchasing power.
- [Bitcoin Cycles: Four Clocks, No Single Script](https://satswise.com/research/bitcoin-cycles): Historical Bitstamp price observations through 11 October 2026; the 2024 halving period is incomplete.
- [Bitcoin MVRV: A Cost-Basis Map, Not a Price Target](https://satswise.com/research/onchain-cost-basis): Provider definitions and hypothetical calculations; no current MVRV or NUPL series is shown.
- [Bitcoin ETF Flows: Demand, Redemptions and Hedged Positions](https://satswise.com/research/etf-flows): Short attributed Farside excerpt through 9 October 2026; investor motives remain unknown.
- [Bitcoin Funding Rates and Open Interest Explained](https://satswise.com/research/market-leverage): Conceptual framework; no live derivatives series or liquidation forecast.
- [Bitcoin and Liquidity: Trace the Channel Before the Correlation](https://satswise.com/research/macro-liquidity): Analytical framework; no current macro series or causal coefficient is estimated.
- [Bitcoin 200-Day Moving Average and Mayer Multiple](https://satswise.com/research/trend-and-miners): Completed daily Bitstamp closes through 11 October 2026; historical thresholds are not guarantees.
- [Bitcoin’s Supply Rules: What 21 Million Does—and Does Not—Promise](https://satswise.com/research/bitcoin-supply): Protocol schedule and worked examples; no current circulating-supply estimate or price target.
- [Bitcoin Custody Explained](https://satswise.com/research/bitcoin-custody): General custody models and hypothetical examples; no wallet or custodian has been tested or endorsed here.
- [Token Value Accrual Explained](https://satswise.com/research/token-value): Mechanisms and hypothetical economics; no project valuation or current adoption dataset.
- [Cheap Credit Has a Cost: Interest Rates and Bitcoin](https://satswise.com/research/macro-context): Transmission framework and hypothetical expectation arithmetic; no current policy-rate forecast.
- [AI Agent Payments and Crypto Value Accrual](https://satswise.com/research/agent-payments): Documentation reviewed 12 October 2026; no hands-on benchmark or measured adoption claim.
- [Bitcoin Miner Economics: Puell Multiple, Hashprice and Costs](https://satswise.com/research/bitcoin-miner-economics): Attributed definitions and invented operating scenarios; no current hashprice or Puell reading.
- [Bitcoin SOPR Explained: Profit-Taking, Losses and Limits](https://satswise.com/research/bitcoin-sopr): Provider variants differ; figures and calculations are hypothetical, with no live SOPR observation.
- [Short-Term Holder Realized Price: Bitcoin Cost Basis Explained](https://satswise.com/research/short-term-holder-realized-price): Provider-specific age definition and hypothetical cohort examples; no live cost-basis level.
- [Bitcoin Futures Basis Explained: Pricing, Hedges and Risk](https://satswise.com/research/bitcoin-futures-basis): Worked examples use simple 365-day annualization; no live quote or recommended trade.