Research from the desk, written for allocators
Market commentary, trader notes and India-specific research on regulation, tax and market structure.
Weekly market commentary
Rate cuts, ETF flows and the quiet bid in BTC
Spot ETF inflows outpaced issuance for a fourth straight week while funding stayed neutral, a constructive setup going into Q4.
Read Oct 06, 2026Stablecoin supply hits a new high: what it means for INR conversion
Aggregate stablecoin float grew another 3% as Asian desks rotated out of USD deposits.
Read Sep 29, 2026Quarter-end positioning and the options roll
The September expiry cleared heavy open interest at 95K. Here's where dealers are positioned now.
ReadDaily trader insights
ETH reclaims 3,500 as basis widens
Overnight: ETH led majors on spot demand; 3M annualised basis rose to 9.4%.
Read Oct 16, 2026Asia open: SOL flows and an unlock watch
Large SOL transfers to exchanges ahead of next week's unlock; we watch the 155 level.
Read Oct 15, 2026USDT/INR premium compresses to 6 bps
The domestic premium narrowed as banking flows normalised after the holiday.
ReadIndia VDA research
A practitioner's guide to §194S TDS for institutions
How TDS applies across spot, OTC and exchange trades, and how to reconcile Form 26AS.
Read Aug 2026PMLA and VDAs: what FIU-IND registration requires
KYC, record-keeping, STR filing and the Travel Rule, explained for compliance teams.
Read Jul 2026GIFT City and the future of Indian digital asset funds
How IFSC structures could enable regulated VDA exposure for Indian and global LPs.
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Weekly commentary and daily notes from our desk.