Part 1 Advanced The Market Maker’s Exchange Checklist (Liquidity, Latency, and Risk Controls) Market makers and HFT desks: evaluate exchanges on execution quality, liquidity, latency, fees, margin, and security — with a WhiteBIT walkthrough. Open guide 
Bitcoin News
Comprehensive coverage of Bitcoin markets, mining, halving cycles, and institutional adoption trends.
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Macro
White House admits Iran war burned equivalent of half the US Bitcoin reserve in 6 Days
Estimating the $13B in the US's Iran war spending in Bitcoin highlights BTC's potential as a hedge against military-driven inflation and fiscal strain.

Analysis
IMF issues warning on El Salvador’s Bitcoin experiment amid calls for greater transparency
“Financing purchases of Bitcoin by issuing tokenized securities should be eschewed because of fiscal risks," the IMF said.

Research
2022 realized cap drawdown was second worst in Bitcoin’s history
The 2022 bear market brought about the second most destructive ATH drawdown of the realized cap. Here's what it means for Bitcoin.























