This document outlines a framework to assess digital asset markets by analyzing liquidity, leverage, and sentiment, emphasizing their impact on risk, volatility, and trading strategies.

The article presents a framework analyzing crypto market structure via liquidity (on/off-chain, order book depth, stablecoin flows), leverage (open interest, funding rates, liquidations), and sentiment (social media, reflexivity). It emphasizes measurable indicators to assess risks and market regimes, aiding informed decision-making amid crypto volatility.