An archive of this article is here. An archive has no paywall, no subscription requirement, and can be easier to read.

See also another post, found here on SN, where shared was the original article from Arthur Hayes:

Dust on Crust #149653 https://cryptohayes.medium.com/dust-on-crust-300d4b5cf3ec https://blog.bitmex.com/dust-on-crust