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Factor Friday - March 20, 2025

The market's strongest four-week rally of 2026 saw liquidity top weekly factor rankings for the first time, signaling broadening risk appetite beyond value and growth. Downside beta's lead is eroding fast. The rotation is encouraging, but with YTD losses at -28.4%, a full risk-on pivot is premature.

Mark Pilipczuk
Mark Pilipczuk

Mark Pilipczuk

9 mins read
The M2-Bitcoin Relationship: What the Data Actually Shows

Global M2 has grown over 12% in the past year while Bitcoin has declined roughly 12%. We analyzed two decades of cross-asset data to determine whether this is a temporary dislocation or a structural regime change in how Bitcoin responds to monetary expansion.

Gabriel Selby
Gabriel Selby

Gabriel Selby

7 mins read
Hashi Brings Bitcoin-Backed Credit to Sui, Priced by CF Benchmarks

Hashi will unlock institutional Bitcoin participation at scale, bringing core financial services like credit origination and lending to a transparent, compliant environment on Sui using both Bitcoin and stablecoins as collateral.

Ken Odeluga
Ken Odeluga

Ken Odeluga

3 mins read