Featured Posts
Factor Friday - March 6, 2026
The market posted its strongest weekly gain of 2026 at +4.3%, trimming YTD losses to -28.0%. Value emerged as the top factor at +1.7% weekly, turning positive YTD. Downside beta posted its first negative week of the year, signaling a potential early shift towards risk.
Tracking Bitcoin's Flows
Bitcoin is down 47% from its October high. But behind the drawdown, 13F filings reveal a structural transformation: speculative hedge fund capital is retreating while advisory firms, sovereign wealth funds, and endowments are building permanent allocations. Here's what the ownership data shows.
Building Bitcoin Capital Market Assumptions
Bitcoin’s institutional adoption demands robust, pragmatic CMA frameworks that integrate quantitative modeling, macro analysis, and valuation to guide strategic and tactical allocations across market cycles and investment horizons.
Revisiting the Bitcoin Basis: How Momentum & Sentiment Impact the Structural Drivers of Basis Activity
Bitcoin’s futures basis reflects shifts in price momentum and market sentiment. Shared benchmarks between spot ETFs and CME futures contracts have enabled efficient arbitrage and driven increased institutional participation.
Crypto's Swensen Moment: What Generic Listing Standards Mean for Product Issuers and Allocators
The SEC has normalized digital asset filings by applying standard ETF listing rules. For institutions, the question is no longer whether to allocate, but how quickly they will adapt their portfolios.
Monthly Market Recap
War, the Fed, and a Market on Edge
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Regulatory Gridlock and Geopolitical Shock
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Policy Paralysis, Fed Fog & Shutdown Risks Extend Sell-Off
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Data Delays & Defensive Tilts
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Sell-Off Intensifies Amid Fed Uncertainty
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
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Factor Reports
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.
Factor Friday
The defensive regime remains firmly in control. Downside Beta continues to dominate while Growth and Value have continued to lag since October. Momentum's recent surge and The Settlement category's relative resilience are the two threads worth pulling on this week.
Size and Growth Lag in Market-Wide Selloff
CF Benchmarks’ Quarterly Factor Report breaks down digital asset performance through a systematic factor lens, highlighting the key drivers of risk and return to help investors better understand market behavior across different regimes.
Momentum Outperforms Following New Highs
Key takeaways: Rotation Toward Risk Dominates Factor Returns Q3 2025 extended the digital asset market’s rebound. The CF Broad Cap Index advanced 16.1%, driven by renewed momentum in large-cap assets. Momentum led factor returns (+1.9%), highlighting the continued strength of trend-following strategies amid mixed market signals. In contrast, Size (–7.3%) and Growth (–4.7%) declined as smaller-cap and high-expansion tokens lagged. Value (–2.1%) and Liquidity (–0.6%) also softened, while Downs
Value and Momentum Outperform in Q2 Rally
The CF Benchmarks' Factor Report applies a robust multi-factor model to digital assets, enabling investors to track key drivers of crypto returns (Market, Size, Value, Momentum, Growth, Downside Beta, and Liquidity) and understand how these factors evolve across different market regimes.
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Attribution Reports
CF Benchmarks Quarterly Attribution Reports - March 2026
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category, and segment levels during the course of each portfolio rebalance period.
CF Benchmarks Quarterly Attribution Reports - December 2025
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category, and segment levels during the course of each portfolio rebalance period.
CF Benchmarks Quarterly Attribution Reports - September 2025
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category, and segment levels during the course of each portfolio rebalance period.
CF Benchmarks Quarterly Attribution Reports - June 2025
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category, and segment levels during the course of each portfolio rebalance period.
CF Benchmarks Quarterly Attribution Reports - March 2025
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category, and segment levels during the course of each portfolio rebalance period.
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Outlooks
Conviction in the Crossfire: Geopolitical Risk, Regulatory Breakthroughs, and the Bitcoin Catch-Up Trade
The Iran conflict has reshaped the macro landscape, stalling the Fed's easing cycle and neutralizing the fiscal impulse. Yet the regulatory environment has never been more constructive, and Bitcoin's catch-up trade with gold has deepened to its most attractive entry point in over two years.
Risk-On Reloaded: Monetary Easing, Catch-up Trades, and the Tokenization Buildout
Crypto markets are entering a transformative phase in 2026, where regulatory clarity and monetary easing outweigh macro uncertainty. We expect a dovish Fed pivot counter to consensus, fostering lower real yields. Meanwhile, the CLARITY Act and broader adoption should drive our secular themes.
Building Bitcoin Capital Market Assumptions
Bitcoin’s institutional adoption demands robust, pragmatic CMA frameworks that integrate quantitative modeling, macro analysis, and valuation to guide strategic and tactical allocations across market cycles and investment horizons.
Rate Cuts & Regulatory Clarity: From Red Tape to Greenlights
Crypto markets are entering a phase where regulatory clarity and monetary easing outweigh macro headwinds. Stablecoin adoption, expanding ETF pipelines, and Fed rate cuts are set to create tailwinds for digital assets.
Alpha in the Aftermath: Moving Beyond the 60/40
Regulatory clarity is poised to support digital assets despite macro headwinds. The GENIUS Act greenlights USD stablecoins, while the SEC moves to fast-track multi-token spot ETFs. Corporate treasuries may add ETH and SOL, as tokenized equities lift block demand and staking yields.
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Factor Fridays
Factor Friday - April 10, 2026
The market posted its strongest week of 2026 at +7.1%. However, factor breadth was notably thin. Size was the only non-market factor to finish positive at +1.3%, while growth and value lagged, suggesting the rally was driven by directional flows rather than fundamentals.
Factor Friday - April 3, 2026
Liquidity reclaims the top of the weekly factor rankings as value pulls back. The market declined 2.15% on the week, deepening the YTD loss to -32.1%. The 2026 factor rotation continues without a consistent winner YTD.
Factor Friday - March 27, 2026
Momentum Leads as the Market Sells Off The market declined 3.1% on the week, giving back a portion of the rally that had narrowed the year-to-date drawdown over recent weeks. The year-to-date loss now stands at 30.6%. The best performer this week is momentum, which topped the weekly factor rankings for the first time this year at +1.5%, a meaningful gap over the others. Value held up relatively well at -0.1% on the week, while growth posted a modest decline of 0.5%. Downside beta fell 2.1% on
Factor Friday - March 13, 2026
The factor rotation enters its second week as growth tops the weekly standings for the first time this year and value holds positive territory YTD. With downside beta fading from its early-year dominance, the market is beginning to reward on-chain activity over pure defensiveness.
CF Benchmarks Quarterly Attribution Reports - March 2026
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category, and segment levels during the course of each portfolio rebalance period.
Crypto Deep Dives
Bitcoin - Universal Store of Value for the Digital Age
Bitcoin is a revolutionary form of digital currency first proposed in 2008 by a person or group of people known as Satoshi Nakamoto. Unlike traditional currencies, Bitcoin is a digital asset, and does not depend on central banks or governments.
Ether - Strategic Asset for the Decentralized Economy
The Ethereum blockchain, like Bitcoin, is a decentralized, distributed ledger that records transactions and data. However, Ethereum takes the concept a step further by enabling the creation and execution of smart contracts and decentralized applications (dApps) on its blockchain platform.
Solana: The High-Speed, Low-Cost Blockchain Rival
Solana is a high-speed, low-cost programmable settlement network blockchain designed to support smart contracts and decentralized applications (dApps).
XRP: Powering Global Liquidity in Real Time
Ripple Labs is a blockchain technology company that developed and maintains the XRP Ledger (XRPL), a decentralized, open-source blockchain optimized for fast, low-cost payments.
Factor Friday - April 10, 2026
The market posted its strongest week of 2026 at +7.1%. However, factor breadth was notably thin. Size was the only non-market factor to finish positive at +1.3%, while growth and value lagged, suggesting the rally was driven by directional flows rather than fundamentals.
Mark Pilipczuk
Factor Friday - April 3, 2026
Liquidity reclaims the top of the weekly factor rankings as value pulls back. The market declined 2.15% on the week, deepening the YTD loss to -32.1%. The 2026 factor rotation continues without a consistent winner YTD.
Mark Pilipczuk
War, the Fed, and a Market on Edge
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Factor Friday - March 27, 2026
Momentum Leads as the Market Sells Off The market declined 3.1% on the week, giving back a portion of the rally that had narrowed the year-to-date drawdown over recent weeks. The year-to-date loss now stands at 30.6%. The best performer this week is momentum, which topped the weekly factor rankings for the first time this year at +1.5%, a meaningful gap over the others. Value held up relatively well at -0.1% on the week, while growth posted a modest decline of 0.5%. Downside beta fell 2.1% on
Mark Pilipczuk
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
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
Factor Friday - March 13, 2026
The factor rotation enters its second week as growth tops the weekly standings for the first time this year and value holds positive territory YTD. With downside beta fading from its early-year dominance, the market is beginning to reward on-chain activity over pure defensiveness.
Mark Pilipczuk
CF Benchmarks Quarterly Attribution Reports - March 2026
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category, and segment levels during the course of each portfolio rebalance period.
Gabriel Selby
Factor Friday - March 6, 2026
The market posted its strongest weekly gain of 2026 at +4.3%, trimming YTD losses to -28.0%. Value emerged as the top factor at +1.7% weekly, turning positive YTD. Downside beta posted its first negative week of the year, signaling a potential early shift towards risk.
Mark Pilipczuk
Regulatory Gridlock and Geopolitical Shock
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Mark Pilipczuk
Not All Cryptos Are the Same: How CF Factor Data Reveals Sensitivities Across the Digital Asset Taxonomy
We show how combining the CF DACS taxonomy with the CF Factor Data Series reveals sensitivities that enable institutional-grade returns attribution, risk monitoring and strategic implementation.
Ken Odeluga
Factor Friday
The defensive regime remains firmly in control. Downside Beta continues to dominate while Growth and Value have continued to lag since October. Momentum's recent surge and The Settlement category's relative resilience are the two threads worth pulling on this week.
Mark Pilipczuk
From Crypto Winter to Crypto Spring: 4 Things to Watch
Digital assets have sold off sharply, but mispricing from extremely bearish sentiment, Fed easing expectations, and lack of regulatory clarity suggests the worst may be behind us. Here are the four areas of the market that we are watching most closely.
Gabriel Selby
Tracking Bitcoin's Flows
Bitcoin is down 47% from its October high. But behind the drawdown, 13F filings reveal a structural transformation: speculative hedge fund capital is retreating while advisory firms, sovereign wealth funds, and endowments are building permanent allocations. Here's what the ownership data shows.
Gabriel Selby
Policy Paralysis, Fed Fog & Shutdown Risks Extend Sell-Off
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Data Delays & Defensive Tilts
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Risk-On Reloaded: Monetary Easing, Catch-up Trades, and the Tokenization Buildout
Crypto markets are entering a transformative phase in 2026, where regulatory clarity and monetary easing outweigh macro uncertainty. We expect a dovish Fed pivot counter to consensus, fostering lower real yields. Meanwhile, the CLARITY Act and broader adoption should drive our secular themes.
Gabriel Selby
CF Benchmarks Quarterly Attribution Reports - December 2025
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category, and segment levels during the course of each portfolio rebalance period.
Gabriel Selby
Sell-Off Intensifies Amid Fed Uncertainty
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Policy Progress & Portfolio Pressures
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Rate Cuts & Regulatory Clarity: From Red Tape to Greenlights
Crypto markets are entering a phase where regulatory clarity and monetary easing outweigh macro headwinds. Stablecoin adoption, expanding ETF pipelines, and Fed rate cuts are set to create tailwinds for digital assets.
Gabriel Selby
Fed Easing & SEC Progress Counter Seasonal Weakness
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Crypto's Swensen Moment: What Generic Listing Standards Mean for Product Issuers and Allocators
The SEC has normalized digital asset filings by applying standard ETF listing rules. For institutions, the question is no longer whether to allocate, but how quickly they will adapt their portfolios.
Gabriel Selby
CF Benchmarks Quarterly Attribution Reports - September 2025
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category, and segment levels during the course of each portfolio rebalance period.
Gabriel Selby
Smart Contract and DeFi Tokens Lead Amid Mixed Macro Influences
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Regulatory Wins Fuel Broad-Based Rally
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Value and Momentum Outperform in Q2 Rally
The CF Benchmarks' Factor Report applies a robust multi-factor model to digital assets, enabling investors to track key drivers of crypto returns (Market, Size, Value, Momentum, Growth, Downside Beta, and Liquidity) and understand how these factors evolve across different market regimes.
Gabriel Selby
Alpha in the Aftermath: Moving Beyond the 60/40
Regulatory clarity is poised to support digital assets despite macro headwinds. The GENIUS Act greenlights USD stablecoins, while the SEC moves to fast-track multi-token spot ETFs. Corporate treasuries may add ETH and SOL, as tokenized equities lift block demand and staking yields.
Gabriel Selby
Bitcoin Consolidates as GENIUS Act Progresses
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
CF Benchmarks Quarterly Attribution Reports - June 2025
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category, and segment levels during the course of each portfolio rebalance period.
Gabriel Selby
ETF Inflows Lift Bitcoin as New Tax Bill Lifts Spending
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Suitability Analysis of the CME CF XRP-Dollar Reference Rate as a Basis for Regulated Financial Products
This paper seeks to understand whether the CME CF XRP-Dollar Reference Rate (XRPUSD_RR) meets the standards required of pricing benchmarks as defined by the Benchmarks Regulation (BMR) framework.
CF Benchmarks
XRP: Powering Global Liquidity in Real Time
XRP is a leading, mega-cap token, offering rapid cross-border payments with 3-5 second settlement times. Even a small 3.9% allocation enhances portfolio efficiency, providing diversification through moderate correlations with other cryptos and an asymmetric risk-reward profile.
Gabriel Selby
Tariffs, Turbulence, and Bitcoin Divergence
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Growth and Momentum Outperform in Turbulent Q1
The CF Benchmarks' Factor Report applies a robust multi-factor model to digital assets, enabling investors to track key drivers of crypto returns (Market, Size, Value, Momentum, Growth, Downside Beta, and Liquidity) and understand how these factors evolve across different market regimes.
Gabriel Selby
Market Outlook: Q2 2025
Digital assets face regulatory promise as macro uncertainty mounts. Growth slows, inflation lingers. Bitcoin tracks liquidity; large caps favored in risk-off shifts.
Gabriel Selby
Tariff Tensions & Stagflation Signals Spark Sell-off
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Solana: The High-Speed, Low-Cost Blockchain Rival
The CF Benchmarks research team examines how Solana operates as a high-speed, low-cost programmable blockchain, its growing role in decentralized finance and applications, and the investment case for including SOL in diversified portfolios.
Gabriel Selby
CME CF Solana-Dollar Reference Rate: a Primer for our latest Analysis
This primer is a 'quick start' guide to our CME CF Solana Dollar Reference Rate (SOLUSD_RR) Suitability Analysis.
Ken Odeluga
Suitability Analysis of the CME CF Solana-Dollar Reference Rate as a Basis for Regulated Financial Products - March 2025 Update
A benchmark must be representative of the underlying market, resistant to manipulation, and replicable by market participants. This paper seeks to understand whether these qualities are achieved by CF Benchmarks' CME CF Solana-Dollar Reference Rate (SOLUSD_RR).
CF Benchmarks
Suitability Analysis of the CME CF Bitcoin Reference Rate – New York Variant as a Basis for Regulated Financial Products - March 2025 Update
A benchmark must be representative of the underlying market, resistant to manipulation, and replicable by market participants. This paper seeks to understand how well these qualities are being achieved by the regulated CME CF Bitcoin Reference Rate – New York Variant (BRRNY).
CF Benchmarks
CF Benchmarks Quarterly Attribution Reports - March 2025
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category, and segment levels during the course of each portfolio rebalance period.
Gabriel Selby
Digital Assets Decline Despite Regulatory Thaw
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Policy Tailwinds Usher in New Highs as Fed Pauses
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Santa Claus Rally Stumbles on Fed Outlook
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Suitability Analysis of the CME CF Litecoin-Dollar Reference Rate as a Basis for Regulated Financial Products
This paper seeks to understand whether these qualities are achieved by CF Benchmarks' CME CF Litecoin-Dollar Reference Rate - London Variant (LTCUSD_RR).
CF Benchmarks
Market Outlook 2025
Digital assets are positioned for growth in 2025, driven by macro trends, tech innovation, and regulatory clarity. Investment advisor demand should accelerate ETF adoption, while blockchain scaling advances fuel DeFi, stablecoins, and asset tokenization in traditional markets.
Gabriel Selby
CF Benchmarks introduces first Institutional-grade Factor Model for Digital Assets
Debunking the myth of crypto’s Random Walk: our quantitative research shows liquid market returns mirror traditional market dynamics.
CF Benchmarks
CF Benchmarks Quarterly Attribution Reports - December 2024
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category, and segment levels during the course of each portfolio rebalance period.
Gabriel Selby
Regulatory Re-Rating Rockets Bitcoin to New Highs
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Vote of Confidence: Bitcoin Rallies on Election Shifts
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Introducing CF Benchmarks’ Risk and Reward Framework for Ethereum Staking Returns
CF Benchmarks has deployed its proven expertise in defining and quantifying the blockchain economy towards providing the most thorough and unbiased assessment of the potential rewards and inherent risks involved in Ethereum staking available.
Ken Odeluga
Democratizing Institutional-Grade Derivatives through Bitcoin Friday Futures
BFF offers a regulated, cost-efficient alternative to perpetual futures, eliminating funding rates and enhancing market integrity. Built on CF Benchmarks' BRRNY, it bridges institutional and retail trading, further paving the way for Bitcoin's financial integration.
Gabriel Selby
Market Recap: Fed Pivot DeFi(es) Historically Weak September
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Suitability Analysis of the CME CF Solana-Dollar Reference Rate - New York Variant as a Basis for Regulated Financial Products
This paper seeks to understand whether these qualities are achieved by CF Benchmarks' CME CF Solana-Dollar Reference Rate - New York Variant (SOLUSD_NY).
CF Benchmarks
Market Outlook: Q4 2024
As we approach year-end, digital assets are at a turning point. November’s elections could redefine regulation, while Ethereum's scaling solutions promise to revolutionize finance. Asset tokenization and decentralized networks stand ready to disrupt existing systems. A transformative year beckons.
Gabriel Selby
Suitability Analysis of the CME CF Ether-Dollar Reference Rate - Asia Pacific Variant as a Basis for Regulated Financial Products
This paper assess whether our regulated CME CF Ether-Dollar Reference Rate – Asia Pacific Variant (ETHUSD_AP) achieves the essential qualities a benchmark requires for it be suitable for use as the basis for regulated products.
CF Benchmarks
CF Benchmarks Quarterly Attribution Reports - September 2024
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category, and segment levels during the course of each portfolio rebalance period.
Gabriel Selby
Market Recap: Macro Influences Rekindle Market Uncertainty
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Market Recap: Crypto Stabilizes with Robust ETF Demand & Public Policy Spotlight
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Ether: A Strategic Asset for the Decentralized Economy
Ethereum's disruptive smart contract platform is driving innovation and adoption across its decentralized ecosystem. Ether stands to benefit as its native token and is poised to capture value from Ethereum's growth, making it a strategic technological asset.
Gabriel Selby
Market Recap: 'June Gloom’ Prevails Amidst Building Tailwinds
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby
Exploring Bitcoin Basis Trades: How Price Singularity in ETFs and Futures is Bolstering Market Activity
Spot Bitcoin ETFs and CME futures contracts using the same price benchmark (BRRNY) enables precise arbitrage. This alignment facilitates efficient basis trades and streamlines ETF creation and redemption processes, enhancing market efficiency.
Gabriel Selby
Suitability Analysis of the CME CF Solana-Dollar Reference Rate as a Basis for Regulated Financial Products
The likelihood that institutional participation in Solana will continue to increase underscores the need for price benchmarks that are demonstrably fit for the purpose of pricing this growing asset.
CF Benchmarks
CF Benchmarks Quarterly Attribution Reports - June 2024
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category, and segment levels during the course of each portfolio rebalance period.
Gabriel Selby
Market Recap: Rally Broadens as SEC Approves Spot Ether ETFs
Our market recap report offers a brief summary of the blockchain economic categories and their recent price performance amid a broader market landscape.
Gabriel Selby
Market Recap: Higher Inflation & Rates Bite at ‘Halving’ Hopes
Our market recap report offers a brief summary of the blockchain economic categories and their recent price performance amid a broader market landscape.
Gabriel Selby
Decoding Bitcoin Sentiment Ahead of the Halving
The upcoming Bitcoin halving presents a unique opportunity for investors to reassess market sentiment and position themselves for potential growth.
Gabriel Selby
Market Recap: Momentum Builds on Dovish Fed Signals
Our market recap report offers a brief summary of the blockchain economic categories and their recent price performance amid a broader market landscape.
Gabriel Selby
CF Benchmarks Quarterly Attribution Reports - March 2024
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category and segment levels.
Gabriel Selby
Market Recap: ETF Demand Surge Broadens Market Rally
Our market recap report offers a brief summary of the blockchain economic categories and their recent price performance amid a broader market landscape.
Gabriel Selby
Suitability Analysis of the CME CF Ether-Dollar Reference Rate - New York Variant as a Basis for Regulated Financial Products
This paper seeks to understand whether the regulated CME CF Ether-Dollar Reference Rate – New York Variant (ETHUSD_NY) achieves the qualities required of a regulated Benchmark: that it is representative of the underlying market, resistant to manipulation, and replicable by market participants.
CF Benchmarks
How Does a Benchmark Benefit Bitcoin ETF Investors?
In the case of ETFs, the primary purpose of a benchmark is to determine the cash value of the investments held by the ETF, so a Net Asset Value (NAV) can be calculated. This facilitates a number of processes that are crucial to the operation of an ETF and serve its investors.
CF Benchmarks
Suitability Analysis of the CME CF Bitcoin Reference Rate - New York Variant as a Basis for Regulated Financial Products - February 2024 Update
This paper seeks to understand whether the CME CF Bitcoin Reference Rate – New York Variant (BRRNY), the benchmark for six U.S. spot Bitcoin ETFs that, on aggregate, hold AuM of $9.2bn at the time of writing, achieves the qualities required of a regulated benchmark.
CF Benchmarks
Suitability Analysis of the CME CF Bitcoin Reference Rate - Asia Pacific Variant as a Basis for Regulated Financial Products
This paper seeks to understand whether the regulated CME CF Bitcoin Reference Rate – Asia Pacific Variant (BRRAP) achieves the qualities required of a benchmark: being representative of the underlying market, resistant to manipulation, and replicable by market participants.
CF Benchmarks
Market Recap: Spot ETFs Ignite Fund Inflows as Prices Idle
Our market recap report offers a brief summary of the blockchain economic categories and their recent price performance amid a broader market landscape.
Gabriel Selby
Bitcoin: A Universal Store of Value for the Digital Age
The CF Benchmarks research team explores how Bitcoin functions as a decentralized digital asset, its potential as a portfolio diversifier, and the investment case for adding Bitcoin to portfolios.
Gabriel Selby
Market Recap: Smart Contracts Lead Crypto’s Strong Finish
Our market recap report offers a brief summary of the blockchain economic categories and their recent price performance amid a broader market landscape.
Gabriel Selby
CF Benchmarks Quarterly Attribution Reports - December 2023
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category and segment levels.
Gabriel Selby
Optimizing Capital Efficiency in Replicating the BRRNY for the Creation and Redemption of Shares for US Spot Bitcoin ETFs
CME CF Constituent Exchange Liquidity During the Bitcoin Reference Rate - New York Variant Observation Window of 1500 to 1600 ET Pending US Spot Bitcoin ETFs The anticipation of spot bitcoin ETFs in the U.S. has continued to drive interest in bitcoin globally. Since BlackRock first filed an S-1 registration statement on June 15th, 2023 the CME CF Bitcoin Reference Rate - New York Variant (BRRNY) has traded up from $25,401.77 to $41,842.42 (1), an increase of almost 65%. There has been much s
CF Benchmarks
Market Recap: November 2023
Our market recap report offers a brief summary of the blockchain economic categories and their recent price performance amid a broader market landscape.
Gabriel Selby
Market Recap: September 2023
Our market recap report offers a brief summary of the blockchain economic categories and their recent price performance amid a broader market landscape.
Gabriel Selby
CF Benchmarks Quarterly Attribution Reports - September 2023
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, and sector levels.
Gabriel Selby
Monthly Market Recap - August 2023
Our market recap report offers a brief summary of the blockchain economic categories and their recent price performance amid a broader market landscape.
Gabriel Selby
Monthly Market Recap - July 2023
Our market recap report offers a brief summary of the blockchain economic categories and their recent price performance amid a broader market landscape.
Gabriel Selby
From Macro to Micro: Can Narrative Shifts Spark the 'Decoupling'?
A potential 'decoupling' could provide investors with new opportunities for portfolio construction, allowing them to leverage more diversification benefits in their investment strategies.
Gabriel Selby
The ETH/BTC Ratio through time
The ratio may aid in portfolio management decisions, suggesting when to rebalance based on the relative performance of Ethereum and Bitcoin. It may also present potential trading opportunities when the ratio diverges from its historical average
Gabriel Selby
Monthly Market Recap - June 2023
This report aims to provide the reader with a quick overview of the blockchain economic categories influencing recent market performance, gain insights into institutional investors' capital allocation in digital assets, and understand how crypto is affected by the broader market landscape. Key takeaways for the month: * Markets are showing renewed optimism in response to several premier asset managers pursuing spot Bitcoin ETF approvals. This has triggered an aggressive upward retracement in
Gabriel Selby
Suitability Analysis of the CME CF Bitcoin Reference Rate - New York Variant as a Basis for Regulated Financial Products
The purpose of BRRNY is to provide a replicable, manipulation-resistant and representative Bitcoin benchmark that synchronizes with the traditional U.S. market close.
CF Benchmarks
CF Benchmarks Quarterly Attribution Reports - June 2023
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, and sector levels.
Gabriel Selby
Monthly Market Recap - May 2023
This report aims to provide the reader with a quick overview of the blockchain economic categories influencing recent market performance, gain insights into institutional investors' capital allocation in digital assets, and understand how crypto is affected by the broader market landscape. Key takeaways for the month: * During the past month, digital assets demonstrated a general downward trend, mirroring the prevailing macroeconomic uncertainties. The primary drivers of these uncertainties w
Gabriel Selby
Suitability Analysis of the CME CF BRR as a Basis for Regulated Financial Products - May 2023
CF Benchmarks ascertains the presence of fair and transparent market conditions and processes to identify and impede illegal, unfair or manipulative practices by conducting a thorough review of any exchange under consideration for inclusion as a Constituent Exchange.
CF Benchmarks
Monthly Market Recap - April 2023
This report is designed to provide the reader a quick overview of the blockchain economic categories that have been impacting recent crypto market performance, gain insights into where institutional investors are directing capital for digital assets, and comprehend how crypto is affected by and influences the broader market landscape. Key takeaways for the month: * The Ethereum network's latest "Shanghai" upgrade enabled validators to un-stake their tokens for the first time, resulting in a s
Gabriel Selby
Monthly Market Recap - March 2023
This report is designed to provide the reader a quick overview of the blockchain economic categories that have been impacting recent crypto market performance, gain insights into where institutional investors are directing capital for digital assets, and comprehend how crypto is affected by and influences the broader market landscape. Key takeaways for the month: * Major bank failures have increased concerns about financial stability, leading to a decrease in market-based interest rate expect
Gabriel Selby
What’s driving relative strength in cryptocurrencies? Read the equity market tea leaves...
Amidst a series of bank failures and increased financial instability, digital assets have been rallying.
Gabriel Selby
CF Benchmarks Quarterly Attribution Reports - March 2023
Fully dissect and understand the performance of our flagship portfolio indices from a constituent, category, and sector level.
Gabriel Selby
Monthly Market Recap - February 2023
This report has been designed to help you see at a glance which blockchain economic categories have been driving recent crypto market performance, get a sense of where institutional investors are allocating capital earmarked for digital assets, and understand how crypto fits into, impacts and is influenced by the broader market picture. Please click here to read the full report. Lastly, be sure to subscribe to our latest news and research to stay on top of the crypto market!
Gabriel Selby
The CF Rolling CME Bitcoin Futures Index
The CF Rolling CME Bitcoin Futures Index unlocks an on-ramp to institutional caliber exposure for investors who are seeking a passive strategy of holding CME Bitcoin Futures contracts.
CF Benchmarks
Monthly Market Recap - January 2023
This report has been designed to help you see at a glance which blockchain economic categories have been driving recent crypto market performance, get a sense of where institutional investors are allocating capital earmarked for digital assets, and understand how crypto fits into, impacts and is influenced by the broader market picture. Please click here to read the full report. Lastly, be sure to subscribe to our latest news and research to stay on top of the crypto market!
Gabriel Selby
CF Benchmarks Monthly Market Recap
Here's the December edition of a monthly compilation of digital asset market data, analysis and insights by CF Benchmarks' Lead Research Analyst Gabe Selby.
Gabriel Selby
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