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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
Mark Pilipczuk

Mark Pilipczuk

9 mins read
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
Gabriel Selby

Gabriel Selby

7 mins read
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.

Gabriel Selby
Gabriel Selby

Gabriel Selby

8 mins read
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.

Mark Pilipczuk
Mark Pilipczuk

Mark Pilipczuk

17 mins read
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
Gabriel Selby

Gabriel Selby

4 mins read