Nov 03, 2022
CF Benchmarks Monthly Market Recap
Here's the first edition of a monthly compilation of digital asset market data, analysis and insights by CF Benchmarks' Lead Research Analyst Gabe Selby.
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.
‘Uptober’ brings broad gains
- All our benchmark indices finished October in positive territory
- Larger-cap tokens saw the strongest relative performance with the Ultra Cap 5 (+11.8%) and Diversified Large Cap (11.3%) indices outperforming
- The CF Digital Culture and Smart Contract Platforms indices lagged but still finished the month up approximately 2%
Monthly Index Performance
Major Crypto-Pairs (USD)
- Doge prices rose over 100% for the month, this positive price performance followed Elon Musk’s recent acquisition of Twitter
- Most major tokens finished in positive territory, with Ethereum and Polygon continuing to see post-merge momentum
Trailing Risk-Adjusted Returns
When compared to other traditional asset classes, Bitcoin and Ethereum continue to provide the best risk-adjusted performance over a longer-time horizon.
Currency of Flows
- Fund flows remain relatively muted and slightly positive (+$6m); mostly concentrated in Bitcoin (+$14m)
- From a regional perspective, most fund inflows were in the North America region, while Europe saw -$8.7m in outflows
Futures Positioning and Open Interest
- Futures positioning has stabilized since the start of the month, rising slightly to -$357K
- Open interest for Bitcoin and Ethereum futures continues to trend higher
On-chain updates: Total Value Locked in DeFi
Total Value Locked in DeFi protocols remained muted in October, rising to approximately $777m from $750m.
On-chain updates: NFT Transactions and Volumes
NFT transactions and volumes continued their downward trajectories, falling approximately 43 and 24% in October.
Download The CF Benchmarks Monthly Market Recap here (PDF file)
The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell any of the underlying instruments cited including but not limited to cryptoassets, financial instruments or any instruments that reference any index provided by CF Benchmarks Ltd. This communication is not intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. Please contact your financial adviser or professional before making an investment decision.
Note: Some of the underlying instruments cited within this material may be restricted to certain customer categories in certain jurisdictions.
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
Weekly Index Highlights, July 14, 2025
Crypto's winning streak has extended, with diversified-weight Broad Cap and Large Cap benchmarks up nearly 15%; outpacing ~12% gains by free-float counterparts. ADA and XRP both rose over 20%. Staking yields ticked up, led by SOL's +1%. BTC's realized volatility spiked despite muted implied vol.
CF Benchmarks
Weekly Index Highlights, July 07, 2025
Digital assets gained for a second week, led by Broad and Large-Cap indices up ~2.5%. They outperformed free-float peers, signaling risk-on appetite. Majors rose up to 4%, ETH and NEAR staking yields increased, while BTC volatility stayed near cycle lows.
CF Benchmarks