CF Benchmarks
CF benchmarks logo

Dec 02, 2022

CF Benchmarks Monthly Market Recap

Here's the November 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.

Contagion sparks ‘FUD’ sell-off

  • The sudden fall of one of the largest crypto exchanges sent prices plummeting in the month of November.
  • Bitcoin prices fell to multi-year lows, sending our CF Diversified Large Cap Index down over 22%, the worst monthly performance since July.
  • The CF Smart Contract Platforms index finished the month as the worst performer, down 34%. Meanwhile, the CF Blockchain Infrastructure index was a relative out-performer but still finished the month sharply lower, falling 21%.

Monthly Index Performance

Source: CF Benchmarks, Bloomberg, as of November 30, 2022

Major Crypto-Pairs (USD)

Source: CF Benchmarks, Bloomberg, as of November 30, 2022
  • Litecoin prices rallied almost 45% for the month after the organization announced its plans for its third halving in mid 2023.
  • Most major tokens finished in negative territory, with Solana falling almost 60% due to its exposure to FTX / Alameda.

Currency of Flows

Source: CF Benchmarks, Bloomberg, as of November 30, 2022
  • Fund flows by asset remained broadly negative, falling -$21m with most of the decrease concentrated in BTC and ETH funds.
  • From a regional perspective, most fund inflows were in Europe, while North America saw the most outflow (-$34.4m).

Futures Positioning and Open Interest

Source: CF Benchmarks, Bloomberg, as of November 30, 2022
  • Bitcoin futures positioning continued to climb closer to net neutral in November (rising to -303 from -468).
  • Open interest for Bitcoin and Ethereum futures has also trended higher despite the recent market sell-off.

On-chain updates: Total Value Locked (TVL) in DeFi protocols

Source: CF Benchmarks, DeFiLlama, Kraken Intelligence, as of November30, 2022
  • Following the FTX collapse, TVL in DeFi briefly fell below the $60b mark. However, this metric has since stabilized just above this threshold.

NFT Transactions and Volumes

Source: CF Benchmarks, DeFiLlama, Kraken Intelligence, as of November30, 2022
  • NFT transactions continued their downward trajectory, falling approximately 22%. Conversely, positive price momentum helped bolster NFT volumes by 24% in November.

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.


Gabriel Selby
Gabriel Selby

Gabriel Selby

More on this subject

An Orderly De-Risking: Defense Leads, DeFi Bears the Brunt

An orderly de-risking, not a capitulation. Digital assets fell broadly but in a tight band, with defensive factors leading and the stress concentrated in DeFi. Volatility stayed calm, and the move in Bitcoin funding looked more like a positioning unwind than a change in regime.

Gabriel Selby
Gabriel Selby

Gabriel Selby

8 mins read
Amendment of the Index Spacing Parameter from Static to Dynamic for the CF Spot Rates

The Administrator announces the amendment of the Index Spacing Parameter from Static to Dynamic across all CF Spot Rates.

CF Benchmarks
CF Benchmarks

CF Benchmarks

1 mins read
Amendment of the Index Spacing Parameter from Static to Dynamic for the CME CF Cryptocurrency Real Time Indices

The Administrator announces the amendment of the Index Spacing Parameter from Static to Dynamic across all CME CF Cryptocurrency Real Time Indices.

CF Benchmarks
CF Benchmarks

CF Benchmarks

1 mins read
More posts...

Footer

Legal

Subscribe to our newsletter

The latest news, articles, and resources, sent to your inbox weekly.

By submitting this form, you agree to our Terms of Service and Privacy Policy.

Already subscribed? Manage your preferences

© 2026 CF Benchmarks Ltd. All rights reserved.

CF Benchmarks Ltd (“CF Benchmarks”), a company registered in England and Wales with company number 11654816 and authorised and regulated by the Financial Conduct Authority. Information about us can be found on the Financial Services Register (register number 847100).

Registered Office: 6th Floor One London Wall, London, United Kingdom, EC2Y 5EB.

You agree not to, and have no rights to, use the CF Benchmarks Data to create, calculate, issue, settle, maintain, support or develop any financial instruments (including but, without limitation exchange traded products, certificates, warrants, contracts for difference, swaps, binary options, structured products), indices, products, services (including but without limitation, portfolio management services, pre- and post-trade risk management services, or valuation services) or any other derivative works without the express written consent of CF Benchmarrks.

You agree not to analyze, reverse-engineer or disassemble any CF Benchmarks data and not to insert any code or product to manipulate the Website content in any way that affects any user’s experience. Unless CF Benchmarks gives you prior written permission, use of any Web browsers (other than generally available third-party browsers), engines, scripts, software, spiders, robots, avatars, agents, tools or other devices or mechanisms (such as crawlers, browser plug-ins and add-ons, or other technology) to navigate, access, copy in bulk, retrieve, harvest, index, search or analyse any portion of the Website is strictly prohibited.

No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of CF Benchmarks Ltd. Use and distribution of the CF Benchmarks data requires a license from CF Benchmarks or its authorized licensing agents.

All information is provided for information purposes only. All information and data contained on this website is obtained by CF Benchmarks, from sources believed by it to be accurate and reliable. Such information and data is provided "as is" without warranty of any kind.

CF Benchmarks, nor its directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, expressly or implied, either as to the accuracy, timeliness, completeness or merchantability of any information or of results to be obtained from the use of the CF Benchmarks indices or the fitness or suitability of the same indices for any particular purpose to which they might be put. Any representation of historical data accessible through CF Benchmarks indices is provided for information purposes only and is not a reliable indicator of future performance.

No responsibility or liability can be accepted by CF Benchmarks nor their respective directors, officers, employees, partners or licensors for any loss or damage in whole or in part caused by, resulting from, or relating to any error (negligent or otherwise) or other circumstance involved in procuring, collecting, compiling, interpreting, analysing, editing, transcribing, transmitting, communicating or delivering any such information or data or from use of this website or links to this website.

CF Benchmarks and its respective directors, officers, employees, partners or licensors do not provide investment advice and nothing accessible through CF Benchmarks, should be taken as constituting financial or investment advice or a financial promotion. Charts and graphs are provided for illustrative purposes only. Index returns shown may not represent the results of the actual trading of any assets.

CF Benchmarks is a member of the Crypto Facilities group of companies which is in turn a member of the Payward, Inc. group of companies.
  • Payward, Inc. is the owner and operator of the Kraken Exchange, a venue that facilitates the trading of cryptocurrencies. The Kraken Exchange is a source of input data for certain CF Benchmarks indices.
  • Payward, Inc. is the owner and operator of the Staked, a venue that operates the block production nodes for decentralized PoS protocols on behalf of institutional investors. Staked.us is a source of input data for certain CF Benchmarks indices.

Please refer to the individual product family documentation for more information about applicable input data sources.

By clicking Accept, you consent to CF Benchmarks's use of cookies.

Visit Cookie Settings to learn how CF Benchmarks uses cookies and to adjust your preferences.

Cookie Settings