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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)