Ever since BlackRock’s surprise filing to list a spot #Bitcoin #ETF, powered by our regulated CME CF Bitcoin Reference Rate - NY Variant, it's been a top talking point among institutional investors.
But given CF Benchmarks' participation in more crypto ETF filings than any other provider, we have a uniquely informed perspective on what’s likely to work and what definitely won’t.
That means it’s no exaggeration to say CFB’s CEO, Sui Chung is a true insider to BlackRock’s filing, and the applications by 3 other issuers using our benchmark.
With the SEC now officially reviewing all filings, listen in to the latest episode of the CFB Talks Digital Assets podcast with Sui as our guest, for exclusive insights:
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.
Crypto’s retreat deepened into the end of last week, with Bitcoin -6.5% and ETH -9%. DeFi and Culture tokens were also particularly pressured. Just as concerning, APT's staking reward rate halved, realized BTC volatility overshot implied, and Bitcoin funding kinked sharply at the front end.

CF Benchmarks
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
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