Here at CF Benchmarks, we don’t downplay the fact that crypto is potentially one of the riskiest asset classes around.
Thinking more constructively though, how can those risks be managed?
In fact, because digital assets are so dissimilar to traditional assets in terms of technological complexity, their mode of economic participation and more, how do we even determine and measure such risks?
These are the kinds of questions our guest on the latest episode of CFB Talks Digital Assets, Kyle Downey, has been grappling with for years.
Kyle is co-founder and CEO of crypto risk analytics firm Cloudwall, and he quickly realised that although risk management is fundamental to any market activity, Cloudwall finds itself among the relatively few companies researching and constructing cogent models to credibly address that need.
We think the stimulating conversation between Kyle, Gabe Selby, CFA and Ken Odeluga, will be as educational for you as it was for us.
Some highlights:
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