Jan 15, 2025
CFB Talks Digital Assets Episode 35: Market-Making AI Agents and the New Crypto ETF Regime: Welcome to 2025!
Digital assets have a high bar to beat in 2025 after a stonking 2024 - but with a new pro-crypto US administration waiting in the wings, this year promises to be just as consequential.
Markets-wise though, January is off to a less than sure-footed start...
As CF Benchmarks Head of Research Gabe Selby, CFA, and Research Analyst, Mark Pilipczuk point out in our first podcast of 2025, this follows the ’Santa Rally’s no-show in December.
Still, that's after one of the strongest crypto mega cap returns for years. And with alts underperforming overall, catch-up trades could be on the cards.
To learn which ones, and a lot more, join Gabe, Mark, and Head of Content, Ken Odeluga, as they tally up crypto’s seismic 2024, and surface everything to watch going into another critical year.
Top Themes:
- AI agents: With some already earning above the median US wage, find out how they could soon be market-making, operating cross-chain liquidity, and even doing agent-to-agent transactions. What could possibly go wrong!
- Ether flows punched above their weight relative to the ETH/BTC ratio into year-end, but Ether AuM still doesn't reflect ETH's share of that pair’s joint market cap. Does December’s $2B ETH inflow mean the catch-up has begun?
- Regulatory transition: Will we see Solana and XRP ETFs, before we see CFTC-regulated SOL and XRP futures? And which ETF filings have the highest chance of near-term approval?
- RIA crypto ETF holdings: How to gauge when are research team's call for these to breach 50% of the total is well on the way
All in all, it’s time again to grab your preferred beverage, sit down, and soak up the latest insights from our institutional insiders.
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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.
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CF Benchmarks Newsletter Issue 98
As the 2-year anniversary of the first US spot Bitcoin ETFs approaches, a huge wall of filings points to a surprising turn in 2026 • Research Primer: Bitcoin Capital Market Assumptions • Kraken lists LCAP Portfolio Perp
Ken Odeluga
What a Huge Wall of Filings Tells us about the Next Wave of US Crypto ETFs
A massive build-up of crypto ETF filings suggests issuers are pivoting away from the '33 Act framework towards more flexible '40 Act structures. We explain why.
Ken Odeluga
Risk-On Reloaded: Monetary Easing, Catch-up Trades, and the Tokenization Buildout
Crypto markets are entering a transformative phase in 2026, where regulatory clarity and monetary easing outweigh macro uncertainty. We expect a dovish Fed pivot counter to consensus, fostering lower real yields. Meanwhile, the CLARITY Act and broader adoption should drive our secular themes.
Gabriel Selby