Dec 04, 2023
Market Recap: November 2023
DeFi outperforms as user activity ramps up
Key takeaways for the month:
- A wave of positive momentum swept across our flagship indices, lifted by swelling institutional interest and optimistic technical factors, driving double-digit gains broadly. Bellwether assets Bitcoin and Ether advanced over 8% and 12%, respectively. Notably, Bitcoin reclaimed the $38,000 level for the first time since May of 2022, according to our Bitcoin Real-Time Index. Meanwhile Ether reached new highs, breaking through resistance above $2,100 for the first time since April.
- Our DeFi barometer handily outpaced peers, vaulting 26% higher. The sector’s ongoing price revival kept pace with another leg up in Total Value Locked – a trusted gauge of the expanding DeFi landscape. And our Smart Contract index was another top performer, rising 24% fueled by rallies in premier constituents, underscoring robust appetite for vanguard blockchains.
- Bitcoin futures activity ratcheted higher, with open interest climbing 11% to an all-time peak of nearly 22,000 contracts in November. Ether futures were also on the upswing, rising 13% against the backdrop of a landmark spot ETF filing from BlackRock – the world's largest asset manager.
Monthly Index Performance
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CF Benchmarks Newsletter Issue 85
Qualified opinion offers a strong counterpoint to implied negative interpretations of the pace at which the SEC is progressing the digital asset product market.
Ken Odeluga
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