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
To read the complete report, kindly click on the provided link (or click here to view a PDF version). Additionally, please do not forget to subscribe to our latest news and research for the most relevant institutional insights on digital assets and the top digital assets by market cap.
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.
Q2 2025 Reconstitution
We’re pleased to share a short video overview of the Q2 2025 Reconstitution of our CF Capitalization Series — a suite of indices regulated under the UK Benchmark Regulation (BMR) — presented by our Head of Product, Thomas Erdösi.
CF Benchmarks
CFB Talks Digital Assets Episode 45: 3iQ's Pascal St-Jean on crypto's next institutional watershed: SOL staking, and beyond
For a timely overview on Canada's regulated crypto space, exclusive insights on how staking works in ETFs, plus pointers on what 3iQ's building right now, we're delighted to welcome their CEO, Pascal St-Jean, to the CFB Talks Digital Assets podcast.
Ken Odeluga
ETF Inflows Lift Bitcoin as New Tax Bill Lifts Spending
Our market recap offers a concise overview of key blockchain categories and their recent price action within the broader market context, providing valuable insights for investors and industry practitioners.
Gabriel Selby