CF Benchmarks
CF benchmarks logo

Apr 03, 2023

Monthly Market Recap - March 2023

This report is designed to provide the reader a quick overview of the blockchain economic categories that have been impacting recent crypto market performance, gain insights into where institutional investors are directing capital for digital assets, and comprehend how crypto is affected by and influences the broader market landscape.

Key takeaways for the month:

  • Major bank failures have increased concerns about financial stability, leading to a decrease in market-based interest rate expectations. This has resulted in an uptick in the price of Bitcoin to levels last seen in June 2022.
  • Stellar (XLM) rose over 25.7% last month, outperforming the top two mega-cap tokens Bitcoin (+22.7%) and Ether (+13.2%).
  • Open interest for Bitcoin futures climbed further to just under 15K contracts. Meanwhile, Ether futures were mostly unchanged.

Monthly Index Performance

All index performance is rebased to 100. Source: CF Benchmarks, Bloomberg, as of March 31, 2023

To read the complete report, kindly click on the provided link. Additionally, don't forget to subscribe to our latest news and research for the most relevant institutional insights on digital assets.


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.


Factor Friday - March 13, 2026

The factor rotation enters its second week as growth tops the weekly standings for the first time this year and value holds positive territory YTD. With downside beta fading from its early-year dominance, the market is beginning to reward on-chain activity over pure defensiveness.

Mark Pilipczuk
Mark Pilipczuk

Mark Pilipczuk

9 mins read
BlackRock’s iShares Staked Ethereum Trust ETF sees Solid Debut, with ETH priced by CF Benchmarks

By embedding ETHUSD_NY within ETHB, BlackRock is expanding its Ether ETF format to include staking, while retaining a benchmark architecture already embedded throughout its digital asset product suite.

CF Benchmarks
CF Benchmarks

CF Benchmarks

3 mins read
CF Benchmarks Quarterly Attribution Reports - March 2026

Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category, and segment levels during the course of each portfolio rebalance period.

Gabriel Selby
Gabriel Selby

Gabriel Selby

7 mins read