Oct 02, 2023
Market Recap: September 2023
Crypto Breaks Negative Seasonality Dynamics
Key takeaways for the month:
- September brought overall positive developments for the crypto market. Bitcoin prices trended upwards, with our CME CF Bitcoin Reference Rate (BRR) briefly surpassing the $27,000 threshold in mid-September after the news that Franklin Templeton, another premier asset manager, filed for a spot Bitcoin ETF.
- Tokens related to decentralized finance (DeFi) led gains, increasing over 10% as major assets in this category recovered following underperformance the previous month. This rebound aligned with rising total value locked (TVL), a key metric of the DeFi market's size. A similar recovery in investor sentiment played out for blockchain infrastructure tokens, with our CF Blockchain Infrastructure Index climbing over 9%.
- Ether futures saw mounting interest ahead of an expected ETH futures ETF launch, with total open interest increasing almost 13% in September.
Monthly Index Performance
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