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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Size and Growth Lag in Market-Wide Selloff
CF Benchmarks’ Quarterly Factor Report breaks down digital asset performance through a systematic factor lens, highlighting the key drivers of risk and return to help investors better understand market behavior across different regimes.
Gabriel Selby
Weekly Index Highlights, January 12, 2026
Crypto cooled but stayed positive in the most recent week, with Bitcoin and Ether dipping slightly. Infrastructure was best performing CF DACS Sub-Category, +4.2%. Meanwhile our CME CF Bitcoin Volatility Index eased -8.12% even as realized ticked up. Among Factors, Value and Size notched slim gains.
CF Benchmarks
CORRECTION: Expansion of the CME CF Cryptocurrency Pricing Products Family to include the CME CF Uniswap-Dollar Reference Rate - New York Variant
The Administrator will announce the date to which the launch of this index will be rescheduled in due course.
CF Benchmarks