
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.

Mark Pilipczuk
The crypto market remained in a guarded mood in the recent week. BTC was +2.1% and ETH +1.7%, but breadth was thin as only two of seven majors finished higher. Still, capitalization indices gained between 0.5% and 1.7%, while our BVXS implied vol. index fell, and BTC front-end rates fell sharply.

CF Benchmarks
The market posted its strongest week of 2026 at +7.1%. However, factor breadth was notably thin. Size was the only non-market factor to finish positive at +1.3%, while growth and value lagged, suggesting the rally was driven by directional flows rather than fundamentals.

Mark Pilipczuk
Head of Research Gabe Selby, CFA is joined by Kraken's Chief Economist Thomas Perfumo, CFA, CF Benchmarks Research Analyst, Mark Pilipczuk, and Senior Product Manager, Cristian Isac.

Ken Odeluga
The Administrator is launching a consultation on proposed changes to the CME CF Bitcoin Volatility Index - Settlement (BVXS) Methodology.

CF Benchmarks
The Administrator has confirmed changes to the Token Market Price Family for the period March 30th, 2026, to April 8th, 2026.

CF Benchmarks
The Administrator has confirmed changes to the Token Market Price Family for the period March 1st, 2026 to March 31st, 2026.

CF Benchmarks
The Administrator announces the addition of Hyperliquid-Dollar Settlement Prices and a Hyperliquid-Dollar Spot Rate to the CF Digital Asset Index Family - Single Asset Series.

CF Benchmarks
Digital asset benchmarks steadied this week: CF Ultra Cap 5 fell 1.1% and broad indices ~1.2%, down sharply from last week’s 6.7–7.4% losses. BVXS dropped 7.16 to 48.64, signaling Bitcoin’s recent high volatility may be easing.

CF Benchmarks
Liquidity reclaims the top of the weekly factor rankings as value pulls back. The market declined 2.15% on the week, deepening the YTD loss to -32.1%. The 2026 factor rotation continues without a consistent winner YTD.

Mark Pilipczuk
The Iran conflict has reshaped the macro landscape, stalling the Fed's easing cycle and neutralizing the fiscal impulse. Yet the regulatory environment has never been more constructive, and Bitcoin's catch-up trade with gold has deepened to its most attractive entry point in over two years.

Gabriel Selby
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
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