Factor Friday - July 10, 2026
The relief rally extended for a second week with Market +2.27%, but the real story is risk appetite: Liquidity led styles at +1.51% as thinner, less liquid names caught a bid. Value paused at -0.79% yet still leads over four weeks. Defensive tilts kept unwinding into the bounce.
Mark Pilipczuk
2026 Mid-Year Market Outlook
Iran risk, regulatory policy, Bitcoin rebalancing, tokenization, and protocol revenue are reshaping the outlook. Growth is narrowing, but regulatory progress and productive on-chain activity create offsets. Dispersion, not broad beta, should define the next year.
Gabriel Selby
Changes to the Token Market Price Benchmarks Series - Market Prices – 07 July 2026
The Administrator has confirmed changes to the Token Market Price Family for the period 30 June 2026 to 07 July 2026.
CF Benchmarks
Bitcoin-Led Drawdown Moves the Market Lower
The CF Free-Float Broad Cap Index fell 18.29% in June as a Bitcoin-led drawdown overwhelmed a thinning tape. Record ETF outflows, a rare Strategy sale, and a delayed Ethereum upgrade left Settlement assets supplying nearly the entire loss, with diversification offering little cover across the suite.
Mark Pilipczuk
Non-Programmable Tokens Lead Rebound as Hedging Demand Softens
Digital assets rebounded broadly over the past week as a soft US jobs print pared rate-hike fear and ETF flows turned positive. Payments and settlement names led, breadth favored diversified exposure, implied volatility compressed, and Bitcoin front-end funding eased toward its term curve.
Gabriel Selby
Factor Friday - July 3, 2026
The broad market rebounded 5.22% this week after the prior week's selloff, but style factors mostly sat out the bounce. Value was the only factor in positive territory at 1.42%, extending its four-week gain to 3.67% while the Market remains down 2.24% over that span.
Mark Pilipczuk
Hawkish Fed & Geopolitical Fragility Broaden Drawdown
A hawkish Fed, a 4.2% CPI print, and fragile Iran diplomacy drove a broad, steep drawdown across digital assets in June. Every CF Benchmarks index fell, fund outflows hit a 2026 high near $4.1 billion, and investors stayed defensive as rate-cut hopes faded and the war premium lingered.
Mark Pilipczuk
Changes to the Token Market Price Benchmarks Series - Market Prices – 30 June 2026
Changes to the Token Market Price Benchmarks Series - Market Prices – 30 June 2026.
CF Benchmarks
Implied Volatility Premiums Rise as Macro Risks Loom
Digital assets fell across the board last week as a hotter inflation print and steady ETF outflows met a risk-off market. The decline was uniform, with little to separate large caps; only a value tilt and two DeFi names held up as implied volatility rebuilt a premium.
Mark Pilipczuk
Factor Friday - June 26, 2026
Growth and Value led the factor rankings for the week ending June 25 as momentum-driven positioning continued to unwind - Momentum finished last, extending its YTD loss to -7.14%. Size remains the top YTD performer.
Gabriel Selby
Suspension of itBit Paxos as a Constituent Exchange from Certain CME CF Cryptocurrency Pricing Products
Suspension of itBit Paxos as a Constituent Exchange from Certain CME CF Cryptocurrency Pricing Products
CF Benchmarks
Suspension of itBit Paxos as a Constituent Exchange from Certain CF Digital Asset Index Family Benchmarks
Suspension of itBit Paxos as a Constituent Exchange from Certain CF Digital Asset Index Family Benchmarks
CF Benchmarks
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