BVX Compresses as BTC Round-Trips a Three-Year Inflation Shock
Digital assets finished near flat, round-tripping a three-year inflation high and renewed conflict that moved the tape intraday then reversed. Defensive factor positioning continued, implied volatility eased toward realized, and the sharpest move was a decentralized-AI bid in infrastructure.
Mark Pilipczuk
Factor Friday - June 12, 2026
Defensives took the board: Downside Beta swung from -3.42% to a +4.15% lead as Market fell 7.77%, Size's small-cap run unwound, and Liquidity snapped its losing streak.
Mark Pilipczuk
Notice of the Demising of CF IoTeX-Dollar Spot Rate
Notice of the Demising of CF IoTeX-Dollar Spot Rate
CF Benchmarks
Pricing the Perp DEX Leader: A Valuation Framework for Hyperliquid
Hyperliquid returns ~83 cents of every fee dollar to HYPE holders via buybacks, far more than Coinbase or Robinhood turn into profit. On fully diluted supply it trades near 61x earnings; our modeling assumes growing market share and puts fair value near $106, about 89% above the June 10 price.
Mark Pilipczuk
Announcement of Consultation on Changes to the CME CF Real Time Indices Methodology
Announcement of Consultation on Changes to the CME CF Real Time Indices Methodology
CF Benchmarks
Announcement of Consultation on Changes to the CF Spot Rate Methodology Guide
Announcement of Consultation on Changes to the CF Spot Rate Methodology Guide
CF Benchmarks
Changes to the Token Market Price Benchmarks Series - Market Prices – 09 June 2026
Changes to the Token Market Price Benchmarks Series - Market Prices – 09 June 2026
CF Benchmarks
Hot Data Fuels “Higher for Longer” Fears as Market Sell-Off Accelerates
Digital assets sold off broadly this week, and the through-line was macro: hot US data repriced the rates path higher and risk came off across the complex. Implied volatility jumped, low-beta factors led, and front-end funding dislocated as positioning unwound. Record ETF outflows added pressure.
Mark Pilipczuk
Addition of New Settlement Prices and Spot Rates to the CF Digital Asset Index Family and Changes to the CF Constituent Exchanges
Addition of New Settlement Prices and Spot Rates to the CF Digital Asset Index Family and Changes to the CF Constituent Exchanges
CF Benchmarks
Re-admission of Coinbase as a CF Constituent Exchange for the CF IoTeX-Dollar Spot Rate
Re-admission of Coinbase as a CF Constituent Exchange for the CF IoTeX-Dollar Spot Rate
CF Benchmarks
Suspension of Gemini as a Constituent Exchange from Certain CF Digital Asset Index Family Benchmarks
The Administrator announces the suspension of Gemini as a CF Constituent Exchange for the following indices
CF Benchmarks
Factor Friday - June 5, 2026
This week was about damage, not direction. Broad beta fell 12.76% in its worst week of the year, deepening a 36% drawdown, and the decline was top-heavy: Size led as the largest, most defensive names fell hardest. Selection cushioned an index in freefall as the flight to liquidity intensified.
Mark Pilipczuk
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