Factor Friday - April 3, 2026
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
Conviction in the Crossfire: Geopolitical Risk, Regulatory Breakthroughs, and the Bitcoin Catch-Up Trade
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
War, the Fed, and a Market on Edge
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
Weekly Index Highlights, March 30, 2026
Digital assets fell for a third week, though selling eased. Mega-cap indices like the Ultra Cap 5 (-6.7%) outperformed altcoin-heavy counterparts, with the Diversified Large Cap Index at -7.4%, highlighting continued investor preference for large caps amid broad weakness.
CF Benchmarks
Changes to the Token Market Price Benchmarks Series - Market Prices
The Administrator hereby announces the following changes to the Token Market Price Family.
Jon Zeffert
CF Benchmarks Newsletter Issue 103
* Kraken's xStocks Will Power Nasdaq's Tokenized Equities * Hashi: the New Bitcoin Collateral Layer, Priced by CF Benchmarks * CF Benchmarks Research: Understanding Bitcoin's Split from M2 Patience March tallies show how conditional ETF demand has become under the current market regime. U.S. spot Bitcoin ETFs took in $458.2 million on March 2nd, $225.2 million on March 3rd, and $461.9 million on March 4th, a three-session burst of $1.15 billion. Decrypt's 'Bitcoin is Abnormal' commentary c
Ken Odeluga
CFB Talks Digital Assets Episode 55: xStocks: Inside Kraken's Tokenized Equities Revolution
We explore the rise of Kraken's xStocks with Mark Greenberg, Head of B2B at Payward Services / Kraken, and Thomas Erdösi, Head of Product at CF Benchmarks.
Ken Odeluga
Factor Friday - March 27, 2026
Momentum Leads as the Market Sells Off The market declined 3.1% on the week, giving back a portion of the rally that had narrowed the year-to-date drawdown over recent weeks. The year-to-date loss now stands at 30.6%. The best performer this week is momentum, which topped the weekly factor rankings for the first time this year at +1.5%, a meaningful gap over the others. Value held up relatively well at -0.1% on the week, while growth posted a modest decline of 0.5%. Downside beta fell 2.1% on
Mark Pilipczuk
Q1 2026 Reconstitution
We're pleased to share a short video overview of the Q1 2026 Reconstitution of our CF Capitalization Series — a suite of indices regulated under the UK Benchmark Regulation (BMR) — presented by our Head of Product, Thomas Erdösi.
CF Benchmarks
Weekly Index Highlights, March 23, 2026
Crypto’s retreat deepened into the end of last week, with Bitcoin -6.5% and ETH -9%. DeFi and Culture tokens were also particularly pressured. Just as concerning, APT's staking reward rate halved, realized BTC volatility overshot implied, and Bitcoin funding kinked sharply at the front end.
CF Benchmarks
Factor Friday - March 20, 2025
The market's strongest four-week rally of 2026 saw liquidity top weekly factor rankings for the first time, signaling broadening risk appetite beyond value and growth. Downside beta's lead is eroding fast. The rotation is encouraging, but with YTD losses at -28.4%, a full risk-on pivot is premature.
Mark Pilipczuk
The M2-Bitcoin Relationship: What the Data Actually Shows
Global M2 has grown over 12% in the past year while Bitcoin has declined roughly 12%. We analyzed two decades of cross-asset data to determine whether this is a temporary dislocation or a structural regime change in how Bitcoin responds to monetary expansion.
Gabriel Selby
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