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
Hashi Brings Bitcoin-Backed Credit to Sui, Priced by CF Benchmarks
Hashi will unlock institutional Bitcoin participation at scale, bringing core financial services like credit origination and lending to a transparent, compliant environment on Sui using both Bitcoin and stablecoins as collateral.
Ken Odeluga
CF Benchmarks Newsletter Issue 102
It's notable that key institutional products have not subsisted on marginal demand in their first few weeks, which is obviously constructive.
Ken Odeluga
Weekly Index Highlights, March 16, 2026
Crypto rebounded in the past week, with AVAX +5.1% and Ether +3.5%, though the regime call remains unresolved. Infrastructure led CF DACS tiers +8.8% on average driven by TAO +41.5%. Still, all factors fell, while short-term BTC funding surged to 11%, hinting at recovery with low appetite for risk.
CF Benchmarks
Notice of the Demising of CF Vaulta-Dollar Settlement Price and Spot Rate
Demising the CF Vaulta-Dollar Settlement Price (AUSD_RR) and CF Vaulta-Dollar Spot Rate (AUSD_RTI).
CF Benchmarks
Factor Friday - March 13, 2026
The factor rotation enters its second week as growth tops the weekly standings for the first time this year and value holds positive territory YTD. With downside beta fading from its early-year dominance, the market is beginning to reward on-chain activity over pure defensiveness.
Mark Pilipczuk
BlackRock’s iShares Staked Ethereum Trust ETF sees Solid Debut, with ETH priced by CF Benchmarks
By embedding ETHUSD_NY within ETHB, BlackRock is expanding its Ether ETF format to include staking, while retaining a benchmark architecture already embedded throughout its digital asset product suite.
CF Benchmarks
CF Benchmarks Quarterly Attribution Reports - March 2026
Thoroughly dissect and comprehend the performance of our flagship portfolio indices at the constituent, category, sub-category, and segment levels during the course of each portfolio rebalance period.
Gabriel Selby
Weekly Index Highlights, March 9, 2026
Geopolitical strains kept digital assets on the defensive in the past week, with Bitcoin down 2.1% and Cardano -12.0%. Realized BTC volatility and our BVXS implied vol. index both inched higher, by 5.8 and 1.7 points, but Culture tokens in our CF DACS taxonomy were worst hit on average, at -8.7%.
CF Benchmarks
Factor Friday - March 6, 2026
The market posted its strongest weekly gain of 2026 at +4.3%, trimming YTD losses to -28.0%. Value emerged as the top factor at +1.7% weekly, turning positive YTD. Downside beta posted its first negative week of the year, signaling a potential early shift towards risk.
Mark Pilipczuk
CF Benchmarks Newsletter Issue 101
CFB-Powered xStocks Surpass $25 Billion • CFB Analysts' Report on Crypto ETF Holdings: Advisors Still Buying • CFB Factors Research Published by Springer
Ken Odeluga
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