Data Delays & Defensive Tilts
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
CF Benchmarks Newsletter Issue 98
As the 2-year anniversary of the first US spot Bitcoin ETFs approaches, a huge wall of filings points to a surprising turn in 2026 • Research Primer: Bitcoin Capital Market Assumptions • Kraken lists LCAP Portfolio Perp
Ken Odeluga
What a Huge Wall of Filings Tells us about the Next Wave of US Crypto ETFs
A massive build-up of crypto ETF filings suggests issuers are pivoting away from the '33 Act framework towards more flexible '40 Act structures. We explain why.
Ken Odeluga
Risk-On Reloaded: Monetary Easing, Catch-up Trades, and the Tokenization Buildout
Crypto markets are entering a transformative phase in 2026, where regulatory clarity and monetary easing outweigh macro uncertainty. We expect a dovish Fed pivot counter to consensus, fostering lower real yields. Meanwhile, the CLARITY Act and broader adoption should drive our secular themes.
Gabriel Selby
Weekly Index Highlights, December 22, 2025
Crypto's year-end tape remained selective last week, with BTC up 0.9%, while other high-beta majors slipped. The Infrastructure Sub-Category was a major loser in our CF DACS taxonomy, -10.4%, while implied volatility firmed as realized cooled; and our USDT funding rate measure reset above 10%.
CF Benchmarks
Expansion of the CME CF Cryptocurrency Pricing Products Family to include Hedera, Bittensor and Aptos Reference Rates and Real-Time indices
The Administrator announces the addition of Hedera, Bittensor and Aptos Reference Rates and Real-Time indices to the CME CF Cryptocurrency Pricing Products Family.
CF Benchmarks
Cessation of Hedera and Aptos Settlement Prices and Spot Rates within the CF Cryptocurrency Index Family
The Administrator announces the cessation of Hedera and Aptos Settlement Prices and Spot Rates within the CF Cryptocurrency Index Family
CF Benchmarks
Building Bitcoin Capital Market Assumptions
Bitcoin’s institutional adoption demands robust, pragmatic CMA frameworks that integrate quantitative modeling, macro analysis, and valuation to guide strategic and tactical allocations across market cycles and investment horizons.
Gabriel Selby
Transition of CF EOS-Dollar Indices to CF Vaulta-Dollar Indices
EOS (EOS) benchmarks will transition to the Vaulta (A) designation
CF Benchmarks
Kraken Launches LCAP Perpetual Futures, Expanding Access to Regulated On-Chain Crypto Index Exposure
Kraken has today launched a perpetual futures contract referencing the LCAP DTF, broadening access to one of the market’s most institutionally aligned on-chain crypto portfolios.
Ken Odeluga
Weekly Index Highlights, December 15, 2025
Large- and mega-cap digital assets surrendered part of their prior-week bounce in the most recent week, with Culture and high-beta themes leading the latest drawdown. Realized volatility held above implied, while factors and funding pointed to measured de-risking into larger, higher-quality names.
CF Benchmarks
CF Benchmarks Newsletter Issue 97
Crypto prices might be locking into a nervous range, but a new arena of speculation - prediction markets - led by Kalshi, looks unstoppable. Meanwhile, digital asset ETF launches are accelerating.
Ken Odeluga