Weekly Index Highlights, September 30, 2024

For a quick breakdown of the performance of CFB’s key benchmark indices and reference rates for the period September 23 to September 29, 2024, explore our latest Weekly Index Highlights.

Signs of potential mean reversion chasing, as the overall constructive market tone was sustained for a further week. Cardano (ADA) took over as the worst underperformer YTD, -33.98%, and the best on a weekly basis, +11.88%. Meanwhile, erstwhile worst YTD underperformer AVAX is now -28.31% in 2024, after ticking +3.90% higher week-on-week.

SushiSwap’s (SUSHI) +24.50% weekly rise underlines a modest DeFi revival, driving a +6.53% advance for the Finance sub-category. Likewise, layer 2 scaling solution SKALE’s (SKL) +22.86% weekly progression enabled the Infrastructure sub-category’s 5.62% average lift. Meanwhile, Culture, +14.01% on average, maintained its recent Gaming segment driven strength, with GALA +18.14%, SUPER +15.02% and AXS +7.83%.

The change of our CF ETH Staking Reward Rate (ETH_SRR) relinquished its recent venture into positive territory on a year-to-date basis, leaving ETH_SRR’s yearly change at -9.99%, after the rate plunged -11.25% on the week.

The CF Broad Cap Index (Diversified Weight) edged to the front again on the week, +5.26%. Compare that with large-cap concentrated CF Ultra Cap 5 (CFUC5), +3.34%. These weekly returns tend to equate to distribution of gains more broadly than the largest weights. However, mega caps still prevail on the year, with CFUC5 +40.62%, and ETH plus BTC combined, defined as the CF Institutional Digital Asset Index, up +42.99%.

Seen through the lens of our CF Classification Series, the market’s recent up draft was characterised by themes engendered within our CF Web 3.0 Smart Contract Platforms Index. This added a weekly +6.91%, reducing its YTD decline to -6.20%. Elsewhere, despite the CF Blockchain Infrastructure Index’s respectable +4.91% climb last week, it continues to pose most concern on a YTD basis, having fallen -34.78%.

The recent slide of Bitcoin’s implied volatility appeared to pause last week, with BVXS edging up +1.26%, for a YTD change of -23.63%.

The Bitcoin term structure showed at least a modicum of activity once again last week, with rates now traceable across the curve. To be clear though, its profile must still be described as flat. The session rate fell about 1.5 basis points, on average, to stand at approximately 0.048% by the end of the week.

Index data based on CF Benchmarks Settlement Rates, published at 16:00 London Time