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
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
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