As Lead Research Analyst Gabe Selby points out, despite all digital asset categories remaining in the red throughout the quarter, as reflected by negative returns for our regulated crypto portfolio indices, scaling protocols were relatively defensive.
Watch to find out which one fared best ★ What that has to do with the definitive DeFi milestone for JPMorgan Chase & Co. in the quarter ★ And why fading Ether dominance of the BTC/ETH ratio helps set up the best conditions we’ve got (for now) for more constructive price action in the current quarter.
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Digital assets extended last week's decline as a post-midterm AI-chip sell-off in equities erased a brief relief rally. Crypto sat out Friday's equity rebound, selling spread from the majors to the long tail, downside protection firmed on the options surface and CME basis compressed with spot.

Mark Pilipczuk
Downside Beta led CF Benchmarks' factor table at 1.66% as the Market fell 6.17%, its largest weekly loss since June. Liquidity gained 1.51% for a second week and leads over four weeks at 4.46%, while Size, down 0.50% on the week, still leads year to date at 22.14%.

Mark Pilipczuk
The CME CF Crypto Market Index fell 9.32% in October, the smallest decline in the family, as Bitcoin supplied 57% of it while falling less than the index. Altcoins led the selling before the Binance theft and Bitcoin after it, so the CF Services Category Index fell furthest (-19.71%).

Mark Pilipczuk
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