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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Factor Friday: beta faded, with the Market down -0.81%, while capital reached down the risk curve. Liquidity led at +1.36% and Size followed at +1.07%, both sign-inverted, and Downside Beta anchored the field at -2.69%. All three point risk-seeking, and selection set returns, not direction.

Mark Pilipczuk
The CF Free-Float Broad Cap Index rose 4.44% in July as Bitcoin and Ether supplied 5.07 points of a 4.44% return. Softer inflation and new Ethereum exchange-traded product access carried the large-capitalization core, while 18 of 32 constituents fell and free-float weighting produced the gain.

Mark Pilipczuk
Changes to the Token Market Price Benchmarks Series - Market Prices – 04 August 2026

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