Markets
Prices, flows and positioning across the digital asset market, from spot ETFs to derivatives and prime brokerage.
Stablecoin Market Cap Hits New Record
Combined supply of dollar-pegged tokens crossed $322 billion this week, driven by continued growth in tokenized treasury products.
Prime Brokerage Race Intensifies as New Entrants Circle
Two more traditional finance firms confirmed plans to launch digital asset prime services targeting institutional counterparties.
Crypto's Correlation With Fed Expectations Remains Elevated
Bitcoin's correlation with US real yields and rate expectations has remained elevated through the first half of the year.
Bitcoin Options Open Interest Sets New Record on Deribit
Aggregate open interest across Deribit's listed BTC options has climbed to a fresh record, with skew biased toward calls.
Perpetual Funding Rates Normalise After Extended Neutral Regime
Funding rates across major perpetual venues have returned closer to historical averages after months near zero.
Tokenised US Treasury Products Cross $2 Billion Mark
The combined value of on-chain tokenised US Treasury products has continued to grow, driven by institutional issuers.
Bitcoin to Gold Ratio Holds Steady as Both Assets Firm
The relative price of Bitcoin measured in gold has traded in a narrow range in recent weeks as both assets have firmed.
Basis Trade Between Spot ETFs and CME Futures Returns
The classic basis trade between spot Bitcoin ETFs and CME-listed futures has re-emerged as an attractive institutional strategy.
Dollar Strength Continues to Shape Crypto Flows
Movements in the US dollar index remain a reliable macro backdrop for near-term crypto price action.
Fee Compression Continues Across Spot Crypto ETFs
Issuers have continued to compete on fees for spot Bitcoin and Ether ETFs, benefitting long-term holders.
Order Book Depth on Major Venues Returns to Multi-Year Highs
Two percent order book depth for BTC on major exchanges has climbed back toward multi-year highs.
Structured Product Issuance on Digital Assets Continues to Grow
Banks and specialised issuers report continued growth in structured product issuance referencing crypto assets.