Published in Kaiko·4 days agoAPT’s Extraordinary Rally ExaminedData Debrief: January 30, 2023 — Subsribe to Kaiko’s research newsletter here. Price Movements: BTC is up over 40% YTD and is well on track for its second-best January in the past ten years. Market Liquidity: Market depth for APT order books has fallen on Binance, despite the token hitting all time highs. Derivatives: ETH option…Newsletter9 min readNewsletter9 min read
Published in Kaiko·Jan 23FTT Returns From the DeadData Debrief: January 23, 2023 — Subsribe to Kaiko’s research newsletter here. Price Movements: BTC gained another 10% this week despite news that Genesis had filed for bankruptcy, with a reported $5bn in liabilities. Market Liquidity: Trade volume on the largest Asia-based exchanges fell to multi-year lows amid a tough regulatory environment in the region. Derivatives…Newsletter10 min readNewsletter10 min read
Published in Kaiko·Jan 16The Return of the BullsData Debrief: January 16, 2023 — Subsribe to Kaiko’s research newsletter here. Price Movements: Bullish sentiment has returned to crypto, with BTC up 20% over the past week. Market Liquidity: Binance.US’s market share relative to other U.S. exchanges climbed to 15%, a marked increase after dropping to 6% post-FTX. Derivatives: BTC open interest fell sharply after…Newsletter8 min readNewsletter8 min read
Published in Kaiko·Jan 9Huobi Market Share Plummets in 2022Data Debrief: January 9, 2023 — Subscribe to Kaiko’s Research newsletters here. Price Movements: Most Layer 1 tokens have struggled versus ETH since December, but SOL and ATOM have recently outperformed. Market Liquidity: Curve’s 3pool — made up of USDT, USDC, and DAI — has seen its total value locked fall from $5.5bn to just $600mn over the past year. Derivatives: Both…Newsletter10 min readNewsletter10 min read
Published in Kaiko·Dec 27, 2022The 10 Defining Market Events of 2022Data Debrief: December 26th, 2022 — Welcome to our special end-of-year edition of the Data Debrief. Throughout 2022, the Kaiko Research team diligently covered the near constant flow of industry-defining events with our signature data-driven approach. Today, we will walk you through the year’s defining market events with the benefit of hindsight and an eye towards…Ftx11 min readFtx11 min read
Published in Kaiko·Dec 19, 2022Binance Volume Recovers Despite Mass OutflowsData Debrief: December 19, 2022 — Price Movements: Binance’s BUSD stablecoin, BNB token, and staking token bETH have had a volatile week amid mass withdrawals. Market Liquidity: Throughout December, BTC market depth on Coinbase has increased 46% while on Binance, depth is down 5%. Derivatives: Open interest for BTC and ETH perpetual futures has nearly halved…Newsletter9 min readNewsletter9 min read
Published in Kaiko·Dec 14, 2022The Shift Towards TransparencyMarket share and liquidity on US-regulated exchanges following the collapse of FTX — The below report will examine volume and liquidity from 6 US-regulated* exchanges: Coinbase, Kraken, Bitstamp, Binance.US, Gemini, and Bittrex. All 6 exchanges have an A or above rating on Kaiko’s Exchange Rating and offer USD trading services, which is a requisite for institutional activity. Transparency in crypto markets is more…Cryptocurrency5 min readCryptocurrency5 min read
Published in Kaiko·Dec 12, 2022Terra Collapse Returns to the SpotlightData Debrief: December 12, 2022 — Subscribe to Kaiko’s research newsletter here. Price Movements: BTC’s correlation with BNB has dropped significantly since FTX’s collapse, a sign that Binance’s token is diverging from wider markets. Market Liquidity: Curve, the DEX optimized for stablecoin swaps, is still mostly used by whale traders. Derivatives: Tron futures skew bearish after…Newsletter9 min readNewsletter9 min read
Published in Kaiko·Dec 5, 2022Bearish Sentiment Hits Binance’s BNB TokenData Debrief: December 5, 2022 — Subscribe to Kaiko’s research newsletter here. Price Movements: The tokens for the decentralized derivatives exchanges dYdX and GMX have surged since the collapse of FTX. Market Liquidity: Dollar trading volumes for BTC markets dropped to two year lows relative to Tether. Derivatives: BNB funding rates dip to their most negative…Newsletter9 min readNewsletter9 min read
Published in Kaiko·Nov 28, 2022Wrapped Assets Under ScrutinyData Debrief: November 28, 2022 — Subscribe to Kaiko’s research newsletter here. Price Movements: The stETH discount worsened after a whale withdrew $100m ETH from Curve. Market Liquidity: BUSD’s market share of volume on centralized exchanges is approaching all time highs. Derivatives: The ratio of futures to spot volume has experienced a 5x drop, meaning fewer derivatives are being traded relative to…Newsletter8 min readNewsletter8 min read
