The crypto industry’s leading data-driven research.

Ethereum

12/05/2025 Data Debrief
Could Pectra reset ETH's bull case?
Ethereum surged by nearly 40% last week, outperforming BTC after its largest upgrade to date. Meanwhile, Coinbase made headlines with its $2.9 billion acquisition of Deribit, and New Hampshire became the first U.S. state to approve a crypto reserve law.

Written by The Kaiko Research Team
USDC

05/05/2025 Data Debrief
USDC Outpaces Rivals.
Bitcoin held near $95K on Monday as markets brace for this week’s Fed meeting. Last week’s U.S. data showed the economy losing steam despite solid job growth—Q1 GDP contracted as importers raced to stockpile goods ahead of tariffs, while consumer sentiment continued to slide. Meanwhile, Tether posted$1B in Q1 profits, and Arizona’s governor vetoed a bill that would have let the state hold Bitcoin.

Written by The Kaiko Research Team
Memecoins

28/04/2025 Data Debrief
Trump’s Table Turn.
The big news last week was Cantor Fitzgerald’s new crypto venture with Softbank, Tether, and Bitfinex. The firm’s $3 billion plans include buying Bitcoin en masse and challenging Michael Saylor’s strategy. Elsewhere, the CME is set to launch XRP futures, and markets continued to move higher.

Written by The Kaiko Research Team
Bitcoin

22/04/2025 Data Debrief
Bitcoin’s Halving Anniversary: This Time Was Different.
Bitcoin held its ground last week, rising by 2.4% while equities ended the week lower. Meanwhile, the U.S. SEC postponed its decision on in-kind redemptions and staking ETFs and released new disclosure guidance for crypto issuers.

Written by The Kaiko Research Team

08/10/2024
October Analyst Call: Forecasting Crypto Markets with IV
In our October analyst call, we explored how to leverage implied volatility (IV) to assess market sentiment during stressful market periods and gave a market outlook heading into Q4.
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17/09/2024
September Analyst Call: Breaking Down the Summer Sell-Off
In our September analyst call, we explored the state of crypto market liquidity and volatility following this summer’s market sell-off, and took a look at ETH’s price dynamics since the launch of the ETH ETF.
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18/06/2024
June Analyst Call: The State of Crypto ETFs
In our June analyst call, we explore the state of crypto ETFS and take a look at Euro stablecoin market structure, regional market trends, and Kaiko’s crypto exchange liquidity report.
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Partner Report

05/05/2025
Bybit’s Liquidity Resilience Post-Hack
Bybit’s liquidity rebounded within 30 days following one of the most severe shocks in crypto history. This report analyzes how key trading metrics evolved across Bitcoin and altcoins, highlighting improvements in market depth, spread stability, and trading volumes amid a broader risk-off environment.
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Regional Report

16/04/2025
Is South Korea’s Crypto Market Ready for an Institutional Shift?
South Korea remains a major crypto trading hub, with a predominantly retail-driven market concentrated on local exchanges. This report examines key trends and the market’s potential evolution toward institutional participation.

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Quarterly Market Report

09/04/2025
Quarterly Report: Q1 2025
The last few months have been a reality check for markets as trade policy roils global markets. Bitcoin fell back below $80k during the quarter, with volatility back on the menu as the second Trump admin heads straight for a trade war with nearly every one of its major trade partners.
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