New Report: Bybit’s Post-Hack Liquidity Comeback
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Liquidity
19/05/2025 Data Debrief
A Summer of Uncertainty Ahead?Bitcoin barely moved, holding near $103K on Monday after Moody’s stripped the U.S. of its last triple-A rating amid mounting debt. Meanwhile, Coinbase entered the S&P 500, but the euphoria was short-lived. The exchange revealed that client information was stolen as hackers sought to blackmail the firm, with costs related to the incident expected to reach $400 million.
Written by The Kaiko Research Team![]()
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
Latest Analyst Calls
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08/10/2024
October Analyst Call: Forecasting Crypto Markets with IVWatchIn 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-OffWatchIn 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 ETFsWatchIn 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.
Latest REPORTS
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Partner Report
05/05/2025
Bybit’s Liquidity Resilience Post-HackDownloadBybit’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?DownloadSouth 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 2025DownloadThe 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.
