A sharp, geopolitics-triggered shock on Friday cascaded into one of crypto’s largest deleveraging events, with more than $500bn wiped from market cap as forced liquidations surged, order book depth vanished, and venue-specific pricing frictions amplified stress, especially around Binance and USDe, leaving open interest suppressed despite a partial weekend rebound.

BTC crossed $125k for the first time over the weekend as markets rose across the board last week. Following BTC’s latest record run, we’re exploring BTC’s price drivers and price discovery mechanisms. In particular, we look at the role of spot exchange-traded funds on prices, questioning a common assumption that they are the main driver of BTC’s price.

Today we’re looking at how risk is measured in crypto, by comparing both traditional and native markets. With the advent of multiple spot crypto exchange-traded funds there’s also a plethora of new derivative offerings. How traders price risk in these markets doesn’t always align. We’ll explore this today by looking at options on Deribit and Cboe.

As we approach the end of the third quarter, we’re casting an eye over the broader market and which individual assets are driving returns. Despite BTC languishing over the summer, as ETH and XRP outperformed it, BTC has still dominated the narrative. However, we found that it’s not just the original cryptocurrency that’s driving returns in the market right now.

This week we’re diving into all things crypto derivatives, with a particular focus on options markets. Crypto derivatives markets have been dominated by native players over the past decade, but now competition is growing. We explore this growing competition and how options on traditional venues might offer broader growth opportunities for altcoins.

The bulk of public earnings took place last week, with plenty of crypto-related news to digest. In today’s Data Debrief, we’re focusing on Coinbase’s quarterly results and market positioning, looking at volume share versus competitors, COIN share performance, and the top asset performers on the exchange, along with their quarterly trends and the company’s strategy in becoming the “Everything Exchange.”

This week, we’re analyzing the Kaiko 10 Index (KT10), part of our multi-asset Blue Chip indices. With a compound annual growth rate of nearly 60% since inception, the index offers a competitive returns that capture the broader markets performance without sacrificing.

This week, we’re looking at the Kaiko DeFi Index, part of our family of sector-based indices. The Kaiko Indices DeFi index offers strong sector exposure while diversifying across key growth verticals.