This week we examine stETH’s liquidity and leverage in light of its increasing usage on DeFi protocols.

Crypto markets closed the quarter on a positive note despite trade volumes remaining at historical lows. Last week MicroStrategy confirmed that it  bought 12.3k BTC throughout Q2, Coinbase was named as the surveillance partner for Fidelity and other BTC spot ETFs.

This week we provide a Q2 update to our crypto asset liquidity ranking. The recent SEC lawsuits have directly impacted the liquidity of assets identified as securities, and our ranking breaks down the changes. We then compare each asset’s liquidity score to its market cap.

Crypto markets are booming following a wave of ETF applications in the U.S., a welcome bullish catalyst in a much-battered region.

This week we use lending and borrowing data to explore an extremely large position that raised some red flags last week.

Crypto markets made slight gains this week after the Fed decided to pause interest rate increases, a bullish signal for risk assets, and Blackrock filed for a spot bitcoin ETF, a surprise move amid a tough U.S. regulatory environment.

Welcome to Deep Dive! This week we provide a Q2 update on crypto market liquidity, looking at the recent Tether depeg, a big buildup of a CRV position on Aave, and how the SEC’s rulings are impacting centralized liquidity.

What a week. Binance and Coinbase were each hit with major lawsuits by the SEC, causing heavy volatility and an altcoin sell-off. In other news, Tether invested in a BTC mining company, the Arbitrum network stopped for one hour, and Australia’s largest bank will limit crypto transactions.

This week we’ll examine volume and liquidity data related to the SEC’s charges against Binance, Binance.US, and Coinbase.

Bitcoin whipsawed over the past week, closing lower on Sunday after a mixed U.S. jobs report. In industry news, Binance appointed a possible CZ successor as regional director, Celsius has deposited $745 million of ETH into staking contracts since June 1, and Coinbase’s derivatives exchange will offer new BTC and ETH futures this week.

This week we’ll take our first in-depth look at Bid-Ask spreads on centralized exchanges, an under-appreciated indicator of liquidity. We’ll use some distribution analysis to examine which exchanges, stablecoins and pairs have the tightest and widest range of spreads in an environment where liquidity has become a premium in markets.

This quick analysis explores market depth and trade volume for the top 5 stablecoins: USDT, USDC, BUSD, DAI, and TUSD. The increasingly competitive stablecoin landscape is dominated by Tether on centralized exchanges, but USDC reigns in DeFi.

Bitcoin gained some ground early on Monday as U.S. lawmakers reached a debt ceiling deal in principle. Hong Kong confirmed it will allow retail traders to trade certain crypto assets starting June while the Digital Currency Group (DCG) closed its trade execution and prime brokerage units, citing bear market and regulatory uncertainty.

This week we are excited to reveal Kaiko’s brand new Asset Metrics product, which aggregates liquidity and volumes for all assets across all exchanges. Using LDO as a case study, we’ll show how this product is a game changer for understanding a crypto asset’s market structure.

Bitcoin lost some ground this week, down about 2%, as crypto trade volumes slipped to yearly lows. In other industry news, Digital Currency Group missed a $630 million payment owed to crypto exchange Gemini last week, the SEC responded to Coinbase’s lawsuit and Tether announced it would start buying BTC with 15% of its excess profits. In this week’s Debrief we explore:

After the events of 2023, Tether has become the dominant stablecoin, despite being the least trusted. In this week’s Deep Dive, we explore whether this is evidence that trust is a lower priority for crypto investors, who seem to prefer peg stability, liquidity and versatility more.