This week we’ll provide an update on all things crypto derivatives and look at how perpetual futures are increasingly driving price action in markets.

This week saw continued banking and regulatory fallout as JPMorgan Chase acquired First Republic, Binance.US withdrew from the Voyager deal citing regulatory uncertainty, and Coinbase sued the SEC demanding clear rules for crypto.

This week we’ll cover the evolution of top lending and borrowing protocols, Aave and Compound, as they battle for market share.

A whole bunch happened on the regulatory front last week as BTC dipped below $30k: SEC chair Gary Gensler gave a marathon defense of the crypto crackdown, the SEC filed a lawsuit against Bittrex, and the landmark MiCA European crypto framework became law.

This week, we explore how Binance influences global patterns in trade volume in light of their reintroduction of fees on most BTC pairs, aside from TUSD which is now the largest stablecoin by BTC volume on Binance.

ETH hit 11-month highs following the Shapella upgrade despite expectations of significant sell pressure after more than 1mn staked ETH were withdrawn. BTC also soared past $30k for the first time since last June and is up more than 80% YTD.

This week we present a case study exploring how centralized exchange data can be used for powerful analysis, despite its anonymity.

BTC hit $30k for the first time since June 2022. Also, peer-to-peer exchange Paxful announced that it would be suspending operations, U.S. job openings hit a two-year low, and the U.S. Treasury released a report on illicit finance risks in DeFi.

This week we are providing a Q1 update to our Liquidity Ranking Model for Crypto Assets, highlighting the winners and losers along the way.

Bitcoin closed the week slightly up despite a major CFTC lawsuit against Binance and news that the U.S. government had sold 9,861 BTC connected to Silk Road (with plans to sell more).

The centralized exchange space has experienced two major shocks in the past two weeks, first with Binance ending zero-fee trading for most BTC pairs, then with the CFTC alleging Binance has violated U.S. federal laws.

Bitcoin continues to trade at 9-month highs after the Fed hiked rates by a quarter percentage point, suggesting increases are nearing an end. Crypto markets largely ignored news that Coinbase was served a Wells notice, the SEC charged Justin Sun with market manipulation, and Sushi received a subpoena from the SEC.

Liquidity is all the talk in financial markets at present, and crypto has seen its fair share of liquidity incidents this month. We explore market depth, spreads, slippage and volumes to bring you up to date with all things crypto liquidity.

Bitcoin is on an absolute tear, currently trading at 9-month highs and up 30% in the past seven days. The rally kicked off after the USDC turmoil subsided, and continued throughout the week despite ongoing stress in the banking sector and uncertainty around this week’s Fed meeting.

What happened with USDC?

Today, the Kaiko Research team presents a post-mortem of the mass chaos crypto markets experienced amid SVB’s collapse.