Insights. 

Our Data Debrief and Deep Dive insights are published twice a week.

Liquidity

28/09/2023 Deep Dive

Q3 Token Liquidity Rankings

We’re back with another edition of Kaiko Research’s quarterly liquidity ranking, this time enhanced with more metrics and expanded to the top 40 tokens. As mentioned in previous rankings, it’s our contention that market capitaliza...

Written by Riyad Carey
  • Stablecoin

    13/07/2023 Deep Dive

    The State of Stablecoins

    This week, we explore the state of stablecoin market structure to better understand their systemic importance to cryptocurrency markets. We’ll focus on the top five stablecoins by market cap: USDT, USDC, BUSD, TUSD, and DAI.

    Written by Clara Medalie
  • DeFi

    10/07/2023 Data Debrief

    Celsius Liquidations Could Pressure Altcoin Markets

    Despite a drop in overall crypto activity, BTC has traded consistently above $30k for the longest stretch of time since early 2022, bolstered by the possibility of a Blackrock spot ETF approval. Meanwhile, Binance lost several key executives and Gemini filed a lawsuit against DCG.

  • Ethereum

    06/07/2023 Deep Dive

    Is stETH Liquid Enough?

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

    Written by Riyad Carey
  • Bitcoin

    03/07/2023 Data Debrief

    Lowest quarterly volume since 2020

    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.

  • Liquidity

    29/06/2023 Deep Dive

    Q2 Liquidity Ranking for Crypto Assets

    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.

  • Bitcoin

    26/06/2023 Data Debrief

    What's Driving Bitcoin's Rally?

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

  • Lending

    22/06/2023 Deep Dive

    CRV, Aave, and the Art of Liquidation

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

    Written by Riyad Carey
  • Tether

    19/06/2023 Data Debrief

    The Data Behind Tether's Depeg

    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.

  • Liquidity

    15/06/2023 Deep Dive

    Q2 Crypto Liquidity Update

    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.

  • CEX

    12/06/2023 Data Debrief

    Market Makers Flee Binance.US

    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.

  • Binance

    08/06/2023 Deep Dive

    The Data Behind the SEC's Big Week

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

    Written by Riyad Carey
  • Privacy

    05/06/2023 Data Debrief

    The Fraught Future of Privacy Tokens

    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.

  • Liquidity

    01/06/2023 Deep Dive

    A Cheatsheet for Bid Ask Spreads

    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.

  • Stablecoin

    30/05/2023 Deep Dive

    Stablecoin Liquidity: Diving Into the Data

    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.

    Written by Clara Medalie
  • Ethereum

    29/05/2023 Data Debrief

    72% of ETH liquidity is concentrated on 5 exchanges

    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.

  • Liquidity

    25/05/2023 Deep Dive

    LDO's Shifting Market Structure: Unveiling Asset Metrics

    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.

    Written by Riyad Carey

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