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

Liquidity
28/09/2023 Deep Dive
Q3 Token Liquidity RankingsWe’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...
Liquidity
07/09/2023 Deep Dive
The Crypto Liquidity Concentration Report.We are back this week with a brand new crypto liquidity analysis. Using trade volume and market dept...
Written by Clara MedalieXRP
04/09/2023 Data Debrief
Bitcoin ETF Decision Ignites VolatilityMarkets pulled back after the SEC delayed a decision on several ETFs until October. In other news, C...
Written by The Kaiko Research Team
Stablecoin
13/07/2023 Deep Dive
The State of StablecoinsThis 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 MedalieDeFi
10/07/2023 Data Debrief
Celsius Liquidations Could Pressure Altcoin MarketsDespite 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.
Written by The Kaiko Research TeamEthereum
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 CareyBitcoin
03/07/2023 Data Debrief
Lowest quarterly volume since 2020Crypto 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.
Written by The Kaiko Research TeamLiquidity
29/06/2023 Deep Dive
Q2 Liquidity Ranking for Crypto AssetsThis 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.
Written by Conor Ryder, CFABitcoin
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.
Written by The Kaiko Research TeamLending
22/06/2023 Deep Dive
CRV, Aave, and the Art of LiquidationThis week we use lending and borrowing data to explore an extremely large position that raised some red flags last week.
Written by Riyad CareyTether
19/06/2023 Data Debrief
The Data Behind Tether's DepegCrypto 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.
Written by The Kaiko Research TeamLiquidity
15/06/2023 Deep Dive
Q2 Crypto Liquidity UpdateWelcome 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.
Written by Conor Ryder, CFACEX
12/06/2023 Data Debrief
Market Makers Flee Binance.USWhat 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.
Written by The Kaiko Research TeamBinance
08/06/2023 Deep Dive
The Data Behind the SEC's Big WeekThis week we’ll examine volume and liquidity data related to the SEC’s charges against Binance, Binance.US, and Coinbase.
Written by Riyad CareyPrivacy
05/06/2023 Data Debrief
The Fraught Future of Privacy TokensBitcoin 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.
Written by The Kaiko Research TeamLiquidity
01/06/2023 Deep Dive
A Cheatsheet for Bid Ask SpreadsThis 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.
Written by Conor Ryder, CFAStablecoin
30/05/2023 Deep Dive
Stablecoin Liquidity: Diving Into the DataThis 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 MedalieEthereum
29/05/2023 Data Debrief
72% of ETH liquidity is concentrated on 5 exchangesBitcoin 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.
Written by The Kaiko Research TeamLiquidity
25/05/2023 Deep Dive
LDO's Shifting Market Structure: Unveiling Asset MetricsThis 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
