
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
Tether
22/05/2023 Data Debrief
Why is Tether's market cap approaching all time highs?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:
Written by The Kaiko Research TeamStablecoin
18/05/2023 Deep Dive
Stablecoins: Does Trust Really Matter?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.
Written by Conor Ryder, CFABinance
15/05/2023 Data Debrief
Market Makers Continue to Reduce LiquidityBTC and ETH erased most gains as the Dollar made a strong comeback. In industry news, the Ethereum network suffered technical issues, U.S.-based Bakkt de-listed 25 tokens under regulatory pressure, and Binance.US is reportedly trying to cut CZ’s dominant stake in the exchange.
Written by The Kaiko Research TeamCurve
11/05/2023 Deep Dive
TriCrypto: Curve's Ace in the HoleThis week we examine an upcoming change to Curve that has gone relatively unnoticed: its new TriCrypto pool.
Written by Riyad CareyBinance
09/05/2023 Data Debrief
Binance halts withdrawals as BTC fees surgeBitcoin closed the week in the red after network congestion led Binance to halt withdrawals twice over the past 48 hours, the U.S. Fed hiked rates but opened the door for a pause amid lingering banking turmoil, Coinbase reported smaller than expected loss in the first quarter while Bittrex filed for bankruptcy.
Written by The Kaiko Research TeamDerivatives
04/05/2023 Deep Dive
The State of Crypto DerivativesThis week we’ll provide an update on all things crypto derivatives and look at how perpetual futures are increasingly driving price action in markets.
Written by Conor Ryder, CFABinance
02/05/2023 Data Debrief
TUSD Depegs Amidst Heavy BorrowingThis 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.
Written by The Kaiko Research TeamLending
27/04/2023 Deep Dive
Leveraging LSDs: The Next Era of Lending and BorrowingThis week we’ll cover the evolution of top lending and borrowing protocols, Aave and Compound, as they battle for market share.
Written by Riyad CareyCEX
24/04/2023 Data Debrief
Coinbase Targets Offshore Amid Falling VolumesA 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.
Written by The Kaiko Research TeamBinance
20/04/2023 Deep Dive
The Binance EffectThis 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.
Written by Conor Ryder, CFAEthereum
17/04/2023 Data Debrief
ETH's Big Post-Shapella RallyETH 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.
Written by The Kaiko Research TeamCEX
13/04/2023 Deep Dive
Lifting the Veil on Centralized ExchangesThis week we present a case study exploring how centralized exchange data can be used for powerful analysis, despite its anonymity.
Written by Riyad CareyEthereum
11/04/2023 Data Debrief
ETH Markets Lag BTC Ahead of UpgradeBTC 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.
Written by The Kaiko Research TeamLiquidity
06/04/2023 Deep Dive
Q1 Liquidity Ranking For Crypto AssetsThis week we are providing a Q1 update to our Liquidity Ranking Model for Crypto Assets, highlighting the winners and losers along the way.
Written by Conor Ryder, CFABinance
03/04/2023 Data Debrief
Binance Market Share Tumbles 16%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).
Written by The Kaiko Research TeamBinance
30/03/2023 Deep Dive
CFTC v. Binance: The Data Behind the SuitThe 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.
Written by Riyad Carey
