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26/02/2024 Data Debrief

Where Did Weekend Crypto Traders Go?

Ether is currently leading the market, hitting a 22-month high of $3125 early Monday morning, while BTC’s movements have slowed. Last week, two trends fueled the crypto industry: AI tokens and USDe, a new “synthetic dollar” promis...

  • Tether

    07/08/2023 Data Debrief

    Tether Imbalance on Curve Raises Questions

    The DeFi sector continues to reel from the Curve exploit, although more than 70% of funds have been returned. In non-exploit news, Coinbase exceeded analyst expectations with Q2 revenues, a wave of companies filed for ether ETFs, and Tether is now one of the largest Bitcoin holders.

  • Curve

    03/08/2023 Deep Dive

    Loans, Buy Walls, and OTC Deals: The Curve Finance Exploit

    Curve Finance is back as the center of attention in DeFi just a few weeks after CEO Michael Egorov’s large CRV-backed loans drew scrutiny. This time, however, the inciting incident was an exploit.

    Written by Riyad Carey
  • Binance

    31/07/2023 Data Debrief

    The Impact of Binance's Zero-Fee Volume

    It was a landmark week for crypto regulation after the House Financial Services Committee advanced a crucial bill that could provide clearer guidelines for the industry if passed. In other news, Curve Finance experienced an exploit, crypto ETPs saw record inflows, and the Bank of Italy tapped Polygon for an institutional DeFi pilot.

  • CEX

    27/07/2023 Deep Dive

    Breaking Down Worldcoin's Launch

    Worldcoin’s launch was one of the most unique and controversial in recent years. Much of the controversy stems from the understandable skittishness with Worldcoin’s goal (creating a global identity network) and sci-fi-like methods of achieving this goal (eyeball scans). This has been nicely summarized by the MIT Technology Review here. I’ll instead focus on why this launch was unique by analyzing tokenomics, trading, and liquidity.

    Written by Riyad Carey
  • Bitcoin

    24/07/2023 Data Debrief

    Altcoin Dominance Hits 4-Month High

    The SEC finally responded to the Ripple ruling, asserting the case was “wrongly decided,” contributing to a slight pullback for altcoins amid a wider rally. This week, we explore Bitcoin dominance, centralized exchange concentration, the Arkham token launch, and bearish bets against BNB.

  • DeFi

    20/07/2023 Deep Dive

    Deep Dive: EthCC Edition

    This week we have a special edition of our research dedicated to EthCC. The Kaiko team gave three technical presentations exploring market concepts, looking at Uniswap V3 LP trading strategies, market manipulation on centralized exchanges, and the importance of liquidity data in DeFi.

  • XRP

    17/07/2023 Data Debrief

    XRP Volume Surpasses BTC Following Landmark Ruling

    Markets are soaring after a judge ruled in (partial) favor of Ripple’s case with the SEC. Meanwhile, Celsius’ CEO was arrested for fraud, Binance laid off 1,000 workers, and Multichain is shutting down.

  • 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.

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