Bitcoin's Path to Sustainability

Insights.
Our Data Debrief and Deep Dive insights are published twice a week and you can subscribe to them here.

CEX
10/02/2025 Data Debrief
Coin earningsMarkets stabilized after a speedy resolution to tariff disagreements in North America. The US is exploring the creation of its own sovereign wealth fund, while regulator and crypto czar David Sacks envisages a “golden age” for dig...
Indices
06/02/2025 Index in Focus
Capturing the Layer-2 NarrativeThis week we’re launching something new, the Kaiko Index in Focus. In our first edition we’re lookin...
Written by Adam Morgan McCarthyMacro
03/02/2025 Data Debrief
Tariff Driven TumultFears of an escalating trade war are weighing on Bitcoin and other risk assets after the U.S. impose...
Written by The Kaiko Research Team
CEX
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 Market 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 CareyTether
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 Team
