Data-Driven Analysis of Cryptocurrency Markets, Kaiko

Kaiko

Data-Driven Analysis of Cryptocurrency Markets

Kaiko is the leading cryptocurrency market data provider for institutional investors and enterprises. We empower market participants with accurate, transparent, and actionable financial data to be leveraged for a range of market activities. Kaiko’s mission is to be the foundation of the new digital finance economy by serving as a single source for market information. Our mission is premised on the idea that high-quality data drives market efficiency and greater transparency throughout the industry. For each of our enterprise clients, we build custom data plans designed for a range of use cases.

Crypto

<ul><li>Towards the end of last year, I published the first liquidity ranking system for crypto assets, comparing each asset’s liquidity ranking to its market cap and investigating which token’s market cap is the most misleading from a liquidity standpoint.</li><li>In Q1 of this year I provided an update to the ranking system as overall market liquidity hit 10 month lows. </li><li>The good news is that global liquidity has been more or less flat over Q2, with no further drops apart from  the tokens featured in the SEC lawsuits and a handful of exchange-specific drops in liquidity, such as Binance.US.</li></ul>

Towards the end of last year, I published the first liquidity ranking system for crypto assets, comparing each asset’s liquidity ranking to its market cap and investigating which token’s market cap is the most misleading from a liquidity standpoint.In Q1 of this year I provided an update to the ranking system as overall market liquidity hit 10 month lows. The good news is that global liquidity has been more or less flat over Q2, with no further drops apart from  the tokens featured in the SEC lawsuits and a handful of exchange-specific drops in liquidity, such as Binance.US.

<ul><li>Last week, there was a possible attempt to depeg Tether (USDT), the world's largest stablecoin.</li><li>The company has since claimed the destabilization was caused by manipulation ahead of a big documents release, which shed new light on the firm's banking relationships and commercial paper exposure. </li><li>While the facts remain blurry, the selling started a few days before USDT dipped to as low as $.995 on both centralized and decentralized exchanges, suggesting some holders may have had advanced warning of the release. </li></ul>

Last week, there was a possible attempt to depeg Tether (USDT), the world's largest stablecoin.The company has since claimed the destabilization was caused by manipulation ahead of a big documents release, which shed new light on the firm's banking relationships and commercial paper exposure. While the facts remain blurry, the selling started a few days before USDT dipped to as low as $.995 on both centralized and decentralized exchanges, suggesting some holders may have had advanced warning of the release. 

Digital Asset Management Firm, Etherbridge

Etherbridge

Digital Asset Management Firm

Etherbridge is a digital asset management firm investing in the value of information and trust

<ul><li>Human beings are engineers. Our historical narrative is marked by our constant ability to control our environment through innovative strides known as technology.</li><li>Typically, our most significant collective progress is linked with technologies that enhance our capacity to distribute information and foster trust.</li><li>Consider the societal transformation that occurred after the invention of the printing press. It was not just about more books - the dissemination of knowledge it facilitated catalysed the Scientific Revolution, forever altering our understanding of the world. </li></ul>

Human beings are engineers. Our historical narrative is marked by our constant ability to control our environment through innovative strides known as technology.Typically, our most significant collective progress is linked with technologies that enhance our capacity to distribute information and foster trust.Consider the societal transformation that occurred after the invention of the printing press. It was not just about more books - the dissemination of knowledge it facilitated catalysed the Scientific Revolution, forever altering our understanding of the world. 

The Collision of AI and Blockchain Technology

<ul><li>Binance.US is bleeding. One week after the SEC lawsuit, market makers and traders have fled the exchange en masse.</li><li>Liquidity, as measured by aggregated market depth for 17 tokens on the exchange, has fallen nearly 80% over the past week.</li><li>On June 4, the day before the SEC lawsuit, market depth was $34mn. Today, market depth is just $7mn.</li></ul>

Binance.US is bleeding. One week after the SEC lawsuit, market makers and traders have fled the exchange en masse.Liquidity, as measured by aggregated market depth for 17 tokens on the exchange, has fallen nearly 80% over the past week.On June 4, the day before the SEC lawsuit, market depth was $34mn. Today, market depth is just $7mn.

<ul><li>This has been perhaps the single most consequential week for crypto in the U.S., as the SEC charged Coinbase with operating an unregistered securities exchange and charged Binance, Binance.US, and CEO Changpeng Zhao (“CZ”) with a variety of securities law violations. </li><li>Just two months ago, we chronicled the CFTC’s charges against Binance and CZ, which primarily focused on Binance’s alleged efforts to onboard high-volume U.S. traders onto Binance, rather than Binance.US (for simplicity, “Binance” will refer to the international exchange and “Binance.US” its U.S. affiliate).</li><li>This analysis showed that despite the creation of Binance.US in 2019, Binance’s trading had actually become more skewed towards U.S. hours, in fact resembling U.S.-based exchanges like Coinbase.</li></ul>

This has been perhaps the single most consequential week for crypto in the U.S., as the SEC charged Coinbase with operating an unregistered securities exchange and charged Binance, Binance.US, and CEO Changpeng Zhao (“CZ”) with a variety of securities law violations. Just two months ago, we chronicled the CFTC’s charges against Binance and CZ, which primarily focused on Binance’s alleged efforts to onboard high-volume U.S. traders onto Binance, rather than Binance.US (for simplicity, “Binance” will refer to the international exchange and “Binance.US” its U.S. affiliate).This analysis showed that despite the creation of Binance.US in 2019, Binance’s trading had actually become more skewed towards U.S. hours, in fact resembling U.S.-based exchanges like Coinbase.

United States

Bitcoin Pro is a powerful trading system based on artificial intelligence (AI) technologies. The robot trades bitcoin volatility by betting on BTC prices relative to other currencies.

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Bitcoin Pro (BTCP CURNCY)

Q2 Liquidity Ranking for Crypto Assets

In Q1 of this year I provided an update to the ranking system as overall market liquidity hit 10 month lows. The good news is that global liquidity...

Kaiko

The Data Behind Tether's Depeg

The company has since claimed the destabilization was caused by manipulation ahead of a big documents release, which shed new light on the firm's...

Kaiko

The Collision of AI and Blockchain Technology

Human beings are engineers. Our historical narrative is marked by our constant ability to control our environment through innovative strides known...

Etherbridge

Market Makers Flee Binance.US

Liquidity, as measured by aggregated market depth for 17 tokens on the exchange, has fallen nearly 80% over the past week.

Kaiko

The Data Behind the SEC's Big Week

This analysis showed that despite the creation of Binance.US in 2019, Binance’s trading had actually become more skewed towards U.S. hours

Kaiko

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