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>Market depth is a widely used measure of liquidity, commonly calculated across the order books of cryptocurrency pairs on centralized exchanges (CEXes).</li><li>It provides the amount of bids and asks at varying distances from the mid-price, encompassing a range from -0.1% to 10%.</li><li>This chart shows cumulative ETH-USDT bid and ask volumes at various levels on the ten largest CEXes.</li></ul>

Market depth is a widely used measure of liquidity, commonly calculated across the order books of cryptocurrency pairs on centralized exchanges (CEXes).It provides the amount of bids and asks at varying distances from the mid-price, encompassing a range from -0.1% to 10%.This chart shows cumulative ETH-USDT bid and ask volumes at various levels on the ten largest CEXes.

Comparing Liquidity on Uniswap and Binance

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>Part 2 is long, it discusses the dragons guarding the promise of Chain Street. I cover blockchains transformation of counterparty risk into technical risk.</li><li>I highlight the hyper competitive nature of Chain Street and the emerging topic of token holder rights.</li><li>I point out that Chain Street’s problem isn’t technology anymore, its a lack of quality assets that leave some of Chain Street’s best services underutilised. </li></ul>

Part 2 is long, it discusses the dragons guarding the promise of Chain Street. I cover blockchains transformation of counterparty risk into technical risk.I highlight the hyper competitive nature of Chain Street and the emerging topic of token holder rights.I point out that Chain Street’s problem isn’t technology anymore, its a lack of quality assets that leave some of Chain Street’s best services underutilised. 

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Kraken generated $2.2B of revenue in 2025, growing 33% year-over-year from $1.7B in 2024.</li><li>On April 17, 2026, Payward entered a definitive agreement to acquire Bitnomial, with terms that value Payward's equity at $20 billion.</li><li>Kraken positions itself as a secure and regulation-compliant exchange.</li></ul>

Sacra estimates that Kraken generated $2.2B of revenue in 2025, growing 33% year-over-year from $1.7B in 2024.On April 17, 2026, Payward entered a definitive agreement to acquire Bitnomial, with terms that value Payward's equity at $20 billion.Kraken positions itself as a secure and regulation-compliant exchange.

<ul><li>OpenSea was last valued at $13.3B in January 2022 during its $300M Series C round led by Paradigm and Coatue Management.</li><li>OpenSea functions as a comprehensive marketplace for digital assets across 22 different blockchains.</li><li>OpenSea's expansion into fungible token trading represents a massive TAM increase from the $15-20B annual NFT market to the $1T+ on-chain token trading market.</li></ul>

OpenSea was last valued at $13.3B in January 2022 during its $300M Series C round led by Paradigm and Coatue Management.OpenSea functions as a comprehensive marketplace for digital assets across 22 different blockchains.OpenSea's expansion into fungible token trading represents a massive TAM increase from the $15-20B annual NFT market to the $1T+ on-chain token trading market.

<ul><li>Fireblocks raised $550 million in a Series E round in January 2022, achieving an $8 billion valuation.</li><li>Fireblocks employs a capital-efficient approach by prioritizing software and network effects over direct custody of customer assets.</li><li>The Global Stablecoin Payments Network, launched in September 2025, extends Fireblocks' capabilities from storage and trading to cross-border payouts and merchant settlement.</li></ul>

Fireblocks raised $550 million in a Series E round in January 2022, achieving an $8 billion valuation.Fireblocks employs a capital-efficient approach by prioritizing software and network effects over direct custody of customer assets.The Global Stablecoin Payments Network, launched in September 2025, extends Fireblocks' capabilities from storage and trading to cross-border payouts and merchant settlement.

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Uniswap (UNI CURNCY)

Comparing Liquidity on Uniswap and Binance

Market depth is a widely used measure of liquidity, commonly calculated across the order books of cryptocurrency pairs on centralized exchanges...

Kaiko

Chain Street (Part 2) - The Challenges

Part 2 is long, it discusses the dragons guarding the promise of Chain Street. I cover blockchains transformation of counterparty risk into...

Etherbridge

Primer: Kraken - 20 May 2026

Crypto exchange for professional traders with deep liquidity and strong security infrastructure

Sacra

Primer: OpenSea - 16 Oct 2025

Marketplace for buying, selling, and creating NFTs across multiple blockchain networks

Sacra

Primer: Fireblocks - 11 Sep 2025

Software for businesses to securely store, transfer, and manage digital assets

Sacra

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