CFB Talks Digital Assets

Recorded March 1, 2024. Political intrigue at the SEC, the fastest-growing ETFs in history, and what chance of a spot Ether ETF by this summer? Exclusive insights from James Seyffart, one half of the Bloomberg Intelligence ETF team that successfully predicted the launch of the first U.S. spot Bitcoin ETFs, and who now place the odds of a spot Ether ETF approval at 60%.

Recorded 21 December 2023. It’s time for another episode of CFB Talks Digital Assets and this time we’re featuring our latest Quarterly Attribution Report (QAR)! This QAR is written, as usual, by Lead Research Analyst, Gabe Selby, CFA. In this episode, Ken and Gabe discuss the following topics:Could SEC-approved crypto ETFs spark mainstream adoption?CME futures interest is surging on ETF hopes. Are spot Bitcoin and Ether funds a watershed moment?Our crypto indices beat stocks again. Are Web 3.0 and DeFi leaving equities in the dust?Interest rate expectations shift for 2024.What's the outlook for crypto as inflation declines?This is an instalment that you do not want to miss!

Recorded 20 December 2023. It's crunch time for the seven major investment management firms aiming to use our CME CF Bitcoin Reference Rate - New York Variant (BRRNY) to benchmark the first U.S. spot bitcoin ETFs!The SEC is expected to come to a final decision in coming days.A 'yes' will change the face of mainstream investing forever.At this critical juncture, we are honoured and unbelievably fortunate to have Matt Hougan, Chief Investment Officer of Bitwise, as our guest on the latest CFB Talks Digital Assets podcast.Matt is, of course, one of the best-known, and most widely respected, institutional digital asset leaders, at one of the longest established institutional crypto investment firms.You do not want to miss his accredited insider's view of the run-up to this potential watershed moment!Plus, his assessment of how things will shake out if, and when, access to Bitcoin in the mass-market ETF wrapper finally becomes a reality.Listen in to our exclusive conversation for Matt's take on the highlights below, and more...Will the SEC approve all 13 ETFs at once? Or just a select few?Don't believe the FUD - spot bitcoin ETFs really will transform access to cryptoWhy in-kind creation and redemption is the best share creation method, and why it's likely to prevail in time, despite the SEC's preference for cashHow BRRNY's unmatched institutional liquidity gives the firms using our benchmark the edge for tracking and replicationHow 'The Most Interesting Man In the World' came to star in 'The Most Viral Investing Commercial For Years'!Matt's outlook for crypto in 2024

Recorded 16 November 2023. On the latest episode of CFB Talks Digital Assets, we’re fortunate to be joined by Yubao Flora Lou, Chief Product Officer of Meta Lab HK, the fast-growing #digitalassets unit of Harvest Global Investments Limited!This follows the recent launch of our CF Meta Lab GameFi Index.Key talking points:What is #GameFi exactly? (AKA, Play-to-Earn Gaming.)A look under the hood of our new GameFi indexRising institutional interest in Web 3.0/GameFi in Hong Kong (HK)How HK asset managers can create funds, structured products and strategies, based on our GameFi indexPlans for more indices under the Meta Lab-CFB partnershipMeta Lab's ultimate goal to launch spot #crypto #ETFs

Recorded 19 September 2023. In this edition of CFB Talks Digital Assets, Ken and Gabe discuss the main takeaways from the latest quarterly performance attribution analysis on our flagship indices. They dive deep into what has been driving crypto markets, from the recent spot Bitcoin filings to the court decisions on GBTC and Ripple. Ken and Gabe highlight what this will all mean for both institutional and retail investors. Next, Gabe shares what are some of the most important trends that are occurring with staked Ether and who the main leaders and laggards were for the quarter. Be sure to tune in to our discussion to learn more!

Recorded 9 August 2023. In this episode of CFB Talks Digital Assets, Hosts Ken Odeluga and Gabe Selby, CFA, alongside CFB’s Lead Quant, Cristian Isac, dive deep into the heart of our proprietary digital asset taxonomy, revealing its vital role in helping practitioners better understand the blockchain economy. Whether you're a seasoned investor or just starting your journey, understanding how different tokens and coins fit into the bigger picture is crucial. Key takeaways to look forward to:Discover why a solid taxonomy is the cornerstone of crypto comprehension. It's not just about knowing the lingo; it's about grasping the intricate workings of blockchain. From investors to lenders, our taxonomy offers insights that are as helpful as traditional financial standards;We unpack the essence of our CF Digital Asset Classification Structure (CF DACS), starting with a visual tour to get your bearings. Then, we plunge into the fundamental principles and basis of classification;What sets CF DACS apart? You'll explore a series of real-world use cases that makes the CF DACS so useful for investors such as performance attribution, active-risk analysis, to even measuring market beta exposure through different crypto segments and categories.Embark on this episode to help gain insights that you won't want to miss!

Recorded 28 July 2023. Here at CF Benchmarks, we don’t downplay the fact that crypto is potentially one of the riskiest asset classes around. But thinking more constructively, how can those risks be managed? In fact, because digital assets are so dissimilar to traditional assets in terms of technological complexity, their mode of economic participation and more, how do we even determine and measure such risks? These are the kinds of questions our guest on the latest episode of CFB Talks Digital Assets, Kyle Downey, has been grappling with for years. Kyle is co-founder and CEO of crypto risk analytics firm Cloudwall, and he quickly realised that although risk management is fundamental to any market activity, Cloudwall finds itself among the relatively few companies researching and constructing cogent models to credibly address that need. We think the stimulating conversation between Kyle, Gabe Selby, CFA and Ken Odeluga will be as educational for you as it was for us. Some highlights:Why the ‘four quadrants of risk’ - market, liquidity, operational and credit - require radically different ‘weightings’ for digital assets than for traditional assets;How Cloudwall surmounts crypto-specific data challenges like the relatively short historical horizon and data quality;Key features of the Serenity Portfolio Risk System, including the first commercial grade factor risk model for cryptoassets;Potential integration of our CF Digital Asset Classification Structure (CF DACS), the first standardised universe of eligible cryptoassets, into Cloudwall models, to enable accurate attribution of digital asset category and sub-category risks;Looking to the future, how Cloudwall is modelling the uniquely discontinuous systemic risks of DeFi - “deeper down the stack” of a DApp, or the ledger of a smart contract.

Recorded 13 July 2023.Ever since BlackRock’s surprise filing to list a spot Bitcoin ETF, powered by our regulated CME CF Bitcoin Reference Rate - NY Variant, it's been a top talking point among institutional investors. But given CF Benchmarks' participation in more crypto ETF filings than any other provider, we have a uniquely informed perspective on what’s likely to work and what definitely won’t. That means it’s no exaggeration to say CFB’s CEO, Sui Chung is a true insider to BlackRock’s filing, and the applications by 3 other issuers using our benchmark. With the SEC now officially reviewing all filings, listen in to the latest episode of the CFB Talks Digital Assets podcast with Sui as our guest, for exclusive insights:Why this time really might be different;Why Surveillance Sharing Agreements are the ‘silver bullet’;Why a U.S. spot BTC ETF would be a “paradigm shift”.

Recorded 12 June 2023. It’s time to review our latest Quarterly Attribution Report (QAR) - the unique, institutional-grade analysis of market performance drivers, based on our CF Digital Asset Classification Structure (CF DACS).Join CF Benchmarks' Lead Research Analyst Gabe Selby, CFA, and Head of Content Ken Odeluga, on CFB Talks Digital Assets, as they uncover….Just how narrow ‘market leadership’ has been, with the two largest-capitalized - and least centralized - assets, Bitcoin and Ether outperforming as crypto declined overall;How, despite higher volatility on a risk-adjusted basis, the asset class continues to demonstrate asymmetric upside returns through the cycle;Why the positive impact of BTC's new BRC-20 token standard on mining revenue could turn out to be more important than NFTs;Why Algorand was the worst performer in our CF DACS Universe … and why it’s likely to stay tilted towards the downside for now.

Recorded 1 June 2023. We're stoked to have Peter Stern, our Director of Sales & Business Development, as the latest guest on CFB Talks Digital Assets.In many ways, Peter has one of the most difficult jobs in digital assets: selling crypto indices to regulated, notoriously conservative institutions in the Americas! But it’s a job he’s evidently excelled at.As we’ve seen, forward-thinking institutions are beginning to make big strides into adoption.But it takes individuals with considerable skill, knowledge of blockchain economics and traditional finance + patience, to encourage institutions to take that first step.Listen to our stimulating conversation to hear how Peter spearheads CFB’s relationships with some of the most preeminent financial institutions, including BlackRock, which launched the BlackRock Bitcoin Private Trust last year;Why the institutional focus is likely to remain on Bitcoin and Ether for now;How, backed with safeguards built into our regulated indices, Peter plays a major part in driving home the importance of information sharing for listed crypto funds.

Recorded 3 May 2023. Our guest on the latest CFB Talks Digital Assets is Jeff Yew, founder and CEO of Monochrome — and one of the most influential and respected leaders of Australia’s institutional crypto industry. The main topic was Monochrome Bitcoin Trust (IBTC), the only fund authorised under Australia’s crypto product licensing rules. Highlights of our stimulating and educational chat:Why did Monochrome choose the CME CF Bitcoin Reference Rate (BRR) as IBTC’s benchmark?What makes IBTC Australia’s first, and only, authorised crypto fund?Although IBTC is a retail-targeted fund, it’s seeing a lot of institutional interest - how come?What makes the BRR’s 4:00 PM London calculation time ideal for striking IBTC’s NAV?

Recorded 18 April 2023.Engineering and calculating UK Benchmarks Regulation-standard crypto indices is an intellectual capital-intensive enterprise!Fortunately, some of the brightest index architects around work at CF Benchmarks - like Lucy Slee, a Software Engineer in our index team.Our chat with Lucy on the latest CFB Talks Digital Assets is a rare chance to hear how we construct reliable, accurate, high-integrity price instruments. Highlights:Crypto Index Creation for Dummies;Ensuring maximum uptime - by design;For even more complex indices like CF Bitcoin Interest Curve (CF BIRC) and Rolling CME Bitcoin Futures Index - where on earth did we start?Tips for would-be financial index engineers.

Recorded 11 April 2023.Despite the EU passing its landmark MiCA legislation this week, it remains a headache for regulated European institutions to offer listed exposure to digital assets - and U.S. regs are even more painfully a work in progress. CF Benchmarks’ CF Rolling CME Futures Index Series offers a solution. Join our Senior Product Manager, Thomas Erdösi, on the latest episode of CFB Talks Digital Assets to learn how and why these indices work. Highlights:How a CF Rolling CME Futures Index gives 100% exposure to a cryptoasset with no need to touch crypto;How our unique methodology achieves the best possible tracking;How we’ve all but eliminated the risk of front running;What other measures have we taken to prevent manipulation?Why CF Rolling CME Futures indices are the ideal solution for regulated institutions looking to list crypto ETFs in the US.

Recorded 28 March 2023.In the latest episode of CFB Talks Digital Assets, Ken and Gabe dive into the roller coaster ride that has been crypto in the first quarter of 2023. Despite market shifts, unexpected events and the collapse of major financial institutions, the digital assets market has been surprisingly resilient, underpinned by the remarkable performance of bitcoin and other cryptocurrencies. Have a listen and discover how the year has shaped up to be the perfect storm for crypto, defying the challenges faced by traditional asset classes like equities. Uncover which assets stood out in the volatile environment, and explore the widening gap between digital assets and conventional markets. Don't miss this captivating conversation as we delve into the factors influencing digital asset rallies, the broader implications of the banking crisis, and the potential future of the crypto landscape.

Recorded 9 March 2023.Our latest CFB Talks Digital Assets features Bloomberg's Mike McGlone, one of the most read, followed and watched global macro strategists. Though a veteran of established markets like commodities and equities, Mike was also an early adopter and integrator of the digital asset class. This means his perspective on the intersection of crypto, macro and ‘Wall Street’ is highly developed and quite unique.Highlights include:Why crypto prices remain structurally so strong despite the Fed, SVB, Signature, etc.;The importance of "widely disseminated" ETFs that track high-quality indices like the CME CF Bitcoin Reference Rate (BRR);How the current 'supply trough' amid still-tightening financial conditions sets the stage for another leg lower, led by digital assets;Why dollar-pegged stablecoins may turn out to be the most important digital asset class;The SEC vs. GBTC - what to watch.

Recorded 23 February 2023.Recent crypto counterparty implosions achieved one thing at least - they highlighted the need for credible, high-integrity digital asset interest rates! That need and demand is among the key reasons why CF Benchmarks developed the CF Bitcoin Interest Rate Curve (CF BIRC), the first comprehensive BTC lending rate. And the CF BIRC is the focus of the latest CFB Talks Digital Assets, with our guest Ghando, CFB's Head of Product.

Recorded 23 January 2023.Time for CFB Talks Digital Assets 2023 Outlook Edition! Hear our Big ‘Three Rs’ for 2023: ‘Relief’ - ‘Regulation’ - ‘Recovery’:With markets off to a strong start, the ‘Relief’ part is on. But does the CF Broad Cap Index’s biggest year-to-date outperformance vs. global equities since 2021 herald a sustainable ‘Recovery’?Why the 'Regulatory' outlook remains uncertain even as regulators swing into action;Why DeFi, which was so resilient to 2022's storms, could be key;Also ’Samcoins’ (?) … What you need to know.

Recorded 13 December 2022.A reminder of how much of a - genuinely - positive year it's been for blockchain technology, institutional and broader crypto adoption is well overdue, and one of the experts best-placed to deliver it is Marcelo Sampaio, co-founder and CEO of Hashdex...Which is why we're stoked to have Marcelo as our first investment management guest on CFB Talks Digital Assets.Tune in to hear why long-term solutions to many problems in the space are staring us in the face;Why, shorter term, one of the few positives from recent failures will inevitably be stronger enforcement and greater transparency;Plus Marcelo and Gabe Selby, CFA discuss the specific digital asset themes likely to be in the spotlight in 2023.

Recorded 8 December 2022.In the latest episode of CFB Talks Digital Assets we review yet another tumultuous quarter of deleveraging triggered by yet another big counterparty collapse. Still, as Lead Research Analyst Gabe Selby points out, despite all digital asset categories remaining in the red throughout the quarter, as reflected by negative returns for our regulated crypto portfolio indices, scaling protocols were relatively defensive.Listen to find out which one fared best.What that has to do with the definitive DeFi milestone for JPMorgan Chase & Co. in the quarter.And why fading Ether dominance of the BTC/ETH ratio helps set up the best conditions we’ve got (for now) for more constructive price action in the current quarter.

Recorded 22 November 2022.Following CF Benchmarks CEO Sui Chung's widely circulated comments arguing that FTX-SBF might actually accelerate the next wave of institutional crypto adoption - not impede it - Head of Content Ken Odeulga and Lead Research Analyst Gabe Selby were pleased to be joined by Sui for the latest episode of CFB Talks Digital Assets.Highlights include:Why there's little that crypto-specific regulations could have done to prevent FTX-Alameda malfeasance.Should some crypto service providers be regulated more like banks?Why a 'Crypto Glass-Steagall Act' could be coming.Plus, potential escape routes for DCG’s Grayscale Bitcoin Trust, as the discount to NAV holds above 40%

Recorded 15 November 2022.Unfortunately, there’s no getting away from the FTX debacle right now... Ken Odeluga and Gabe Selby, CFA do a quick recap in the latest CFB Talks Digital Assets podcast, and talk about what it all might mean for the industry and consumers going forward.Plus, as if FTX’s implosion wasn’t enough, we look into the after effects on other providers - AKA contagion.Beyond contagion, fallout is making existing hurts worse: we ask what’s next for GBTC, as the discount to NAV hits 40%-plus.Meanwhile, institutional players are strongly pushing up open interest on regulated CME Group Bitcoin Futures. Gabe explains why this might be a positive sign.Join us for the second episode of CFB Talks Digital Assets, with Head of Content Ken Odeluga and Lead Research Analyst Gabe Selby.

Recorded 10th November 2022.Join us for the first episode of CFB Talks Digital Assets, with Lead Research Analyst Gabe Selby and Head of Content Ken Odeluga, as they discuss cooler US inflation readings, the FTX implosion and why FTX was never a CF Benchmarks Constituent Exchange...