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>Price Movements: Huobi listed a token representing a claim on FTX's debt, which briefly surged to as high as $100 before crashing to $13. </li><li>Market Liquidity: Coinbase trade volume is increasingly outpacing Uniswap's, suggesting traders still prefer CEXs.</li><li>Derivatives: BTC open interest remains flat despite heavy volatility. </li></ul>

Price Movements: Huobi listed a token representing a claim on FTX's debt, which briefly surged to as high as $100 before crashing to $13. Market Liquidity: Coinbase trade volume is increasingly outpacing Uniswap's, suggesting traders still prefer CEXs.Derivatives: BTC open interest remains flat despite heavy volatility. 

<ul><li>In six years, stablecoins have grown from making up just 1.5% of BTC trade volume relative to fiat currencies such as the Dollar or Euro, to more than 87%.</li><li>This has been matched with an explosion in market capitalization for the three largest centralized stablecoins: Tether (USDT), USD Coin (USDC), and Binance USD (BUSD).</li><li>The three had a combined market cap of $10bn in May 2020, the start of DeFi Summer.</li></ul>

In six years, stablecoins have grown from making up just 1.5% of BTC trade volume relative to fiat currencies such as the Dollar or Euro, to more than 87%.This has been matched with an explosion in market capitalization for the three largest centralized stablecoins: Tether (USDT), USD Coin (USDC), and Binance USD (BUSD).The three had a combined market cap of $10bn in May 2020, the start of DeFi Summer.

<ul><li>The crypto safe-haven narrative gained traction in the beginning of the year after the start of the Russia-Ukraine war.</li><li>Both ruble and hryvnia trade volumes surged immediately after Russia’s invasion, boosted by record local currency devaluation and market disruptions.</li><li>Interestingly, the increase was mainly driven by stablecoin volumes rather than BTC, with weekly Tether (USDT) volumes jumping more than five-fold in early March relative to the start of the year.</li></ul>

The crypto safe-haven narrative gained traction in the beginning of the year after the start of the Russia-Ukraine war.Both ruble and hryvnia trade volumes surged immediately after Russia’s invasion, boosted by record local currency devaluation and market disruptions.Interestingly, the increase was mainly driven by stablecoin volumes rather than BTC, with weekly Tether (USDT) volumes jumping more than five-fold in early March relative to the start of the year.

Crypto Analyst

Edward Wu

<ul>
<li>Benefiting from safer reserve assets and lower regulatory risk, Circle’s USDC is quickly eating into Tether’s USDT market share in recent months</li>
<li>USDT is highly used in the crypto on-off-ramp and as a quote currency in trading pairs, while a large share of USDC is locked into Defi protocols</li>
<li>BUSD is in its own niche to serve Binance’s ecosystem. The recent move of Binance to only keep BUSD &amp; USDT in its exchange will have a profound impact</li>
</ul>


Benefiting from safer reserve assets and lower regulatory risk, Circle’s USDC is quickly eating into Tether’s USDT market share in recent months
USDT is highly used in the crypto on-off-ramp and as a quote currency in trading pairs, while a large share of USDC is locked into Defi protocols
BUSD is in its own niche to serve Binance’s ecosystem. The recent move of Binance to only keep BUSD &amp; USDT in its exchange will have a profound impact


Updates on Centralized Stablecoins: Reserve Assets, Transparency, and Regulatory Recognition

Independent Research, Cryptocurrencies, Carbono Insights

Carbono Insights

Independent Research, Cryptocurrencies

Advisory Firm Specialized in Cryptocurrencies

Carbono is an advisory firm specialized in cryptocurrencies that helps clients navigate the economic and financial innovations derived from the rise of digital assets. Our investment fund, Abacus Carbono, is designed to be an on ramp for investors interested in cryptocurrencies and projects born under the crypto-economy principles.

<ul>
<li>Episode 1 - Terra’s doomsday - Do Kwon was sure that nothing could happen to the UST.</li>
<li>Episode 2 - Celsius heats up, 3AC takes an arrow to the heart - Alex Mashinsky probably drank from the same fountain of confidence as Do.</li>
<li>Episode 3. Credit Crisis Contagion - To be fair, there is a global liquidity crisis: money flows out of crypto as fast as it’s flown out of any other risky investment (including well-established tech stocks).</li>
</ul>


Episode 1 - Terra’s doomsday - Do Kwon was sure that nothing could happen to the UST.
Episode 2 - Celsius heats up, 3AC takes an arrow to the heart - Alex Mashinsky probably drank from the same fountain of confidence as Do.
Episode 3. Credit Crisis Contagion - To be fair, there is a global liquidity crisis: money flows out of crypto as fast as it’s flown out of any other risky investment (including well-established tech stocks).


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Tether (USDT CURNCY)

BLUR's Big Debut

Price Movements: Huobi listed a token representing a claim on FTX's debt, which briefly surged to as high as $100 before crashing to $13.

Kaiko

The Three-Stablecoin Problem

In six years, stablecoins have grown from making up just 1.5% of BTC trade volume relative to fiat currencies such as the Dollar or Euro, to more...

Kaiko

The 10 Defining Market Events of 2022

Both ruble and hryvnia trade volumes surged immediately after Russia’s invasion, boosted by record local currency devaluation and market disruptions.

Kaiko

Updates on Centralized Stablecoins: Reserve Assets, Transparency, and Regulatory Recognition

USDT losing market to USDC quickly in recent months due to weakness in transparency, reserve asset safety, and regulatory pursuit. BUSD serves...

Edward Wu

#32 DeFi stays strong

Episode 1 - Terra’s doomsday - Do Kwon was sure that nothing could happen to the UST.; Episode 2 - Celsius heats up, 3AC takes an arrow to the heart

Carbono Insights

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