CFB Talks Digital Assets

We’re delighted to welcome one of the most esteemed and authoritative institutional crypto practitioners back to the CFB Talks Digital Assets podcast - Matt Hougan, Chief Investment Officer of Bitwise Asset Management.

As well as informed insights on recent market volatility, we’re also fortunate to get Matt’s take on critical regulatory and political developments impacting the space so far this year.

Sample highlights ↓

* Signs of exponential growth in the Bitwise VettaFi financial advisor survey:

- Allocations doubled to an all-time high of 22% in 2024; a rate equivalent to the growth over the previous six years combined

* How existing investors are moving beyond Bitcoin and Ethereum to explore the ‘crypto sleeve’ - diversified crypto portfolios, and why that trend is set to prevail.

- Also, why 60/30/10 is optimal

* Why markets are still over-discounting the significance of Washington’s proposed Bitcoin Strategic Reserve

* Despite the SEC’s Ripple retreat, how Solana (SOL) is likely still in pole position to be the next crypto approved for spot ETFs

We can’t stress enough: this conversation is packed with informed alpha, from quite possibly the best-known crypto CIO in the world - do not miss!

Recorded March 20th, 2025.

Recorded March 11, 2025.

Time for the Q1 market review edition of our CFB Talks Digital Assets podcast - where the CF Benchmarks research team, Gabe Selby and Mark Pilipczuk, put that complex first quarter under the microscope.

Key themes:

■ How sharp does a crypto market tumble need to be to constitute a correction?And when does a crypto correction become a bear? Get our analysts’ take on the equivalent of the down 10% but <20% rule of thumb, for stocks

■ Even amid the overall downturn, our Diversified Broad Cap Index - best proxy for crypto beta - underperformed its free float counterpart by 800 basis points. Hear why

■ Takeaways from the broader negative breadth in Q1 2025 vs. Q3 2024. And what’s the story behind XRP’s solo positive performance among large caps?

■ Flight to quality is no stranger to crypto! Detail and potential alpha in the aftermath of ‘Meme-lash’...

■ Quantifying and qualifying the strengthening stocks-crypto correlation. And why was the strongest crypto-fixed income correlation with 20-yr US Treasurys?

Following Franklin Templeton’s recent launch of Franklin Crypto ETF, ticker EZPZ, the asset management giant now has three digital asset ETPs in its roster. But if you thought Franklin’s crypto journey only began with the Bitcoin and Ether ETFs it listed last year, you’re probably unaware of just how significant and longstanding its digital asset footprint actually is ... not to mention the laser eyes! Well, here’s your best chance to catch up quick: we’re honoured to welcome Franklin’s Head of Digital Assets, Roger Bayston, and Head of ETF Product and Capital Markets, David Mann, to the CFB Talks Digital Assets podcast. Join us to learn how EZPZ is just one of the fruits of Franklin’s growing track record on-chain, stemming from their tokenized money market fund launched in 2021, and beyond. Sample highlights in our deep dive -

• What makes Franklin Crypto ETF the most EZPZ route to BTC + ETH exposure?
• Why Franklin chose our CF Institutional Digital Asset Index – US Settlement Price (IDAX) as EZPZ’s reference index
• Signs that advisors are coming round to the idea that zero allocation to crypto is the biggest risk
• Why Roger thinks getting indices like IDAX into model portfolios could be key for greater crypto diversification
• How learnings from Franklin’s multi-chain money market fund, FOBXX and its BENJI token, are paving the way to increased efficiency, convenience, and growth for investors
• The Franklin Templeton edge with advisors, from a deep bench of crypto expertise, research - and that unmatched history on-chain

For a conversation packed with institutional crypto insights, grab this show right now!

One of Ethereum’s newest and most exciting Layer-2s is of course Ink, unleashed by Kraken on the Optimism Superchain in December - so we’re thrilled to welcome Andrew Koller, Ink’s founder, to the CFB Talks Digital Assets podcast. With deep on-chain expertise, Andrew dives into some of the most critical topics shaping the future of Ethereum, institutional participation, and how the network scales to a billion users. Top points include:

• Are meme coins the ultimate Trojan horse for mass adoption, or is their life cycle limited?

• Can Ethereum learn from Solana’s UX, and how can users expect the on-chain experience to be more seamless following the Pectra upgrade?

• How Kraken’s expertise in stablecoins is being put to work to improve on-chain liquidity using USDT0

• Are partnerships with players like Securitize paving the way for a wider array of tokenized assets, and what can Ink do to make institutions comfortable bringing assets on chain?

• The rationale behind building on the OP stack and the road towards full decentralization

All in all, this is a must-listen for anyone interested in Ethereum’s future.

Recorded 29 January 2025.

We’re beyond stoked to welcome Marco Santori as our guest on the CFB Talks Digital Assets podcast.

Marco was Kraken’s Chief Legal Officer for, quite possibly, 5 of the most pivotal years crypto will see for some time, and he remains a senior Kraken advisor.

Widely thought of as ‘Crypto’s Attorney’, Marco has been the driving force behind several initiatives in the US - many with implications beyond - aiming for fairer and clearer future regulations, and a more rational application of current regulations.

Little wonder Marco is also - reportedly - a candidate to be chair of the Commodities and Futures Trading Commission (CFTC).

If you’re serious about how US crypto regulation could (and should) evolve, and what could truly revolutionize access to digital assets there, don’t miss this episode.

Top points include:

• De-constructing Operation Choke Point 2.0: how ‘shadow de-banking’ gets dismantled
• What needs to happen for a Crypto Strategic Reserve to see the light of day ... if it ever will
• Why FIT 21, Token Generation Events (AKA ICOs) and streamlined tax reporting should be among top priorities of the White House’s crypto working group
• Why there’s a ‘good chance’ the SEC will pivot to ‘in-kind’ from ‘cash-create/redeem’ for crypto ETFs
• The super-fast route to market for Solana ETFs (and others) by SEC discretion

Recorded 17 January 2025.

The potential for factor-based investing to one day be applied to digital assets, has long been a tantalizing prospect.

But it’s not been possible - till now.

CF Benchmarks’ recent report - ‘A Factor Model for Digital Assets’ - demonstrated the existence of ‘classic’ asset market behaviour patterns (factors), like Momentum, Liquidity, Value and others, within the crypto asset class, beyond any reasonable doubt.

For the clearest possible exploration of the research, the CFB Talks Digital Assets team were stoked to welcome CF Benchmarks quant and product manager Cristian Isac, back to the podcast.

Listen in to 5x your understanding of Crypto Factors.

Key points include....

• The quickening pace of institutional participation, and why it means the time for a digital asset factor model is now
• How classic models like CAPM and Fama-French were adapted for use on crypto’s unique dynamics
• Surmounting the data quality challenge: observations across rebalances, universes, and monetary regimes
• Impressive results; e.g.: Size - risk premium: ~9% annualised; Sharpe: 0.5; Growth - risk premium: ~25% annualised; Sharpe: ~ 1.5

All in all, this episode should be essential listening for quants, portfolio managers, and investment professionals in general; anyone, in fact, serious about the evolution of digital asset investing.

Recorded 7 January 2025.

Digital assets have a high bar to beat in 2025, after a stonking 2024!

But with a new pro-crypto US administration waiting in the wings, this year promises to be just as consequential.

Markets-wise, January is off to a less than sure-footed start.

As CF Benchmarks Head of Research Gabe Selby, CFA, and Research Analyst, Mark Pilipczuk point out in our first podcast of 2025, it’s a follow-on from the ’Santa Rally’s no-show in December.

That was after one of the strongest returns for years by our mega cap basket, the Ultra Cap 5, though.

And, with alts underperforming overall, catch-up trades could be on the table. But which ones?

Join Gabe and Mark, with Head of Content, Ken Odeluga, as they tally up crypto’s seismic 2024, and surface everything to watch going into another critical year.

Top themes:

• AI agents: With some already earning above the median US wage, find out how they could soon be market-making, operating cross-chain liquidity, and even making agent-to-agent transactions. What could possibly go wrong!

• Ether fund flows punched above their weight relative to the ETH/BTC ratio into year-end, but ETH AuM still doesn’t reflect that pair’s joint market cap weight. Does Dec’s $2B ETH inflow mean the catch-up is on?

• Regulatory transition: How likely are we to see Solana and XRP ETFs, before we see SOL and XRP DCMs? Which filings have the highest chance of near-term approval?

• How to gauge when our research team’s call for RIA crypto ETF holdings to breach 50% of the total is in sight

All in, it’s time once again to grab your preferred beverage, sit down, and soak up the latest insights from our true institutional insiders.

Recorded 19 December 2024.

The final CF Benchmarks podcast episode of the year is the perfect companion for exploration of our research team’s 2025 Market Outlook Report, which is picking up a lot of well-deserved media attention right now! Join Head of Research Gabe Selby, CFA, and Research Analyst Mark Pilipczuk, as they unpack the highlights with Head of Content, Ken Odeluga.

• Get our analysts’ reaction to the Fed’s ‘hawkish pivot’ last week, which upended policy expectations and triggered a big volatility spike. How much has the rate outlook really changed? And what are the implications for markets?
• The Bond Vigilantes are back! How will the Fed react as these influential participants flex their muscles?
• As for crypto in 2025 - we’re set for another exciting year. Listen in as our research team breaks out the highest-probability themes:
  • Implications of a huge ramp up in blockchain scalability, with transactions per second starting to outpace legacy infrastructure speeds
  • How the TradFi-crypto convergence could be fuelled by a 50% surge in stablecoin growth to $300 billion by end 2025
  • Meet your new crypto AI Agent
  • Why RIAs are set to take over as the dominant holders of crypto ETFs from hedge funds
  • The Regulatory Reset - key bills to watch in 2025: The Bitcoin Act, FIT21, Loomis - Gillibrand, and others

* Clarification of comments on net fund flows (27:40):

“$37 billion” refers only to total flows into BlackRock’s iShares Bitcoin Trust ETF. For precision, BlackRock’s IBIT achieved nearly $53 billion in AuM within 11 months post-launch. As of December 2024, total U.S. spot Bitcoin ETF AuM was around $105 billion.

Recorded 10 December 2024.

After one of the most consequential crypto quarters for years, join CF Benchmarks' Head of Research Gabe Selby, CFA, and Research Analyst Mark Pilipczuk on the latest CFB Talks Digital Assets podcast, as they talk through the major global market, on-chain, macro and blockchain economic drivers spotlighted in their Q4 Quarterly Attribution Report!

• Start with an informed recap, including Bitcoin's $100,000 milestone, propelled by a heady mix of rate cuts and a regulatory re-rating after Trump's election win; plus record ETF inflows
• Take a 3D look inside the Fed's policy pivot: yes, softening yields and easing financial conditions are bullish, but hear why persistent inflation and an ambitious incoming fiscal agenda could bring fewer cuts, or even a pause, sooner than expected
• Dig into standout gainers like Ripple's XRP and Cardano's ADA, which surged 378.86% and 266.08% respectively. Learn why our CF Digital Culture Index rocketed 103.62%, while our CF Blockchain Infrastructure Index 'only' surged 82.34%
• Understand why DeFi protocols like Uniswap and AAVE could turn out to be 'canaries in the coal mine' for whether 'regulatory optimism' is over, or under-shooting
• Plus, after the first truly meaningful Bitcoin basis expansion for years and potential emergence of a consistent ETH basis, where sophisticated participants are likely to position next

For investors of all kinds, there are few better ways to make sense of what was an exciting yet complex quarter than to follow along with our two expert insiders.

Grab a coffee and dive into the show now!

Recorded 26 November 2024.

As crypto’s banner year draws to a close, we’re stoked to welcome two of the most insightful experts in the capital markets space to CFB Talks Digital Assets: FalconX’s Head of Research, David Lawant, and their ETF Business Development Manager, Nello Cafcules.

FalconX is the world’s leading crypto prime brokerage, so who better to talk through the recent debut of options on Bitcoin ETFs, one of the biggest derivative launches ever, as well as a brace of other hot topics?

• Join us as we explore why crypto ETF options represent multiple ‘unlocks’, and an even deeper digital asset convergence with TradFi than widely recognised
• Hear why the latest 13F filings make Nello “very bullish” on the chances of giant capital allocators adding Bitcoin ETFs in the coming year
• Evidence that ‘TAMPS’ - turnkey asset management providers - are making final preparations to on-ramp RIA clients to their platforms
• What’s in store on the regulatory front from the change of leadership at the SEC, and the super pro-crypto Trump administration? We explore potential for in-kind create/redeem Bitcoin ETFs, and more ....
• Why we should all keep a close eye on David’s ‘Liquidity Absorption Ratio’ concept, for clues on when Bitcoin could break above $100k

Dive into our latest in-depth podcast chat for exclusive insights on all these points and a lot more!