CFB Talks Digital Assets

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 crypto
• Why 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 cash
• How BRRNY's unmatched institutional liquidity gives the firms using our benchmark the edge for tracking and replication
• How '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 index
• Rising 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 index
• Plans for more indices under the Meta Lab-CFB partnership
• Meta 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?