CFB Talks Digital Assets

In this week’s CF Benchmarks live X Space, recorded October 22, 2026, Head of Research Gabe Selby, CFA is joined by Kraken Chief Economist Thomas Perfumo, CFA, Research Analyst Mark Pilipczuk and special guest Ben Gray, Kraken’s Chief Legal Officer, for a discussion spanning macro, markets and regulation.

Bitcoin traded near $82,000 as a tech-led, risk-off rotation hit equities, with the 10-year Treasury yield near 5% and Brent crude above $110. Spot Bitcoin ETF inflows continued, yet leverage and macro headlines kept pressure on price. The panel then turns to the regulatory calendar. The OCC finalized the first federal rule unde...

In the latest CF Benchmarks live X Space, recorded October 15, 2026, Head of Research Gabe Selby is joined by Kraken Chief Economist Thomas Perfumo and Research Analyst Mark Pilipczuk. Special guest Bivu Das, Kraken’s UK General Manager and head of Payment Services, also joins to discuss the team’s new paper on stablecoin payments infrastructure.

The first half unpacks where banks and fintechs are starting with stablecoins, why balances are the most exposed pool of capital, and what Kraken’s agreed acquisition of a Lithuanian bank signals about crypto and TradFi convergence. The second half turns to macro...

In the latest CF Benchmarks live X Space, recorded October 8, 2026, Head of Research Gabe Selby, CFA, is joined by Research Analyst Mark Pilipczuk and Kraken Chief Economist Thomas Perfumo, CFA, for a wide-ranging discussion of macro, earnings and crypto market structure.

With the 10-year Treasury yield near 5.3%, its highest level since 2002, and minutes from the Federal Reserve’s September meeting pointing to another rate increase this year, the panel examines what higher yields mean for risk assets and bank balance sheets. Against that backdrop, expected Q3 S&P 500 earnings growth of nearly 29.5% brings corporate performance and AI ca...

In this week's CF Benchmarks live X Space, recorded October 1, 2026, Head of Research Gabe Selby, CFA is joined by Research Analyst Mark Pilipczuk and Kraken's Chief Economist Thomas Perfumo, CFA for a discussion spanning macro, global rates and on-chain markets.

BEA revisions to how it prices portfolio management, software and legal services helped pull August core PCE down to 3.0%, below the 3.3% consensus, and October rate hike odds fell to roughly 35%. The UK 30-year gilt yield crossed 6% for the first time since 1998. Crypto kept rallying after the Senate failed to advance the CLARITY Act on September 15.

...

In the latest CF Benchmarks live X Space, recorded September 24, 2026, Head of Research Gabe Selby, CFA and Research Analyst Mark Pilipczuk are joined by Bitwise Europe's Head of Research André Dragosch and Research Analyst Max Shannon to unpack the two teams' joint report, "The Bitcoin Bottom Explained."

With the US 10-year yield above 5.1% and the Fed back in hiking mode, the panel first weighs whether the sovereign bond rout spills over into equities and crypto. The conversation then turns to the two independent frameworks, Bitwise's on-chain model and the CF Benchmarks market cycle engine, that both point t...

In a CF Benchmarks live X Space, recorded September 3, 2026, Head of Research Gabe Selby is joined by Research Analyst Mark Pilipczuk, Kraken Chief Economist Thomas Perfumo, and CF Benchmarks Head of Product Thomas Erdosi.

Fed rate hike odds for the September 16 meeting swung from roughly two-thirds to a coin flip inside 24 hours, after Governor Waller signaled support for holding steady and Chair Warsh's Jackson Hole remarks got read as more hawkish than intended. The panel works through what the data between now and the decision, NFP tomorrow and CPI on September 11, would need to show to settle...

In this CF Benchmarks live X Space, recorded August 27, 2026, Head of Research Gabe Selby, CFA is joined by Kraken Chief Economist Thomas Perfumo, CFA, Senior Product Manager Cristian Isac and Research Analyst Mark Pilipczuk, along with two guests: David Lawant, Head of Research at Anchorage Digital, and Pascal Hügli, Crypto Investment Manager at Maerki Baumann and author of the Less Noise, More Signal Substack.

The debasement trade is back. Treasury Secretary Scott Bessent doubled the size of the long end buyback program on August 19, Bitcoin led the response and gold barely moved. The panel works through w...

In this week's CF Benchmarks live X Space, recorded August 20, 2026, Head of Research Gabe Selby is joined by Research Analyst Mark Pilipczuk and Kraken Chief Economist Thomas Perfumo, with CF Benchmarks CEO Sui Chung joining as a special guest for a landmark product announcement.

The panel unveils two new benchmarks, the CME CF Crypto Market Index (CMI) and the CME CF Emerging Crypto Index (ECI), set to launch on August 31, before turning to a frenetic twenty-four hours in markets: a US Treasury long end buyback increase that failed to hold yields down for even one session, a...

In this CF Benchmarks live X Space, recorded August 13, 2026, Head of Research Gabe Selby is joined by Research Analyst Mark Pilipczuk and Kraken Chief Economist Thomas Perfumo for a roundtable covering markets, macro, and Fed policy, with a surprise appearance from Bitwise Research Analyst Ishmael Asad.

Chapters:00:00 – Intro & Team Welcome

02:46 – Strategy's STRC Preferred: Racing Back to Par

08:02 – ETH Treasury Preferreds, Issuance & the EIP That Could Lower Staking Rewards

11:35 – July CPI: A Setup for a Fed Pause?

16:43 – Bitcoin vs. Stocks vs. Gold: Who Wins on CPI Surprises?

19:52 –...

Has Bitcoin bottomed and what could determine its next move?

Recorded live on August 6, 2026, this episode of CF Benchmarks X Space examines Bitcoin’s performance relative to gold and the Nasdaq, the growing adoption of on-chain asset-management vaults, and the outlook for the Federal Reserve’s September meeting.

CF Benchmarks Head of Research Gabe Selby, CFA, is joined by Research Analyst Mark Pilipczuk; Kraken Chief Economist Thomas Perfumo, CFA; CF Benchmarks Senior Product Manager James Flamant; Head of Business Development Peter Stern; and special guest André Dragosch, PhD, Director and Head of Research for Europe at Bi...

In the latest CF Benchmarks live X Space, recorded July 30 2026, Head of Research Gabe Selby, CFA is joined by Research Analyst Mark Pilipczuk, Kraken Chief Economist Thomas Perfumo, CFA, and special guest Tyler Evans, Co-Founder and Chief Investment Officer of UTXO Management.

Tyler is a career Bitcoiner. He co-founded BTC Inc, the publisher behind Bitcoin Magazine and The Bitcoin Conference, before launching UTXO Management, a Bitcoin-native asset manager focused on asymmetric opportunities across public and private markets.

The Fed held for a fifth consecutive meeting with three regional presidents dissenting in favor of a hike...

Could oil be the catalyst that wakes cross-asset volatility?

In this CF Benchmarks X Space, recorded on July 23, 2026, CF Benchmarks Head of Research Gabe Selby, CFA (@gxselby), is joined by Research Analyst Mark Pilkoczuck; Kraken Chief Economist Thomas Perfumo, CFA (@ThomasPerfumo); CF Benchmarks Head of Business Development Peter Stern (@sternpeter9); and special guest Craig Shapiro (@ces921), Senior Macro Strategist at NinjaTrader and author of The Aletheia Narrative.

The conversation captures markets at a genuine inflection point. With July options expiry behind us and dealer positioning near cyclical lows, the cross-asset volatility suppressed throughout the year...

In this week's CFB Talks Digital Assets live X Space, Head of Research Gabe Selby, CFA is joined by Research Analyst Mark Pilipczuk and Kraken Chief Economist Thomas Perfumo, CFA, with Blue Coin Capital Founder and CIO Mike Treidl, CFA joining for the second half.

A cooler-than-expected June CPI print, a widening reality check on corporate AI budgets, and Strategy's evolving balance-sheet playbook frame a wide-ranging session across macro, markets, and digital asset structure. The team works through the disinflation signal against a still-unresolved energy backdrop, debates whether the AI capital expenditure cycle is approaching a return-on-investment...

In this week’s CF Benchmarks Live X Space, Head of Research Gabe Selby is joined by Research Analyst Mark Pilipczuk, Kraken Chief Economist Thomas Perfumo, CF Benchmarks Head of Sales Peter Stern, Christian Isaac from the CF Benchmarks product team, and Val Gui, General Manager of xStocks. Together they discuss the latest macro developments, crypto markets, Bitcoin, tokenized equities, and how digital assets are reshaping market structure.

The conversation begins with reaction to June’s payrolls report before unpacking CF Benchmarks’ latest Monthly Market Recap, including the broad-based decline across the CF Broad Cap Index and the fa...

In the latest CF Benchmarks live X Space, recorded June 25, 2026, Head of Research Gabe Selby is joined by a deep bench from across CF Benchmarks and Kraken: CEO Sui Chung, Head of Sales Peter Stern, Research Analyst Mark Pilipczuk, and Kraken Chief Economist Thomas Perfumo. The team is joined by special guest James Seyffart, Senior ETF Analyst at Bloomberg Intelligence, with a drop-in from Bitwise Head of Research Ryan Rasmussen.

With Bitcoin more than 50% off its all-time high, the panel takes on the question that's all over the headlines: is Strategy breaking the Bitcoin market? The conversation...

Recorded June 18, 2026.

In the latest CF Benchmarks live X Space, Head of Research Gabe Selby is joined by Kraken Chief Economist Thomas Perfumo, CF Benchmarks Research Analyst Mark Pilipczuk, and CF Benchmarks Head of Business Development Peter Stern, with CEO Sui Chung calling in from London. The team also welcomes a special guest: David Lawant, Head of Research at Anchorage Digital and previously head of research at FalconX.

The panel grades Kevin Warsh's first FOMC meeting, unpacks the mechanics of synthetic Bitcoin yield from David's new whitepaper on covered call strategies, examines the arrival of...

In the latest CF Benchmarks live X Space, recorded June 11, 2026, Head of Research Gabe Selby, CFA is joined by Research Analyst Mark Pilipczuk, Kraken Chief Economist Thomas Perfumo, CFA, and CF Benchmarks CEO Sui Chung, with special guest Ishmael Asad, Research Analyst at Bitwise, for a wide-ranging roundtable across macro, markets, and crypto fundamentals.

With long-end yields at multi-year highs, a hot CPI and PPI print, and a new Fed chair stepping in the panel works through the following question: when do a string of "one-off" shocks cement into a structural regime? From there the conversation turns...

This episode was recorded live via X Spaces - audio quality varies in places.

Recorded June 4, 2026, the latest CF Benchmarks live X Space finds Head of Research Gabe Selby, CFA joined by Research Analyst Mark Pilipczuk, Kraken Chief Economist Thomas Perfumo, CFA, and CF Benchmarks Product Manager Jen Wang, with special guest John Todaro, Managing Director of crypto and AI/HPC equity research at Needham.

With Bitcoin near $63,500 after thirteen straight days of ETF outflows, the panel works through what a tightening capital markets backdrop, renewed rate-hike risk, and an unresolved US-Iran oil...

This episode was recorded live via X Spaces - audio quality varies in places.

In this week's CF Benchmarks live X Space, recorded May 14, 2026, the team unpacks a packed week for macro, policy and market structure: a hot CPI print that flips rate-cut expectations on their head; the CLARITY Act clears the Senate Banking Committee with bipartisan support; Kevin Warsh's narrow confirmation as Fed Chair designate; and CME announces Bitcoin Volatility futures will launch on June 1.

Join Head of Research Gabe Selby, CFA, Research Analyst Mark Pilipczuk, Kraken Chief Economist Thomas Perfumo, CFA, and...

This episode was recorded live via X Spaces - audio quality varies in places.

In the fourth CF Benchmarks live X Space, recorded Friday May 8, 2026, Head of Content Ken Odeluga is joined by Head of Research Gabe Selby, CFA, Research Analyst Mark Pilipczuk, Kraken Chief Economist Thomas Perfumo, CFA and CF Benchmarks Senior Product Manager James Flamant - with special guest Ryan Rasmussen, Head of Research at Bitwise.

A red-hot NFP print, Michael Saylor's signal that Bitcoin sales aren't off the table, Circle's 20% pop on stablecoin-rewards optimism, and a forensic walk-through of the Kelp DAO ~$300...

This episode was recorded live via X Spaces — audio quality varies in places.

In the third CF Benchmarks live X Space, recorded April 30, 2026, Head of Content Ken Odeluga is joined by Kraken Chief Economist Thomas Perfumo, CF Benchmarks Head of Research Gabe Selby, and Research Analyst Mark Pilipczuk for a packed session the morning after the most divided FOMC vote in over three decades.

The DOJ has dropped its probe into Jerome Powell, Kevin Warsh has cleared the Senate Banking Committee on a historic party-line vote, and Powell has signalled he intends to stay on as...

In around four weeks after its listing, BlackRock's iShares Staked Ethereum Trust ETF (ETHB) had gathered roughly $450M in assets — which BlackRock itself calls a "top-quintile" launch.

We're stoked to welcome Matt Kunke, CFA — Director and US iShares Digital Assets ETFs Product Strategist at BlackRock — to the CFB Talks Digital Assets podcast for a deep dive on what ETHB unlocks, why it sits alongside the original Ether ETF (ETHA) rather than replacing it, and how staking actually works inside an ETP wrapper.

CF Benchmarks is the index provider for BlackRock's IBIT, ETHA and ETHB - so thi...

Recorded April 23, 2026. This episode was recorded live via X Spaces - audio quality varies in places.

In the second CF Benchmarks live X Space, Head of Research Gabe Selby is joined by Kraken Chief Economist Thomas Perfumo, CF Benchmarks Head of Product Thomas Erdosi, and Research Analyst Mark Pilipczuk for another packed markets discussion. The team breaks down Kevin Warsh's Senate confirmation hearing and what a shift away from forward guidance could mean for rate volatility. They dive into Strategy's accelerating Bitcoin purchases - now at a 16-month high - and whether the NAV premium can sustain...

This episode was recorded live via X Spaces - audio quality varies in places.

In the inaugural CF Benchmarks live X Space, recorded April 1 2026, Head of Research Gabe Selby, CFA is joined by Research Analyst Mark Pilipczuk, Kraken's Chief Economist Thomas Perfumo, CFA and Senior Product Manager Cristian Isac for a wide-ranging markets discussion. The team unpacks Bitcoin's surprising resilience during Operation Epic Fury, why traditional safe havens like Treasuries failed to protect portfolios, and what the Fed's paralysis between inflation and a weakening labor market means for rate expectations heading into the Powell-to-Warsh transition. They also...

Kraken’s xStocks are nothing short of a global phenomenon - with total transaction volumes reaching $25 billion in just 8 months.

The more important question is what that growth says about the future of market structure.

On the latest CFB Talks Digital Assets podcast, we explore the rise of Kraken xStocks with Mark Greenberg, Head of B2B at Payward Services / Kraken, and Thomas Erdösi, Head of Product at CF Benchmarks.

Topics covered include:

We're delighted to welcome Monochrome Asset Management back to the CFB Talks Digital Assets podcast.

Monochrome is Australia's only asset manager licensed for direct retail crypto custody. Consequently, its crypto ETFs are the only ones in Australia that hold assets directly - not via feeder or sub-funds.

Monochrome ETFs are also unusual due to offering in-kind creation and redemption for all investors. Monochrome Bitcoin ETF (IBTC) and Monochrome Ethereum ETF (IETH) are listed on Cboe Australia, each with a management fee of 0.25%. They're the lowest-cost crypto ETFs in Australia.

With IBTC recently passing...

The macro canvas for 2026 is shifting, and crypto may be setting up for a broader, more durable “risk-on” regime, but not in a straight line. In CF Benchmarks’ 2026 outlook, “Risk-On Reloaded,” the base case is disinflation with noise, moderating growth, and a policy and liquidity backdrop that can re-open risk appetite and widen participation. We also explore whether Bitcoin and altcoins are poised for a catch-up trade, and whether regulatory clarity unlocks a new wave of product innovation. To pressure-test the thesis, we’re delighted to welcome Juan Leon, Senior Strategist at Bitwise, to the CFB Talks Digital Assets podcast. Fro...

Reserve Protocol, the largest Decentralized Token Folio (DTF) platform, recently deployed the first regulated multi-asset crypto benchmark as a DTF - LCAP - based on CF Benchmarks' CF Large Cap index.

Index DTFs follow the same basic principles as ETFs, but they're implemented fully on-chain, enabling anyone to achieve a diversified, tokenized investment goal, with just a few clicks.

What's more, by referencing an FCA-regulated Registered Benchmark, LCAP paves the way for institutional allocation to index DTFs for the first time.

To walk us through exactly how DTFs work, plus the accelerating tokenization...

Hong Kong’s listed digital asset product market has been on a steady path of growth since the first spot crypto ETFs were launched there around 18 months ago, but one asset manager, stands out: MicroBit Capital Management.

Especially because it’s one of the newest operating in the region and specifically focused on digital assets.

The firm’s MicroBit Bitcoin Spot ETF (SEHK tickers: 3430, 9430) was launched on August 21st, 2025, but already manages around US $230 million in assets, making it one of the fastest-growing crypto ETFs in the region, since the inception of the product class.

M...

A lot of the excitement following approval of Generic Listing Standards centers on anticipation that specialist crypto ETF firms which have carved out a niche managing altcoin funds, now have an edge.

Among these, 21Shares stands out. Founded in Zurich in 2018, the group has since grown into a $10 billion AuM multinational, driven by products like its ARK 21Shares Bitcoin ETF (ARKB).

It also listed the world's first Solana ETP in 2021 - including staking rewards from the start.

So, with Solana ETFs, plus ETH and SOL staking poised to land on Wall Street imminently...

From a standing start less than a decade ago, Bitwise Asset Management, one of just a handful of US-based digital asset-focused investment firms, recently reached the milestone of $15 billion in AuM.

It's a testament to their unique franchise as an established multinational institution, combined with an unmatched track record of crypto investment expertise, capped with a roster of in-demand voices recognized as authorities in the space.

With institutional adoption again on the brink of a major inflection point, we're delighted to welcome one of those expert voices -- Head of Research, Ryan Rasmussen -- as...

The digital asset industry is growing at breakneck speed. A surge in crypto IPOs, the rise of corporate digital asset treasuries, and an expanding pipeline of deals are reshaping the market. Now, with the Clarity Act promising regulatory certainty, the pace of institutional engagement is accelerating like never before. In this episode of CFB Talks Digital Assets, we’re joined by John Todaro, Managing Director of Crypto, HPC/AI Research at Needham & Co, for a wide-ranging conversation on the latest trends shaping the market in 2025. A few highlights from the discussion:

Recorded July 15, 2025.

We're just past the half way mark of one of the most geopolitically and politically volatile years for decades - yet key digital assets are continuing to set new highs.

On the face of it, it's a classic set-up for a significant pullback, maybe exacerbated by simmering inflation and questionable growth, combined with rising skepticism on earnings, amid lofty valuations.

Still, considering Bitcoin's historical asymmetric risk-adjusted return profile, the outlook's almost certainly going to be more nuanced.

That makes the CF Benchmarks Q3 outlook report an essential guide for...

The recent debut of Evolve's XRP ETF (XRP), and Evolve Solana ETF (SOLA), show the firm remains at the cutting edge.

Forward-thinking investment management has been key, and that's been consistently supplied by Evolve's CIO, Elliot Johnson.

Join us to hear how Elliot navigates the unique opportunities and challenges of managing listed crypto investments in Canada.

Just a few of many conversation highlights...

North America's true spot crypto ETF pioneers are Canadian!

The first physical Bitcoin funds listed on Toronto's TSX in early-2021.

Now, Canadian issuers are leading crypto's integration into mainstream markets again, with the region's first Solana ETFs - and - the first to incorporate staking.

Among these, 3iQ's Solana Staking ETF (tickers: SOLQ.U. SOLQ) is gathering assets fastest to date, and the firm is also staging an exciting expansion into a broader range of digital asset investment products and services.

So, for a timely overview on Canada's regulated crypto space...

With a notional $1 trillion-plus in CME Bitcoin and Ether futures settled by CF Benchmarks indices since their launch, our partnership is one of the most pivotal in crypto.

Meanwhile, after the Solana futures debut in March, and with the launch of XRP futures coming next week, the leading derivatives marketplace continues to play a critical and growing role in the evolution of the digital asset class.

It's why we're stoked to welcome Brian Burke, CFA, senior director overseeing crypto options at CME Group, as our extra special guest on the CFB Talks Digital Assets podcast!<...

As markets contemplate what the next 100 days hold in store, we're stoked to have another dose of exclusive insights from FalconX's Head of Research, David Lawant, from his vantage point serving the biggest investors in the world. A small sample of topics you really don't want to miss:

In this episode of CFB Talks Digital Assets, we break down CFB Research's Q2 2025 Market Outlook, “The New Equilibrium: Unraveling Economic Tension & Thematic Tailwinds."

From stubborn inflation and global growth uncertainty to proactive regulatory shifts and strengthening structural themes, the quarter ahead is defined by both tension and opportunity. We explore how digital assets are being shaped by overlapping forces: macroeconomic crosscurrents, legislative momentum, and evolving investor preferences.

Sample highlights ↓

* The shift in US trade policy and what it means for the path of monetary policy

* How pending legislation could set US i...

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...

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