Kaiko

Bitcoin still sets the tone, but altcoins are no longer just one trade. Read more: 🔗app.kaiko.com/data-points/10…

Altcoin returns remain closely tied to Bitcoin, calling into question their role as diversifiers within crypto portfolios. Major assets such as ETH, SOL, XRP, and ADA still largely follow BTC’s direction, confirming Bitcoin’s role as the main driver of crypto cycles. But beneath this dependence, some altcoins are starting to show different dynamics, with stronger returns, lower correlations, and meaningful liquidity.

This week we examine how efficiently AAPL is priced across crypto venues, finding that price diverges against NQ:AAPL from -20 bps to +20 bps on a daily average basis. Read more: app.kaiko.com/data-debriefs/…

AAPL is one of the most liquid stocks in the world, with over $10B changing hands on Nasdaq every day. On crypto rails, that number is around $10M.

Join Kaiko and Lise for an exclusive webinar. Part of the Agora series, this webinar, in partnership with Lise, will explore how tokenized markets can contribute to financing the real economy, particularly for SMEs and strategic industrial companies. Alongside Lise CEO Mark Kepeneghian, we will discuss an alternative to traditional financing in relation to the challenges of reindustrialization and sovereignty, exploring how ST Group was able to implement this approach. Finally, we will address the essential role of data and interoperability in enabling tokenized securities to integrate with existing financial infrastructures and become more robust. Agenda: ➡️ Lise, its model, and its role in financing the economy ➡️ Strategic sectors, sovereignty, and the geopolitical context ➡️ Why data is key to Lise’s model ➡️ Audience Q&A 📅 Tuesday, May 19, 2026 ⏰ 2:00 PM CET Register here 🔗 app.livestorm.co/kaiko/tokenize…

On July 1, 2026, MiCA's transition period ends. For crypto-asset service providers (CASPs) operating in the EU, best execution shifts from policy documentation to regulatory enforcement - with penalties reaching €5 million or 3% of total annual turnover. The challenge is structural. Price discovery for any given crypto asset is fragmented across 100+ exchanges, running 24/7 with no consolidated tape. MiCA further narrows the pool to compliant venues only, while requiring tick-level data retention for at least 5 years. Firms must reconstruct exact market conditions at the moment of any execution, on demand. Our research analyst @ThomasProbst_K explores what MiCA's best execution requirements mean in practice for The Full FX. Read the full article here: thefullfx.com/mica-on-best-e…

LIT funding rates on Binance started rising on January 13, 48 hours before the listing announcement, highlighting traders positioned well in advance. Read more: app.kaiko.com/data-debriefs/…

On January 15, a wallet on Hyperliquid opened a LIT long at $1.96, minutes before Robinhood's listing announcement. Price barely moved on entry. Then at 12:12 PM UTC the listing dropped, and the wallet closed, capturing the bulk of the move.

Methodology matters. Read more: 🔗app.kaiko.com/data-points/on…

HYPE's market cap: $9.5B or $10.2B? Depends who you ask. That $700M gap comes down to one thing: how you count circulating supply. Crypto borrowed market cap from equity markets. But unlike stocks, token supply is complex: vesting contracts, foundation treasuries, burned tokens, DAO multisigs. No standard. Just methodology choices that move the number by hundreds of millions.

Looking at BTC vs. stock correlation, all three publicly listed exchanges show correlations above 0.87 with BTC price since September 2025, confirming that crypto exchange stocks function primarily as leveraged Bitcoin exposure rather than conventional equity. 🔗 Read More: app.kaiko.com/data-debriefs/…

Ahead of Kraken's potential IPO, we looked at publicly listed exchanges. On weekly volume share, Coinbase and Bullish are neck and neck, with Coinbase at 37.27% and Bullish close behind at 35.85%. Coinbase still leads on absolute volume, but the redistribution is happening fast.

Hourly focus on April 25, 2026, the day of the White House Correspondents' Dinner where the price of the Official Trump coin fell sharply, dropping from approximately $3 to $2.50 within a few hours, while volumes simultaneously saw a marked upward spike.

Read more: 🔗app.kaiko.com/data-points/fr…

Early 2026 has shown just how macro-driven crypto has become. Rate expectations, Kevin Warsh’s nomination, and the Middle East conflict have driven performance, correlations, and volatility across markets. Crypto saw a broad correction, but market structure held up well: BTC volatility fell from 47% to 39%, and prices are starting to stabilize. Early signs of a reversal are emerging.

Read the full announcement here 🔗 kaiko.com/news/kaiko-joi…

Meet Kaiko at the ISDA 40th Annual General Meeting in Boston, April 28-30. @PhilippeRedael and Anne-Sophie Cissy will be on the ground to discuss derivatives pricing, risk management, and regulatory compliance.

Kaiko has joined @ISDA , the global industry association for derivatives markets, reinforcing our commitment to supporting transparent, institutional-grade digital asset derivatives infrastructure.