Kaiko

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.

As digital asset derivatives grow as an asset class, reliable market data, standardized methodologies, and transparent market structure are essential. Kaiko's membership in ISDA brings digital asset data expertise into the broader derivatives ecosystem.

On the other side of the equation, stablecoin volumes have continued to grow despite multiple exchanges combining their USD and USDC orderbooks, driven primarily by the growth of USDT and PYUSD trading across venues. 🔗 Read more: app.kaiko.com/data-debriefs/…

Coinbase merged its USD and USDC orderbooks in July 2022, with USDC representing just 5-6% of combined volumes at the time. USDC flow absorbed into the USD book with no material change in overall trading activity.

A great write-up from Melvin Deng and the team at @QCPgroup, reflecting on @TheAgora_Event and what's really stopping institutional digital asset adoption. "If the infrastructure already works, what is actually holding institutions back?" 🔗qcpgroup.com/insights/recap…

As liquidity fled the protocol, borrowing and lending rates pushed to 13% and 14% respectively across USDC and USDT markets.

DeFi TVL has dropped $13B amidst the recent Kelp DAO exploit.

Everybody’s still talking about @TheAgora_Event. In its first-ever edition @TheAgora_Event gathered over 800 attendees and 60+ speakers to a forum that connected the worlds of traditional finance and digital assets. The debates were real, the connections were genuine, and the energy in the room was undeniable. The Agora was built for exactly this: open, honest dialogue shaping the future of capital markets. A huge thanks to everyone who attended and contributed to the event. We look forward to welcoming you back in 2027. Until then, you can replay an extensive list of recorded sessions here🔗 agora.kaiko.com/replay