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Ripple CEO discusses potential IPO benefits for XRP holders.

This week's Crypto Long & Short newsletter discusses Bitcoin's 26% relative undervaluation compared to gold and features insights from industry experts on market dynamics.
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Welcome to our institutional newsletter, Crypto Long & Short. This week:
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Expert Insights
By Dovile Silenskyte, director of digital assets research, WisdomTree
For years, markets have struggled to classify bitcoin. Currently, the dominant media narrative tends to treat bitcoin as a high-beta expression of investor risk appetite: rising when liquidity is abundant and falling when markets turn defensive.
That framing increasingly misses the bigger structural shift underway.
Bitcoin is evolving into a monetary asset competing for the same macro allocation bucket as gold. Both bitcoin and gold:
The difference is that gold represents monetary defensiveness while bitcoin represents monetary expansion. This distinction changes how bitcoin should be analyzed.
Rather than evaluating bitcoin through an equity or risk-asset framework, we believe the cleaner analytical lens is bitcoin versus gold. The key question is not whether bitcoin will rise in absolute terms, but whether its monetary premium relative to gold is too low or too high given the prevailing macro backdrop.
Our Bitcoin in Gold (BiG) model attempts to answer precisely that question. As of March 31, 2026:
That gap implies bitcoin is 26% undervalued relative to gold.
Figure 1: The actual bitcoin/gold ratio is sitting clearly below model estimate
Bitcoin is currently assessed to be 26% undervalued relative to gold.
Dovile Silenskyte offers an alternative perspective on Bitcoin as a risk asset.
Joshua de Vos provided insights and analysis on global exchanges.
The CoinDesk 80 Leads indicate that crypto is outperforming across various asset classes.

Ripple CEO discusses potential IPO benefits for XRP holders.

Altcoins are showing signs of strength as the market prepares for a pivotal week influenced by the CLARITY Act vote. Despite ongoing global tensions and a challenging macro environment, analysts note a potential shift in altcoin behavior.

Myriad adopts Chainlink as its oracle platform for crypto prediction markets, starting with BTC, ETH, BNB, and SOL.

Last-minute amendments to the Clarity Act focus on DeFi, stablecoins, and more before Senate vote.

The CLARITY Act is under fire with over 100 amendments proposed ahead of its markup.

Coinbase CEO Brian Armstrong highlights the CLARITY Act as a key to improving the US financial system.
See every story in Crypto — including breaking news and analysis.

Source: WisdomTree, Stooq. From December 31, 2013 to March 31, 2026. Historical performance is not an indication of future performance, and any investment may go down in value.
This gap is not abstract. It reflects current macro inputs embedded in the model. Specifically, bitcoin reacts more aggressively than gold to macro shifts:
Today’s mix implies a higher bitcoin/gold ratio than observed.
As of March 31, 2026, the model assigns the highest probability for the following three macro scenarios over the coming 12 months, and each of them leads to different outcomes:
Figure 2: Scenario paths for the bitcoin/gold ratio

Source: WisdomTree. April 7, 2026. Model assumes that macro scenario starts on April 1, 2026 and continues for the next 12-month. Forecasts are not an indication of future performance and any investments are subject to risks and uncertainties.
For investors, there are three practical applications of the BiG model:
The BiG model is a positioning tool. The edge comes from systematically leaning into dislocations when they are wide and scaling back as they compress. The discipline is straightforward: track the gap, anchor decisions in the macro context and avoid overfitting short-term price moves.
See further detail in Bitcoin vs gold: bitcoin looks 26% undervalued relative to gold blog.
Principled Perspectives
By Joshua de Vos, research lead, CoinDesk Data
Centralized exchanges have long maintained that the industry has reached maturity. CoinDesk’s May 2026 Exchange Benchmark, which evaluates 75 spot exchanges against more than 100 metrics, provides a rigorous test of that assertion. The resulting data is encouraging in some areas and complex in others; most notably, it reveals a systemic vulnerability to market failures that persists even among top-tier venues.
The bar rises
The primary shift this cycle is methodological: the AA grading threshold was raised from 80 to 85, reflecting the higher institutional standards required as the benchmark evolves. Six exchanges met this new criteria: Bitstamp by Robinhood (90.26), Coinbase (88.58), Kraken (87.77), Binance (87.25), Bullish (86.99) and Crypto.com (86.22). For the first time in three years, Bitstamp leads the rankings, overtaking Binance. Meanwhile, Gemini and OKX moved from AA to A status. This reclassification was a direct consequence of the higher threshold rather than a decline in quality, as both exchanges actually improved their individual scores.

The Exchange Grade Distribution highlights a significant evolution over the last three cycles. The most notable change occurred at the bottom of the scale; the number of E-grade exchanges dropped from 11 in November 2025 to just four, with seven venues ascending to the D-tier. This represents the largest single-cycle grade shift in the benchmark's history. The universe average score rose to 58.42, marking a third consecutive period of improvement, and the number of ‘Top-Tier’ exchanges (rated BB or higher) grew to 21 from 20 last cycle.
Volume concentrates at the top
Top-tier exchanges now command 59% of Q1 spot volume despite making up only 27% of rated venues; a sharp increase from 40% in October 2025. This trend aligns with a long-term pattern of institutional capital gravitating toward venues with verifiable infrastructure. Binance remains the dominant force with 24% of total spot volume, nearly four times that of its nearest competitor. Conversely, MEXC commands 6.25% of global volume but remains C-graded, illustrating a small yet visible disconnect between trading activity and institutional risk standards amongst trading long-tail assets.

October's lesson
A critical finding this cycle involves the market-wide exchange failures on October 10th, which caused price dislocations across 62 of the 75 benchmarked exchanges and affected at least 571 trading pairs. The incidence of flash crashes was near-universal, impacting 81% of all rated exchanges, including 100% of AA-grade and 100% of B-grade venues. These results suggest that such market failures are systemic, rather than isolated to lower-tier platforms. To better track this, the benchmark has introduced a broader flash crash assessment to monitor venue resilience.

What the data still shows
Transparency continues to trend upward. Proof of Reserves coverage reached 63%, and due diligence questionnaire (DDQ) submissions hit an all-time high with 21 verified responses. However, the regulatory landscape remains fragmented. Despite MiCA being in effect since late 2024, only 16 of the 75 benchmarked exchanges hold a full license, and 66% have no regulatory presence in the EU at all. Notably, HitBTC, Thalex and Woo have yet to establish a regulatory footprint in any jurisdiction.

Looking ahead, the November 2026 cycle opens for exchange submissions in October. As institutional allocation into digital assets deepens and scrutiny from counterparties increases, the cost of operating outside institutional risk frameworks is only rising. The benchmark plays a central role in making that cost visible.
- By Francisco Rodrigues
This week's headlines show a fresh wave of capital flowing into crypto infrastructure as banks, asset managers and tokenization platforms race to build the rails for institutional adoption. That’s even as one of the sector's largest bitcoin holders flags potential selling pressure.
Chart of the Week
Bitcoin has gained 5.7% month-to-date, outpacing major asset classes including the S&P 500, gold and oil since the start of May 2026. This strength has filtered down the market-caps, with the CoinDesk 80 (CD80) up 15.32% MTD — significantly ahead of large caps — led by ZEC's 57% rally. The divergence between CD80 and BTC, CD5 and CD20 (all clustered around 3 -5%) suggests momentum is rotating into smaller-cap altcoins as the broader crypto rally extends.

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Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc., CoinDesk Indices or its owners and affiliates.