SC-W06-2026 — Weekly Settlement Conditions Report

1. Execution Cost Conditions

This section presents execution cost conditions across monitored trading pairs and venues. Costs are derived from proprietary trade flow analysis and reflect the realised price impact of institutional-scale market orders during the reporting week.

A. Cost by Pair

The table below summarises median execution costs by trading pair. Total basis-point cost (TBpC) captures price impact and taker fees as a single comparable measure. Costs are segmented by notional size bracket to reflect the non-linear relationship between order size and market impact.

Source: BlockRiver proprietary sweep detection: real-time trade flow analysis

Pair

Med TBpC

Best Venue

$100k–$500k

>$500k

WoW

BTC/USD

BTC/EUR

BTC/GBP

BTC/USDT

USDT/USD

USDT/EUR

USDT/GBP

Key Takeaway:

Methodology

Costs are measured from observed trade flow via proprietary sweep detection. Each event represents a detected market order consuming multiple price levels. TBpC reflects median total cost inclusive of price impact and exchange taker fees. Optimal windows are calculated as the 2-hour UTC block with the lowest median TBpC at ≥$100k notional over a trailing 4-week period.

B. Optimal Execution Windows

The table below identifies optimal and adverse execution windows by trading pair. Each window represents a 2-hour UTC block where median execution costs were lowest or highest across all monitored venues over the trailing 4-week period. Costs are based on observed $100k–500k orders and reflect actual market impact at institutional scale.

Pair

Best Window

Worst Window

BTC/USDT

{{BEST_WINDOW_BTCUSDT}}
{{BEST_TBPC_BTCUSDT}} bps {{BEST_VENUE_BTCUSDT}}

{{WORST_WINDOW_BTCUSDT}}
{{WORST_TBPC_BTCUSDT}} bps {{WORST_VENUE_BTCUSDT}}

BTC/USD

{{BEST_WINDOW_BTCUSD}}
{{BEST_TBPC_BTCUSD}} bps {{BEST_VENUE_BTCUSD}}

{{WORST_WINDOW_BTCUSD}}
{{WORST_TBPC_BTCUSD}} bps {{WORST_VENUE_BTCUSD}}

BTC/EUR

{{BEST_WINDOW_BTCEUR}}
{{BEST_TBPC_BTCEUR}} bps {{BEST_VENUE_BTCEUR}}

{{WORST_WINDOW_BTCEUR}}
{{WORST_TBPC_BTCEUR}} bps {{WORST_VENUE_BTCEUR}}

BTC/GBP

{{BEST_WINDOW_BTCGBP}}
{{BEST_TBPC_BTCGBP}} bps {{BEST_VENUE_BTCGBP}}

{{WORST_WINDOW_BTCGBP}}
{{WORST_TBPC_BTCGBP}} bps {{WORST_VENUE_BTCGBP}}

USDT/USD

{{BEST_WINDOW_USDTUSD}}
{{BEST_TBPC_USDTUSD}} bps {{BEST_VENUE_USDTUSD}}

{{WORST_WINDOW_USDTUSD}}
{{WORST_TBPC_USDTUSD}} bps {{WORST_VENUE_USDTUSD}}

USDT/EUR

{{BEST_WINDOW_USDTEUR}}
{{BEST_TBPC_USDTEUR}} bps {{BEST_VENUE_USDTEUR}}

{{WORST_WINDOW_USDTEUR}}
{{WORST_TBPC_USDTEUR}} bps {{WORST_VENUE_USDTEUR}}

USDT/GBP

{{BEST_WINDOW_USDTGBP}}
{{BEST_TBPC_USDTGBP}} bps {{BEST_VENUE_USDTGBP}}

{{WORST_WINDOW_USDTGBP}}
{{WORST_TBPC_USDTGBP}} bps {{WORST_VENUE_USDTGBP}}

Methodology

Optimal and adverse execution windows are identified by comparing median TBpC across 2-hour UTC blocks for $100k–500k orders over the trailing 4-week period. TBpC captures the total cost of execution including price impact and exchange taker fees at published retail rates. Costs are derived from proprietary sweep detection across all monitored venues.

C. Venue Depth

Depth classification at $500k notional across monitored venues and trading pairs. Based on simulated orderbook walk using hourly snapshots over the reporting week.

BTC/USDT

BTC/USD

BTC/EUR

BTC/GBP

USDT/USD

USDT/EUR

USDT/GBP

Bybit

—

Coinbase

—

Kraken

Methodology

Execution costs measured from real-time trade flow via BlockRiver's sweep detection system. Each event r

Execution Conditions: {{SIGNAL_EXECUTION}}

2. On-Chain Settlement Costs

On-chain fee conditions and stablecoin peg dynamics relevant to crypto settlement and conversion paths during the reporting week.

A. Network Fee Conditions

Network

Median Fee

Range

Volatility

Weekly Status

Ethereum

Bitcoin

Tron

B. Stablecoin Conversion Pressure (Observed)

Scope: USDC (ERC-20), USDT (ERC-20 & TRC-20)

Asset

Net Issuance / (Redemption)

Peg Deviation

Weekly Status

USDC

USDT (ERC-20)

USDT (TRC-20)

Rule:

Net redemptions ≥ $0.5bn in the reporting week → Elevated

Net issuance ≥ $1.25bn in the reporting week → Elevated

Peg deviation ≥ ±10 bps sustained → Elevated

Otherwise → Stable

On-Chain Settlement: {{SIGNAL_ONCHAIN}}

3. Fiat Rail Status

Operational status of major fiat settlement systems during the reporting week. Status assessments reflect published operator communications and observed availability.

Source: Official operator incident & status communications

Rail / System

Currency

Unscheduled Outages

Degraded Notices

Status

CHAPS / RTGS

GBP

TARGET2

EUR

Fedwire Funds

USD

SEPA Instant

EUR

ACH (Same-Day)

USD

Rule:

Any unscheduled outage → Degraded

≥2 degraded notices → Degraded

Otherwise → Stable

Fiat Rail Status: {{SIGNAL_RAILS}}

4. Risk & Compliance Signals

Market-wide indicators of regulatory, sanctions, and compliance posture observed during the reporting week. Signals reflect environmental tightening or loosening, not enforcement outcomes or legal advice.

A. Aggregate Risk Signal Overview

Signal Category

Observed Change This Week

Affected Jurisdictions

Weekly Signal

Sanctions activity

Regulatory guidance

Supervisory tone

Enforcement actions

Rule:

New sanctions designations, tightened regulatory language, or elevated supervisory activity → Elevated

No material change → Stable

B. Source Activity Log

Published regulatory and sanctions updates relevant to settlement and counterparty operations:

(This section reflects published source activity only and does not constitute legal interpretation.)

Risk & Compliance Signal: {{SIGNAL_REGULATORY}}

5. What Changed This Week?

Material changes to settlement conditions observed during the reporting week. This section highlights week-on-week deltas and their potential operational implications.

Observed Changes

(Items are included only where a material change was observed. Coverage may vary week to week.)

Operational Implications

For firms executing at institutional scale, this week's conditions point to the following considerations:

Weekly Settlement Conditions: {{SIGNAL_OVERALL}}