ASRI: An Aggregated Systemic Risk Index for Cryptocurrency Markets
An Interpretable Crypto-Native Stress Composite for Retrospective Systemic-Risk Discrimination
Version note · 19 September 2026
Preprint. The downloadable July 2026 version is historical and awaits a corrected public release. Its “3/4” event-detection statement has been retracted and should not be cited as a finding. A revised release remains subject to coauthor review.
Summary
ASRI combines cryptocurrency and traditional-finance indicators into an interpretable systemic-stress index. The preprint studies composite construction, regime structure and retrospective discrimination. Its event-study evidence is inconclusive; the dashboard is a research instrument, not a validated early-warning guarantee.
Suggested citation
Murad Farzulla, Andrew Maksakov (2025). ASRI: An Aggregated Systemic Risk Index for Cryptocurrency Markets. Dissensus Working Paper DAI-2509. DOI: 10.5281/zenodo.17918238
Methodology
Composite index construction
DeFi-TradFi risk modeling
Topics
Financial Markets
Cryptocurrency
Risk Management