Andy Baehr is an executive in the digital asset industry who serves as the Head of Product and Research for CoinDesk Indices. He has an extensive background in traditional finance, with a focus on derivatives, structured products, and alternative risk premia strategies, and is a frequent media commentator on cryptocurrency markets, derivatives, and institutional adoption. ^{[1] [2]}​

Education

Baehr graduated from Columbia University in 1989 with a Bachelor of Arts in Psychology. He later returned to his alma mater for postgraduate studies, earning a Master of Business Administration in Finance from Columbia Business School in 1996. ^[2]​

Career

Baehr began his career in finance immediately after his MBA, joining PARIBAS in 1996 as an associate in the derivatives department, where he worked until 1998. He held a similar associate role at Bankers Trust from 1998 to 1999. In 1999, he moved to Deutsche Bank, where he spent seven years in Global Equity Derivatives, working in both the London and New York offices and rising to the level of Director. He then transitioned to Morgan Stanley in 2006, serving as an Executive Director in Equity Derivatives for a year. From 2007 to 2011, Baehr was a Managing Director at BNP Paribas, where he led the U.S. Structured Sales division for equity and commodity derivatives. Following his time at BNP Paribas, he joined Credit Suisse in 2014, working in Global Markets Solutions until 2016. In 2017, he became a Managing Director and Investment Specialist at Risk Premium Investments, an institutional asset manager focused on alternative risk premia strategies; he remained there until the firm wound down its operations in 2019. Baehr then served as Head of Portfolio Solutions at PremiaLab from 2020 to 2022. After a brief role in structured product solutions at Genesis in mid-2022, he joined CoinDesk in October 2022 as the Head of Product and Research for CoinDesk Indices, based in New York. In this capacity, he is responsible for overseeing all product development and research for the firm's digital asset index business. ^{[2] [1]}​

Interviews

Perpetual Futures

In March 2025, Baehr appeared on CoinDesk’s Markets Daily to discuss perpetual futures and their role in crypto markets. He explained that perpetual futures, introduced in 2016, allow traders to speculate without an expiration date, making them popular among retail investors seeking flexibility and leveraged exposure. Baehr contrasted these products with traditional futures contracts, which have fixed settlement dates and are commonly used to hedge price risk. He described how perpetual contracts stay aligned with spot market prices through a funding rate mechanism that periodically transfers payments between long and short positions. Baehr noted that while retail traders are the primary users, institutional participants also trade in these markets for hedging and arbitrage. He cautioned that high leverage can amplify losses, making these products risky for inexperienced traders. The discussion also covered regulatory limits in the United States, where perpetual futures are not approved for retail trading, and potential future developments in derivative products. ^[3]

Keeping Faith in Crypto

In February 2025, Baehr appeared on the Schwab Network to discuss recent developments in the cryptocurrency market following Bitcoin’s drop below $80,000. He noted that market sentiment had turned “risk off,” citing a roughly 17 percent monthly decline amid regulatory actions and lawsuits affecting crypto firms. Baehr observed that, despite short-term pressures and ETF outflows, the regulatory environment was gradually improving, pointing to developments such as plans for new crypto futures products. He compared Bitcoin to gold as a store of value, emphasizing its portability and fixed supply. The discussion also addressed Bitcoin’s historical performance, describing it as a strong long-term asset despite volatility and recent market disruptions, including a major exchange hack that had a limited impact on its price stability. Baehr highlighted investment strategies that treat Bitcoin as a distinct asset class while encouraging diversification across blockchain-related markets. He concluded that index-based investment approaches may offer broader exposure and reduced risk than selecting individual cryptocurrencies. ^[4]

Crypto Benchmarks

In October 2024, Baehr spoke with the Digital Opportunities Group about his role overseeing CoinDesk Indices and developing crypto benchmark products. He discussed the launch of a Bitcoin trend indicator in March 2023, designed to help investors manage risk, and noted its subsequent adoption through licensing agreements. Baehr addressed the growing institutional interest in crypto markets following CoinDesk’s acquisition by Bullish and the broader market recovery. The conversation explored the evolution of derivatives markets since the global financial crisis, including how regulatory frameworks have shaped capital markets. He also examined the challenges of integrating decentralized finance into traditional systems, citing issues around trust and infrastructure. Baehr outlined the complexities of crypto indexing, emphasizing liquidity as a key factor and referencing products such as the CoinDesk 20 index. He concluded by discussing plans to expand index-based investment products, including structured products and futures, to improve market depth and support institutional participation. ^[7]

Political Influences

In December 2024, Baehr appeared on CNBC to discuss developments in the cryptocurrency market following Bitcoin’s rise to $100,000. He noted that the CoinDesk 20 index had outperformed Bitcoin since the U.S. elections, suggesting increased investor interest beyond a single asset. Baehr described Bitcoin as having a relatively stable value proposition due to regulatory clarity and broad exchange availability. He also addressed Ethereum’s renewed activity, citing its role in smart contracts and higher trading volumes as drivers of its recent rally. The discussion covered the sustainability of the current altcoin market, which Baehr attributed more to adoption than speculation compared with past cycles. He highlighted the growing influence of U.S. political developments on crypto markets and emphasized the need for clear regulatory frameworks to support innovation and capital formation. The interview concluded with observations on leadership changes at the SEC and proposed stablecoin legislation as potential factors shaping future market confidence. ^[6]

Impact of the Election

In July 2024, Baehr participated in a Nasdaq discussion on the impact of U.S. elections on digital assets, alongside industry figures Zach Pandle and Tim Ogie. He described a recent emotionally driven rally in Bitcoin, influenced by political events, while the panel noted growing bipartisan support for crypto and increasing institutional interest in digital assets, emphasizing the need for regulatory clarity. Baehr highlighted the anticipated launch of Ethereum ETFs and the potential for substantial inflows, while the discussion also covered staking within Ethereum’s ecosystem and its possible inclusion in future investment products. The conversation touched on liquidity, the importance of standardization for index-based products, and synergies between public blockchains and AI applications. Overall, the panel expressed optimism about the evolving opportunities for trading and investment in the digital asset space. ^[5]