Company News
Introducing Implied Volatility Surface Metrics
We’re pleased to announce the release of a comprehensive set of implied volatility metrics that significantly expands our Coin Metrics
January 8, 2026
Search Results for: Crypto volatility
State of the Network
Ethena and the Mechanics of USDe
Understanding the backing mechanics, usage profile, and risks of Ethena’s synthetic dollar
October 28, 2025
State of the Market
SOTM September 19 – September 25, 2025
Digital Asset Markets See Heightened Volatility | Tether Eyes $15–20B Raise at ~$500B valuation | Plasma Launches Mainnet with $2B
September 26, 2025
Company News
Coin Metrics Introduces Advanced Research and Analytical Metrics
Discover Coin Metrics new Advanced Research & Analytics Metrics, featuring LTH/STH SOPR, micro-transaction insights, MVRV Z-Score, and NUPL—powerful tools for
September 24, 2025
Analyst Spotlight Tether (USDT) Overview
Discover why Tether (USDT) is the leading stablecoin in Coin Metrics’ latest analysis, highlighting its deep liquidity, peg stability, and
June 10, 2025
State of the Network
Exploring Crypto Market Dynamics through Options Data
In this issue of Coin Metrics’ State of the Network, we examine crypto market dynamics through the lens of options data,
May 20, 2025
State of the Market
SOTM April 3 – April 9, 2025
Market Volatility Following Trump’s Retaliatory Tariffs | Ripple Set to Acquire Hidden Road for $1.25B | Fidelity Launches no-fee Crypto
April 10, 2025
State of the Network
The Cross-Currents Shaping Crypto Markets
In this issue of Coin Metrics’ State of the Network, we assess the drivers behind recent weakness in crypto markets and
March 18, 2025
State of the Market
SOTM March 6 – March 12, 2025
Volatility Continues to Pressure Crypto Markets | Trump Signs Executive Order to Establish Strategic BTC Reserve | Cboe Files Amendments
March 13, 2025
Market Data Pro
Coin Metrics’ Market Data Pro aggregates data across 400k+ markets to provide an accessible view into crypto market activity.
February 17, 2025
General Research
Movers & Shakers February 2025
Coin Metrics is committed to building the crypto economy on a foundation of truth, providing authentic and accurate data with
February 3, 2025
State of the Market
SOTM October 31 – November 6, 2024
US Elections’ Market Impact | BTC Hits New ATH | Regulatory Outlook Post Elections | Polymarket’s Influence
November 6, 2024
State of the Network
Crypto Market & Polymarket Dynamics Heading into Elections
In this issue of Coin Metrics’ State of the Network, we analyze Bitcoin’s (BTC) historical performance around prior elections, dive into
November 5, 2024
State of the Market
SOTM September 19-25, 2024
FTX Sentencing | SEC Approves Physically Settled Options Tied to ETFs | Bhutan’s BTC Holdings | SEC Actions Against NFT
September 30, 2024
Chapter 4 – Why Does Crypto Need Indexes?
You may be asking yourself why does crypto need indexes. Some may argue that as a decentralized asset class, crypto
September 22, 2024
Chapter 2 – How Are Indexes Calculated?
To ensure an unbiased and comprehensive representation of a select market, indexes rely on a predetermined methodology.
September 22, 2024
Company News
Introducing Implied Volatility Metrics
Coin Metrics has launched a set of new implied volatility metrics. The new metrics represent the implied volatility of a
August 15, 2024
State of the Market
SOTM August 1-7, 2024
ETH Price Drop | BTC Drops Below $55K | Ethena Integrates with Solana
August 8, 2024
State of the Market
SOTM August 1-7, 2024
Welcome to our 184th issue of State of the Market, where we provide an overview of crypto market activity from August
August 8, 2024
General Research
Movers & Shakers April 2024
Coin Metrics is committed to building the crypto economy on a foundation of truth, providing authentic and accurate data with
April 3, 2024
Company News
CM Market Data Feed v2.9 Release Notes
Coin Metrics is pleased to announce the version 2.9 release of our CM Market Data Feed. This release contains support
September 21, 2023
State of the Market
SOTM May 25-31, 2023
The House of Representatives is hurriedly patching over cracks and crevices in the Federal budget, suspending the U.S. debt ceiling
May 31, 2023
Company News
CM Market Data Feed v2.8 Release Notes
Coin Metrics is pleased to announce the version 2.8 release of our CM Market Data Feed. This release contains a
May 13, 2023
Company News
Introducing Realized Volatility
Coin Metrics continues to expand our market metrics with the introduction of Realized Volatility. Our Realized Volatility metrics are available
February 27, 2023
Special Insights
Decoding Crypto Pricing
A price is one of the most basic data points of any functioning, active market. Digital assets are traded around
February 26, 2023
Special Insights
Decoding Crypto Pricing
A price is one of the most basic data points of any functioning, active market. Digital assets are traded around
February 26, 2023
Decoding Crypto Pricing
A price is one of the most basic data points of any functioning, active market. Digital assets are traded around
February 26, 2023
State of the Market
SOTM December 29-January 4, 2023
Investors were in no mood to celebrate Bitcoin’s 14th birthday, though the ongoing liquidity crunch has been a gift to
January 4, 2023
Company News
Goldman Sachs, MSCI, and Coin Metrics Collaborate to Introduce Datonomy, a Taxonomy of Digital Assets
The new framework for digital assets classification is designed to provide investors, service providers, developers, and researchers a way to
November 2, 2022
State of the Market
SOTM October 27-November 2, 2022
Twitter officially entered a new era under the helm of Elon Musk last week as the Tesla and SpaceX founder
November 2, 2022
Company News
Announcing Our Principal Market Price, A New Pricing Methodology
Coin Metrics now offers a new pricing methodology where the price is derived from an asset’s principal market, the market
October 25, 2022
State of the Market
SOTM September 15-21, 2022
Macro forces once again dominate market sentiment after a relatively anticlimactic week of post-Merge activity. Ethereum’s shift to proof-of-stake has
September 21, 2022
State of the Market
SOTM September 8-14, 2022
If you’re reading this, Ethereum is proof-of-stake. After reaching the Terminal Total Difficulty (TTD) of 58,750,000,000T early Thursday morning, the
September 14, 2022
State of the Network
TTD set, volatility TBD
With Ethereum’s final steps to PoS now engaged, how is the options market pricing in The Merge? This is a
August 23, 2022
State of the Network
The State of the Network Q2 2022 Mining Data Special
In last week’s State of the Network we noted that the most active Bitcoin miners have likely been moving around their coins amid increased
June 28, 2022
State of the Network
Analyzing FTX & Coinbase Spot Volume Trends
May 2022 was a month full of changes in the crypto market. Amid the volatility, crypto exchanges experienced a big
June 7, 2022
State of the Market
SOTM May 19-25, 2022
Though the crypto slump has reached a state of strained stasis, investors remain wary of the market’s downward momentum. For
May 25, 2022
State of the Market
SOTM May 5-11, 2022
All eyes are on LUNA as the Terra ecosystem implodes in what many pundits are dubbing crypto’s ‘Lehman Brothers’ moment.
May 11, 2022
State of the Network
Crypto, Global Markets Fall Amid Renewed Volatility
As US equity markets closed Monday, bitcoin (BTC) hovered around $31K, the weakest level this year. As the macroeconomic environment
May 10, 2022
General Research
The Cambrian Explosion of Stablecoins
In just two years, the total supply of stablecoins has grown twenty fold to more than $180B today. Stablecoins have
April 26, 2022
State of the Market
SOTM April 14-20, 2022
With spot volumes slipping and volatility continuing to crater, crypto markets have remained relatively muted, extending Bitcoin’s trend of consolidation
April 20, 2022
State of the Market
SOTM January 20-26, 2022
Crypto investors are coping with whiplash after a week characterized by sharp reversals in price and policy. With geopolitical tensions
January 27, 2022
State of the Market
SOTM January 20-26, 2022
Crypto investors are coping with whiplash after a week characterized by sharp reversals in price and policy. With geopolitical tensions
January 27, 2022
Company News
CM Market Data Feed v2.5 Release Notes
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November 22, 2021
Company News
NDP 5.0 Client Announcement
Coin Metrics is pleased to announce the release of NDP 5.0, which features 30 new metrics and 5 new assets
August 25, 2021
State of the Market
SOTM Jun 24-30, 2021
Trading activity has been muted over the past week. Trading volumes continue to decline and futures open interest is down
July 1, 2021
State of the Market
SOTM MAY 27- JUN 6, 2021
Market action was relatively muted over the past week as the saying “sell in May and go away” may have
June 3, 2021
News
CM Market Data Feed v2.3 Release Notes
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April 25, 2021
General Research
Following Flows III: Measuring Ethereum Miner Activity
Ethereum and Mining The Ethereum community has always had a somewhat strained relationship with miners. The network’s proof of work
March 8, 2021
Company News
Coin Metrics updates its mobile app
Your favorite crypto data mobile app now offers even more assets — DeFI assets! Also, we’ve added Free Float
November 17, 2020
State of the Network
Bitcoin: An Unprecedented Experiment in Fair Distribution
Much has been written about the fundamental differences between Bitcoin and other asset classes. In fact, juxtapositions of Bitcoin and
November 10, 2020
General Research
Bitcoin: An Unprecedented Experiment in Fair Distribution (Full Length)
Much has been written about the fundamental differences between Bitcoin and other asset classes. In fact, juxtapositions of Bitcoin and
November 10, 2020
State of the Network
Following Flows: A Look at Miners’ On-Chain Payments
Using a new methodology that looks at addresses one hop out from the coinbase transaction, this report quantifies miner holdings
November 3, 2020
General Research
Following Flows: A Look at Miners’ On-Chain Payments (Full Length)
Key Takeaways Using a new methodology that looks at addresses one hop out from the coinbase transaction, this report quantifies
November 3, 2020
Company News
Coin Metrics brings even more functionality to the mobile apps
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October 8, 2020
General Research
Introducing the CMBI Multi Asset Series (Full Length)
In this week’s State of the Network we are excited to announce the release of the CMBI Multi Asset Series,
October 6, 2020
State of the Network
How DeFi Is Fueling Ethereum’s Growth
Decentralized finance reached new heights over the last few months as dozens of projects launched and large amounts of capital
September 29, 2020
State of the Network
Bitcoin: A Novel Economic Institution
Below is an excerpt of a research report authored by ARK Invest and Coin Metrics. In Part 1 of this research, we described how
September 22, 2020
State of the Network
Measuring Bitcoin’s Decentralization
Over the last eleven years, Bitcoin has managed to function relatively seamlessly in the face of a large number of
September 15, 2020
General Research
Improving your Futures Roll: An Overview of the Basis Trade (Full Length)
Key Takeaways As futures volume balloons we take a look at the basis trade, which is when traders build a
September 9, 2020
State of the Network
An Overview of the Basis Trade
One of the most popular trades for any commodity futures is the basis trade. This is when traders build a
September 8, 2020
State of the Network
The Privacy Issue
The early 1990’s saw the dissemination of two great forces that would come to shape the next decades: the Internet,
September 1, 2020
All CMBI News
Bletchley Indexes Transition to CM Pricing
Bletchley Indexes Pricing Source Transition – August 26, 2020 Coin Metrics is excited to announce that from the 1st of
August 27, 2020
State of the Network
Surveying the Bitcoin Perpetual Swap Market
The crypto market is still young and the contract structure of derivatives varies across exchanges. Derivatives lack a standard methodology
August 4, 2020
General Research
Derivatives’ Disparities: Surveying the Bitcoin Perpetual Swap Market (Full Length)
Key Takeaways The derivatives market is fragmented and contract terms differ dramatically across exchanges. The quality of documentation in the
August 4, 2020
State of the Network
Introducing Coin Metrics’ Trusted Volume Framework
Fake trading volume is a persistent problem on crypto exchanges. With little regulatory oversight, it can be difficult to determine
July 28, 2020
General Research
Introducing Coin Metrics’ Trusted Volume Framework (Full Length)
Key Takeaways Fake trading volumes have been a dark mark on the industry – it is difficult to find a
July 28, 2020
State of the Network
Analyzing The Early Uses of Bitcoin
Since its inception in 2009, Bitcoin triggered many discussions around its raison d’être. Conflicts between different points of view of what
July 21, 2020
State of the Network
The Rise of Stablecoins
Stablecoin supply has exploded in 2020 but it’s unclear exactly why. After it took 5 years for stablecoin supply to
July 14, 2020
State of the Network
When Markets Misalign: Mispricings and Reference Rates
Price discrepancies between exchanges can emerge for a variety of reasons, including market manipulation, exchange downtime, and trader error. These
July 7, 2020
General Research
When Markets Misalign: Mispricings and Reference Rates (Full Length)
Key Takeaways Price discrepancies between exchanges can emerge for a variety of reasons, including market manipulation, exchange downtime, and trader
July 7, 2020
State of the Network
Introducing Free Float Supply
Until now, a standardized approach to determining the free float supply (the supply that is available to the market) of
June 30, 2020
State of the Network
Digital Alchemy: Do Coinbase Listings Turn Altcoins Into Gold?
A Coinbase listing has historically shown, not surprisingly, to have a positive impact on listed assets’ prices immediately following the
June 23, 2020
State of the Network
Assessing Crypto’s Recovery Three Months After The March 12th Crash
Bitcoin (BTC) and Ether (ETH) have recovered most of their losses after the March 12th crash, while assets like Bitcoin
June 23, 2020
General Research
Spotting and Exploiting Market Volatility
Cryptoasset data has been increasingly amassing the interest of researchers and investors looking to build an edge in the market
May 20, 2020
State of the Network
The Half-Time Show: The State of Bitcoin Network Security After the Halving
Block rewards are currently the primary source of revenue for miners. A reduction in this reward due to the halving
May 19, 2020
State of the Network
Stablecoin Heatmaps Show Tether is Mostly Used During Asian and European Market Hours
Stablecoin market capitalization has almost doubled since the Black Thursday crash. But the exact cause of the surge is still
May 12, 2020
State of the Network
Introducing the CMBI Bitcoin Hash Rate Index and ‘Observed Work’
Designing The Tools For Hash Rate Futures: Introducing the CMBI Bitcoin Hash Rate Index and ‘Observed Work’ Key Takeaways
May 5, 2020
State of the Network
Creating a Better Supply Measurement: Introducing Free Float Supply
An accurate measure of supply is crucial in determining a cryptoasset’s value. However, the definition and methodologies of calculating supply
April 28, 2020
State of the Network
Assessing the Long-Term Fallout from Crypto’s Black Thursday
On March 12th 2020, now called “Black Thursday,” Bitcoin’s price dropped by nearly 50%, one of its largest drops since
April 21, 2020
State of the Network
Investigating Bitcoin’s Changing Correlations
Is Bitcoin an Uncorrelated Financial Asset, A Safe Haven Asset, or Both? Investigating Bitcoin’s Changing Correlations By Nate Maddrey and the Coin Metrics Team
April 14, 2020
State of the Network
The Signal and the Nonce Redux: From S9s to S17s
As Bitcoin enters its next halving, the network is experiencing several simultaneous transitions. In addition to the severe change in
April 14, 2020
State of the Network
Understanding Miner Economics From First Principles
The next halvening is approaching, yet debate about its impact on asset prices remains mired in controversy. Two camps have
April 7, 2020
State of the Network
The BitMEX Liquidation Spiral
Analyzing How Crypto’s Nascent Market Structure Held Up During the Crash In the previous issue of State of the Network,
March 31, 2020
Company News
Coin Metrics Raises $6M Series A Led by Highland Capital Partners
Coin Metrics, the leading provider of Cryptoasset Data and Infrastructure for institutional investors, announced today that it completed a $6
March 26, 2020
State of the Network
Using MVRV To Analyze Investor Behavior
Speculators vs Holders: Using MVRV To Analyze Investor Behavior In two previous issues of State of the Network (Primer on
March 25, 2020
State of the Network
Cryptoasset Valuation Research Primer, Part 2
In a previous State of the Network, we published the first part of our cryptoasset valuation research primer focused on summarizing and
March 12, 2020
State of the Network
In Search of an Elusive BCH Jackpot
The Miner’s Dilemma: In Search of an Elusive BCH Jackpot “I thought for a long time whether to write here.
March 3, 2020
State of the Network
Analyzing Crypto Supply Distribution Patterns
Those who control the wealth often control the power. But up until now, wealth distribution has been relatively hard to
February 25, 2020
State of the Network
Cryptoasset Valuation Research Primer, Part 1
Cryptoassets represent a significant innovation in the evolution of money and the modern financial system. Valuing cryptoassets remains very much
February 18, 2020
State of the Network
Setting the Stage for A Total Return Crypto Index
In traditional capital markets, corporate actions are events that could bring a change to the securities (equity or debt) of
February 4, 2020
State of the Network
Analyzing Exchange Health Using On-chain Supply
On February 7th, 2014, Japan based exchange Mt. Gox halted all Bitcoin withdrawals, claiming that they were trying to resolve an
January 21, 2020
State of the Network
Is Bitcoin Becoming a Safe Haven Asset?
Discussion regarding Bitcoin’s status as a safe haven asset during times of elevated geopolitical risk and macroeconomic uncertainty has existed
January 14, 2020
State of the Network
State of the Network 2019 Year in Review
In this special edition of State of the Network (SOTN) we take a look back at how the major cryptoassets
January 1, 2020
State of the Network
Analyzing the Supply Distributions of Projects with On-Chain Governance
It takes a whole network of people to make a public blockchain work. You need miners to validate and secure
December 10, 2019
State of the Network
The Signal and the Nonce: Hunting for ASICs in Nonce Distributions
The Great ASIC Debate. Since the early days of Bitcoin, the community has argued about whether to fight against increasingly powerful mining
October 29, 2019
State of the Network
Bitfinex Market Share is Declining
Bitfinex, the controversial Hong Kong based exchange at the heart of ongoing investigations against Tether, has been one of the biggest
October 22, 2019
State of the Network
BTC Is Close to $1B of All-time Fees, But Fee Growth is Slowing
BTC is close to eclipsing $1 billion of cumulative, all-time transaction fees. As of October 13th, there have been $996,458,718
October 15, 2019
State of the Network
Large Market Sell-Off + BTC Hash Rate Dip
A double header this week: This week’s issue has two weekly features. The first is about the recent market sell-off,
October 1, 2019
State of the Network
ETH is Overtaking BTC in Daily Transaction Fees, Driven by Tether
ETH is on the verge of overtaking BTC in daily transaction fees. As of September 15th, ETH had $182,899 daily
September 17, 2019
State of the Network
Bitcoin and Tether Volume Distribution by Exchange
Exchanges are a crucial piece of the crypto ecosystem. Successful exchanges can help fuel tremendous growth. But exchanges also represent
September 10, 2019
State of the Network
Analyzing Wealth Distribution in Crypto
The distribution of wealth in crypto assets has been a recent topic of debate. The debate has centered around whether a lack
August 20, 2019
State of the Network
Bitcoin Shows Potential as A Unique Safe Haven Asset
Bitcoin was born as a response to a deep, global recession caused by a financial system driven to the brink
August 13, 2019
State of the Network
A Look Back at the Last Year of ETH On-Chain Data
Last week, Ethereum (ETH) celebrated its 4th birthday. In honor of the occasion, we looked back at the last 365 days
August 6, 2019
State of the Network
Analyzing BitMEX Net Flow Since Investigation Announcement
On July 19th, Bloomberg reported that the CFTC is conducting a probe on BitMEX. Since then, BitMEX has had an aggregate net
July 30, 2019
State of the Network
Thoughts on Supply Distribution
Today, 96% of all of the 26 million Ether addresses with a balance hold one or fewer units of ETH.
June 3, 2019
