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Explore the digital assets ecosystem through our catalog of original data-driven research.
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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

Stablecoin Sector Analysis
Stablecoins—digital assets designed to maintain a stable value, typically pegged to the U.S. dollar—have rapidly evolved from niche trading tools

Analyst Spotlight Solana Overview
Solana’s focus on high transaction throughput and cheap fees has allowed developers to deploy products that may not have been

State of the Network’s Q2 2023 Wrap-Up
We take a data-driven look at the most important events that impacted the digital assets industry from Q2 2023.

State of the Network’s Q2 2023 Wrap-Up
We take a data-driven look at the most important events that impacted the digital assets industry from Q2 2023.

SOTM June 22-28, 2023
ARK Invest amends its spot ETF application, aiming to be the first issuer in the market. MicroStrategy purchases an additional

Bitcoin & the Rest: Measuring the First Cryptocurrency’s Hold on the Market
Measuring bitcoin’s dominance in the digital assets ecosystem.

SOTM June 15-21, 2023
Asset management giant BlackRock files an application with the SEC to offer a spot bitcoin ETF in the U.S. Institutional-focused

State of the Network Foundations: Hashes
In this week’s State of the Network we return with our Foundations series, which presents various “technical” aspects of blockchain technology in an approachable

SOTM June 8-14, 2023
June has seen a significant hit to cryptocurrency exchange liquidity, with BinanceUS experiencing a staggering 70% market depth decline following

The Signal & The Nonce
This paper introduces a methodology for determining the market share of every major Bitcoin mining machine, or ASIC, by analyzing

The Signal & the Nonce, Reimagined
Adopting a new methodology, we present novel data to rethink some of Bitcoin’s most pressing issues including electricity consumption, miner

SOTM June 1-7, 2023
The US Securities and Exchange Commission (SEC) continues to tighten its grip on cryptocurrency exchanges, with Binance and Coinbase under

Token Unlocks & Free Float Supply Shocks in Digital Asset Markets
In this issue of Coin Metrics’ State of the Network, we analyze the mechanism of token unlocks, where early investors

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