Insights
Explore the digital assets ecosystem through our catalog of original data-driven research.
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Layer 1s – Vertical Analysis
Layer-1 blockchains have continually reshaped the digital asset landscape. Bitcoin set the foundation in 2009 with decentralized peer-to-peer money, followed

Trusted Exchange Framework
Coin Metrics’ Trusted Exchange Framework (TEF) is a quantitative evaluation of crypto exchanges. We leverage the CM Market Data Feed

Analyst Spotlight USDC Overview
The Coin Metrics Analyst Spotlight explores USDC’s expanding role in digital finance, unpacking its adoption across blockchains, integration with DeFi

SOTM July 6-July 12, 2023
In our 129th issue of State of the Market, we provide an overview of crypto market activity from July 6th – July

Spot On: From Trusts to Spot ETFs
We take a data-driven look at the most important events that impacted the digital assets industry from Q2 2023.

SOTM June 29-July 5, 2023
Valkyrie refiles application for a Bitcoin ETF and partners with Coinbase, joining industry giants like BlackRock in strengthening surveillance measures.

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