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

Analyst Spotlight Ethereum Overview
Ethereum is a decentralized computing platform and was the first network to enable users to create, deploy, and interact with

Analyst Spotlight Bitcoin Overview
Bitcoin (BTC) has captured many eyes with its highly volatile price action and large returns in an industry shrouded in

Best of the First Year of State of the Network
In this special edition, we look back at the best issues of the past year to celebrate State of the

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

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

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

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

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

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

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

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

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

Cryptoasset Free Float: An Exploration of Supply Dynamics
In designing market cap weighted indexes, the primary goal of a benchmark administrator is to provide the most accurate representation

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,