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Explore the digital assets ecosystem through our catalog of original data-driven research.
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Analyst Update – Bitcoin
Our initial Bitcoin Asset Analysis in September 2024 highlighted the increasing scarcity of BTC, its benefits in modern portfolio theory,

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

Dissecting a Bitcoin Bull Market (Full Length)
A pandemic, followed by global societal shutdowns, followed by rampant social unrest, followed by increased political polarization, followed by unprecedented

Dissecting a Bitcoin Bull Market
A pandemic, followed by global societal shutdowns, followed by rampant social unrest, followed by increased political polarization, followed by unprecedented

The State of DeFi Tokens
Decentralized finance (DeFi) took over the crypto world during the summer. But it cooled off after September, and has taken

The State of DeFi Tokens (Full Length)
Decentralized finance (DeFi) took over the crypto world during the summer. But it cooled off after September, and has taken

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

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

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

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

SotM October 2020
Almost as quickly as it began, the Decentralized Finance (DeFi) mania subsided in October. With enthusiasm for DeFi waning, many

Fundamentals Show Bitcoin Is Poised for Takeoff
On October 21st Bitcoin (BTC) broke out, rising by about $1,000 on the day. Since then it has topped $13,000

Fundamentals Show Bitcoin Is Poised for Takeoff (Full Length)
On October 21st Bitcoin (BTC) broke out, rising by about $1,000 on the day. Since then it has topped $13,000

Q3 Refresh of Trusted Spot Volume Framework
This post is designed to be a follow up to our ‘trusted volume’ framework post (link) earlier this summer. We