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

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

The Psychology of Bitcoin Bubbles as Measured by Investor Cost Basis
Bubbles and subsequent crashes in financial assets occur with regular frequency in economic history, largely due to deeply-rooted cognitive biases

Weekly Network Data Insights
Crypto markets took a significant downturn towards the tail end of last week, with BTC price dropping to six-month

How Many Bitcoins Are Permanently Lost?
Bitcoin’s whitepaper, which recently turned 11 years old, is so concise that it makes only a passing mention of supply:

The Evolution of Ethereum Tokens
In 2015, Ethereum ushered in a new era for blockchains: the age of the token. Broadly defined, a “token” represents

Macroeconomic Indicators for the Crypto-Economy
Just like a nation state’s economy has economic concepts (such as gross domestic product, inflation, and unemployment), a crypto asset

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

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

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

Tezos Market Cap Bounced Back in 2019, But Still Has Little Usage
After a controversial start, Tezos (XTZ) has bounced back in 2019. Since the start of 2019, XTZ’s market cap has grown

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,

Stellar Airdrops Are Mostly Transferred to Exchanges or Unclaimed
Stellar Airdrops Are Mostly Transferred to Exchanges or Unclaimed On November 6th, 2018, Blockchain.com announced it was creating the “largest crypto giveaway