Karim Helmy

Senior R&D Analyst

Karim is a Senior R&D Analyst at Coin Metrics. He’s focused on network data and is particularly interested in mining, privacy, and derivatives. Karim was formerly an independent researcher and graduated from Carnegie Mellon University with a degree in Statistics and Machine Learning.

Following Flows II: Where do Miners Sell?

By |2021-02-23T16:22:58+00:00February 22, 2021|Karim Helmy, Original Research|

Miners are frequently blamed for causing dips in the price of Bitcoin. These accusations are often unsubstantiated—worse still, they’re sometimes based on faulty metrics that conflate mining pool payouts with miner spending, ultimately misleading their users. Accurately assessing the degree [...]

Following Flows: A Look at Miners’ On-Chain Payments

By |2021-02-05T13:55:54+00:00November 3, 2020|Karim Helmy, State of the Network|

Using a new methodology that looks at addresses one hop out from the coinbase transaction, this report quantifies miner holdings and activity. This approach improves on previous attempts at tracking miner spending, which inadvertently measured pool operator activity rather than [...]

Following Flows: A Look at Miners’ On-Chain Payments (Full Length)

By |2021-03-03T01:53:06+00:00November 3, 2020|Karim Helmy, Original Research|

Key Takeaways Using a new methodology that looks at addresses one hop out from the coinbase transaction, this report quantifies miner holdings and activity. This approach improves on previous attempts at tracking miner spending, which inadvertently measured pool operator activity [...]

Measuring Bitcoin’s Decentralization (Full Length)

By |2021-02-05T21:44:29+00:00September 15, 2020|Karim Helmy, Original Research|

Key Takeaways Bitcoin’s decentralization can be quantified in terms of supply dispersion, hashpower distribution, and exchange consolidation, among other metrics. Key metrics like the number of active addresses and the network’s hashrate continue to rise. Bitcoin’s supply is becoming more [...]

Derivatives’ Disparities: Surveying the Bitcoin Perpetual Swap Market (Full Length)

By |2021-02-05T22:31:33+00:00August 4, 2020|Karim Helmy, Original Research|

Key Takeaways The derivatives market is fragmented and contract terms differ dramatically across exchanges. The quality of documentation in the space varies. We analyzed how each exchange structures their perpetual swaps, which are a type of derivative that approximates the [...]

When Markets Misalign: Mispricings and Reference Rates

By |2021-02-05T14:26:46+00:00July 7, 2020|Karim Helmy, State of the Network|

Price discrepancies between exchanges can emerge for a variety of reasons, including market manipulation, exchange downtime, and trader error. These dislocations are aggravated by market inefficiencies that may prevent arbitrage. While market dislocations are particularly common for small exchanges and [...]

When Markets Misalign: Mispricings and Reference Rates (Full Length)

By |2021-03-03T02:01:50+00:00July 7, 2020|Karim Helmy, Original Research|

Key Takeaways Price discrepancies between exchanges can emerge for a variety of reasons, including market manipulation, exchange downtime, and trader error. These dislocations are aggravated by market inefficiencies that may prevent arbitrage. While market dislocations are particularly common for small [...]

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