Senior Research Analyst

Nate is a Research Analyst at Coin Metrics. He leads the weekly State of the Network newsletter and authors long-form research reports covering both network and market data. Prior to joining Coin Metrics he worked at Digital Asset Research.

The State of the Network Q2 2022 Mining Data Special

By |2022-06-30T00:20:31-04:00June 28, 2022|Kyle Waters, Nate Maddrey, Parker Merritt, State of the Network|

In last week’s State of the Network we noted that the most active Bitcoin miners have likely been moving around their coins amid increased BTC price volatility. This week, we take a closer look at mining data as a hectic quarter in the crypto [...]

Following Flows IV: Pruning Payouts

By |2022-06-30T00:13:34-04:00June 22, 2022|Kyle Waters, Nate Maddrey, Parker Merritt, State of the Network|

This week’s State of the Network adds to our “Following Flows” series of research devoted to understanding miners’ blockchain activity. Bitcoin mining has undergone many changes over the years as the rewards for mining have grown. What started out as a [...]

Following Celsius’ On-Chain Financial Activity as Withdrawals are Halted

By |2022-06-16T14:17:46-04:00June 14, 2022|Kyle Waters, Lucas Nuzzi, Nate Maddrey, State of the Network|

Late Sunday night (ET), the Celsius Network, one of the largest crypto asset lenders, dampened the mood on an already fragile crypto market with news that it was pausing all withdrawals, swaps, and transfers of crypto assets for user accounts on the [...]

Surveying Stablecoins in the Wake of the LUNA/UST Collapse

By |2022-05-28T12:32:58-04:00May 17, 2022|Kyle Waters, Nate Maddrey, State of the Network|

Stablecoins have come under increased scrutiny over the last week following TerraUSD’s (UST) sudden collapse. On May 12th, Tether (USDT) – the largest stablecoin today by total supply – started to dip below its $1 peg, causing some brief panic [...]

Crypto, Global Markets Fall Amid Renewed Volatility

By |2022-05-12T11:17:23-04:00May 10, 2022|Kyle Waters, Nate Maddrey, State of the Network|

As US equity markets closed Monday, bitcoin (BTC) hovered around $31K, the weakest level this year. As the macroeconomic environment and outlook for future interest rates has quickly shifted in 2022 almost every asset class has been stricken with increased volatility.

The BAYC Burn: Breaking Down the Otherside Gas War

By |2022-05-03T10:40:16-04:00May 2, 2022|Kyle Waters, Nate Maddrey, State of the Network|

On Saturday night Yuga Labs, the creators of Bored Ape Yacht Club (BAYC) launched their much anticipated “Otherside” metaverse land NFT mint on Ethereum. Although the team posted that they were taking steps to “dramatically soften the potential for a massive gas war” before [...]

Halfway to the Next Halving: The State of Bitcoin in 8 Charts

By |2022-04-22T03:24:20-04:00April 19, 2022|Kyle Waters, Nate Maddrey, State of the Network|

Bitcoin is approaching the halfway point to yet another milestone for the protocol, the 4th halving event – the 4th protocol designed 50% reduction in block rewards that occurs every 210,000 blocks (roughly 4 years). The predetermined halving schedule allows [...]

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