Diving deep on everything from the foundational to the bleeding edge
- Original Research
- State of the Network
- State of the Market
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 established commodities such as gold continue to lure swarms of newcomers into this industry, institutional and retail-alike. But are there [...]
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 miner holdings and activity. This approach improves on previous attempts at tracking miner spending, which inadvertently measured pool operator activity [...]
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 and set new 2020 highs. For crypto veterans this is a somewhat familiar story. BTC is notoriously volatile and has [...]
Q3 Refresh of Trusted Spot Volume Framework (Full Length)
This post is designed to be a follow up to our ‘trusted volume’ framework post (link) earlier this summer. We have made a few adjustments to take into account changes in the industry as well as reader feedback. In the [...]
Analyzing the Fallout from the BitMEX Lawsuits (Full Length)
On October 1st, the CFTC and Department of Justice jointly announced charges filed against BitMEX’s owners and operators. The CFTC is alleging they were illegally operating a derivatives trading platform and the Department of Justice that they violated various parts [...]
Q3 2020 Supply Transparency Report
The Supply Transparency Report brings visibility to the actions of the key categories of a cryptoasset’s holders that are deemed to restrict supply from the market, as defined in the CMBI Float Adjustment Methodology. The current universe of cryptoassets that [...]
Introducing the CMBI Multi Asset Series (Full Length)
In this week’s State of the Network we are excited to announce the release of the CMBI Multi Asset Series, the first industry indexes that weigh cryptoassets by their Free Float Market Capitalization. We are particularly excited to bring these [...]
Ethereum’s DeFi Evolution: How DeFi Is Fueling Ethereum’s Growth (Full Length)
Decentralized finance reached new heights over the last few months as dozens of projects launched and large amounts of capital flowed in. A majority of decentralized finance (DeFi) apps have been built on Ethereum, and DeFi’s explosion has rippled across [...]
Bitcoin As An Investment (ARK Invest + Coin Metrics)
In Part 1 of this research, we described how we believe Bitcoin, a novel economic institution, satisfies the four assurances that maximize the probability of a robust and predictable financial system. In Part 2, we explore bitcoin as an emerging [...]
Measuring Bitcoin’s Decentralization (Full Length)
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 [...]