Explore the digital assets ecosystem through our catalog of original data-driven research.
SOTM May 25-31, 2023
The House of Representatives is hurriedly patching over cracks and crevices in the Federal budget, suspending the U.S. debt ceiling in a last-minute agreement late Wednesday night. The bipartisan bill still seeks approval from a Democrat-controlled Senate, but President Biden [...]
Recent
Assessing the Long-Term Fallout from Crypto’s Black Thursday
On March 12th 2020, now called “Black Thursday,” Bitcoin’s price dropped by nearly 50%, one of its largest drops since [...]
Investigating Bitcoin’s Changing Correlations
Is Bitcoin an Uncorrelated Financial Asset, A Safe Haven Asset, or Both? Investigating Bitcoin’s Changing Correlations By Nate Maddrey and the Coin Metrics Team [...]
The Signal and the Nonce Redux: From S9s to S17s
As Bitcoin enters its next halving, the network is experiencing several simultaneous transitions. In addition to the severe change in [...]
Understanding Miner Economics From First Principles
The next halvening is approaching, yet debate about its impact on asset prices remains mired in controversy. Two camps have [...]
Cryptoasset Free Float: An Exploration of Supply Dynamics
In designing market cap weighted indexes, the primary goal of a benchmark administrator is to provide the most accurate representation [...]
The BitMEX Liquidation Spiral
Analyzing How Crypto’s Nascent Market Structure Held Up During the Crash In the previous issue of State of the Network, [...]
Data Shows Cryptoasset Sell-off Was Driven by Short-term Holders
On March 12th, amidst growing concerns over the COVID-19 pandemic, Bitcoin (BTC) suffered one of its largest one-day price drops [...]
Using MVRV To Analyze Investor Behavior
Speculators vs Holders: Using MVRV To Analyze Investor Behavior In two previous issues of State of the Network (Primer on [...]
Cryptoasset Valuation Research Primer, Part 2
In a previous State of the Network, we published the first part of our cryptoasset valuation research primer focused on summarizing and [...]