State of the Network is an unbiased, weekly report informed by Coin Metrics’ own network (on-chain) and market data and is an essential resource for professionals and enthusiasts seeking to stay up-to-date on the latest trends and most important developments within the digital assets industry.
Bitcoin Update: Is Network Activity Keeping Up With Demand?
Coin Metrics follows up on the 2024 Bitcoin Analyst Report, highlighting BTC’s surge past $124k alongside accelerating ETF inflows and
Monero’s Stress Test & The Risks to PoW Security
Monero’s incident with Qubic and what it reveals about PoW security
Layer-1s Vertical Analysis
Coin Metrics Vertical Analysis: Layer-1 blockchain architectures, usage, and token economics
Exploring the On-Chain Effects of Ethereum Treasuries
Supply Dynamics, Ecosystem & On-Chain Impact of ETH Treasury Companies
Taking Stock of Crypto Exchanges Pursuing an IPO
A look at crypto exchanges preparing to go public
The Flows Behind the Crypto Market’s Rise to $4T
The factors fueling crypto’s recent climb toward $4T
Canton Network Overview
An overview of Canton Network’s architecture, its native token Canton Coin, and how it aligns participant incentives
Analyst Spotlight Circle (USDC) Overview
A deep dive into Circle’s USDC and the factors driving its adoption
State of the Network’s Q2 Wrap Up
A data-driven overview of developments shaping crypto markets in Q2-2025 by the Coin Metrics team
Inside dYdX: On-Chain Perpetual Futures
Examining DYDX tokenomics, market listings and exchange dynamics
Circle Goes Public: CRCL Valuation & the Economics of USDC
Inside Circle’s IPO, USDC economics, and long-term revenue outlook
Breaking Down the Rise in Transaction Activity on Avalanche
A closer look at the factors behind Avalanche’s recent activity growth
