Are BTC and ETH Spot Markets Maturing? Assessing the Health of Crypto Market Structure Using Order Book Data
In just a little over two weeks, October 31st will mark the 13th anniversary of the release of the Bitcoin white paper in 2008. Although the crypto market is still in its relative youth, crypto market structure is rapidly evolving and developing [...]
The State of the Network Q3 2021 Wrap-Up
In this special edition of State of the Network we take a data-driven look at crypto’s biggest storylines of Q3, 2021.
Digging into Uniswap DEX Data
Decentralized exchanges (DEXes) have quickly emerged as essential systems to trade crypto assets in the rapidly innovating sector of decentralized finance (DeFi). Powered by the proliferation of new tokens, composable DeFi protocols, and an ever-increasing user base, DEXes are gaining [...]
The Rise of NFTs: A Data-Driven Overview of Non-Fungible Tokens
The following is adapted from an in-depth, data-driven research report covering the rise of NFTs (https://coinmetrics.io/the-rise-of-nfts/). NFTs have become one of the most vibrant sectors of the burgeoning cryptoeconomy. With thousands of different NFT projects and more launching every day, [...]
Measuring Crypto Usage and Adoption
Crypto usage can be tricky to measure. Although all transaction data is public, it can be difficult to tell how many unique users are behind the transacting addresses. A single Bitcoin or Ethereum address may be owned by many individuals, [...]
Analyzing Tuesday’s Flash Crash
As summer came to a close the crypto markets came roaring back to life. BTC surged from $39.3K on August 1st to over $52K on September 6th. Over the same period, ETH climbed from about $2.6K to over $3.9K, close [...]
Introducing New EIP-1559, Miner Flow, and Payment Metrics
Last week Coin Metrics released a major update to our metric coverage including new EIP-1559 metrics, Ethereum miner flows, valuation ratios, and payment metrics. In this week’s State of the Network we do a deep dive into some of these [...]
Crypto’s August Rebound
After falling as low as $29.76K in July, bitcoin (BTC) price broke back above $50K on Monday. Data suggests that BTC is on the path to recovery after a market wide crash just three months ago.
JPEG Summer: Exploring The Data Behind the NFT Boom
Over the last two weeks NFT sales have exploded to levels well beyond the NFT boom seen in March. The number of sales on OpenSea, the largest NFT marketplace, reached a peak of over 60K per day over the last [...]
Analyzing EIP-1559’s ETH Burn
On Thursday, August 5th EIP-1559 went live as part of Ethereum’s London hard fork. Less than a week after the launch over 18K ETH has been burned, a total of about 32% of the total ETH that’s been issued post [...]