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.

Ethereum’s Bellatrix Upgrade Goes Live in Final Preparation for The Merge
Ethereum moved one step closer to The Merge Tuesday with the activation of Bellatrix, a network upgrade to Ethereum’s Consensus Layer

Mapping Out The Merge
As part of Coin Metrics’ support for Ethereum’s major network upgrade, we are excited to be releasing a new data-driven

TTD set, volatility TBD
With Ethereum’s final steps to PoS now engaged, how is the options market pricing in The Merge? This is a

Mapping Account-based Blockchain Data to Virtual UTXOs
At its core, cryptocurrency utilizes complete transparency to help create trust between anonymous users. In comparison to traditional finance, analyzing

Analyzing Recent Data Behind the Bitcoin Technology Stack
Earlier this year at the Bitcoin 2022 conference, Coin Metrics’ Lucas Nuzzi presented the following diagram showing a sample of some of

Ethereum After EIP-1559
As the upcoming merge with the Beacon Chain approaches, the upgrade to Ethereum’s fee market mechanism brought on by EIP-1559

Exploring the Time-Based Patterns of Blockchain Activity
Blockchains are well known for offering a degree of pseudo-anonymity to transactors. But even though individual transactions might not be

The Ethereum Crowdsale 8 Years Later
After years of testing, research, and development, excitement is building around the potential timeline for Ethereum’s planned move to proof-of-stake (PoS) through

Checking in on On-Chain User Activity
Over the last few months the crypto market has been battered by Terra’s implosion and the ongoing fallout. But despite

The State of the Network Q2 2022 Wrap-Up
In this special edition of State of the Network we recap an eventful quarter in the crypto markets with a data-driven look

The State of the Network Q2 2022 Mining Data Special
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

Following Flows IV: Pruning Payouts
This week’s State of the Network adds to our “Following Flows” series of research devoted to understanding miners’ blockchain activity. Bitcoin