State of the Network’s 2023 Year in Review
In this special issue of State of the Network, we revisit the major stories that shaped the digital assets industry in 2023 through a data-driven lens.
Recent
A Year After The Crash
On March 12, 2020, amid rising panic over the rapid spread of COVID-19, bitcoin (BTC) crashed from about $8,000 to under $4,000 in a 24 hour period. The rest of the crypto market came crashing down with it. Now, a [...]
Measuring Ethereum Miner Activity
The Ethereum community has always had a somewhat strained relationship with miners. The network’s proof of work algorithm, Ethash, was explicitly designed to be resistant to ASIC mining and hence miner professionalization. Since then, the network’s migration to Proof of [...]
Back on Solid Ground
The market took a downturn last week after bitcoin (BTC) reached as high as $58K. The stock market also sold off as the 10-year Treasury note yield had its highest one-month increase since 2016. As a result of the dual selloffs the [...]
Analyzing Miner to Exchange Flows
Miners are often considered natural sellers of bitcoin (BTC). Their revenue is earned from block rewards and transaction fees which are paid out in BTC. But their costs, like electricity and rent, are paid using fiat currencies. Miners therefore need [...]
Crypto Trust Supply Sinks
Late last week BNY Mellon, the world’s largest custodian bank with over $2 trillion in assets under management, became the latest institution to announce support for digital currencies.
Inflection Points
Tesla announced a $1.5B purchase of bitcoin on Monday, less than two weeks after Elon Musk added #bitcoin to his Twitter bio. The large buy adds Tesla to the growing list of public companies buying and holding bitcoin (BTC) in their treasuries.
In Retrospect, It Was Inevitable
The stock market was turned upside down last week. Retail investors organized on Reddit and took over, making a killing off of heavily shorted stocks like GME and AMC while major hedge funds lost billions.
Fear, Uncertainty, and Double-Spends
As bitcoin (BTC) price reaches new all-time highs, renewed rounds of fear, uncertainty, and doubt (aka FUD) have come with it. On January 20th articles began to circulate claiming there had been a Bitcoin double-spend.
Altseason Watch
It’s starting to feel a lot like altseason. That magical time of year when people you went to high school with start messaging you out of the blue to ask about a coin you thought died in 2017.