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.

The State Of The Network 2020 Year In Review
In this special year end edition of State of The Network we review crypto’s tumultuous 2020 run. To explore the

Bitcoin As A Hedge Against Inflation
For most of its existence institutions have stayed away from investing in bitcoin, typically citing it as a risky, speculative

The Bitcoin On-Chain Indicators Primer
We’re excited to introduce our latest in-depth research report: The Bitcoin On-Chain Indicators Primer.

Signs of Institutional Investors
Over the past few weeks, Ari Paul, Luke Martin, and other commentators have noted that bitcoin’s upward price movements since

Dissecting a Bitcoin Bull Market
A pandemic, followed by global societal shutdowns, followed by rampant social unrest, followed by increased political polarization, followed by unprecedented

The State of DeFi Tokens
Decentralized finance (DeFi) took over the crypto world during the summer. But it cooled off after September, and has taken

Bitcoin: An Unprecedented Experiment in Fair Distribution
Much has been written about the fundamental differences between Bitcoin and other asset classes. In fact, juxtapositions of Bitcoin and

Following Flows: A Look at Miners’ On-Chain Payments
Using a new methodology that looks at addresses one hop out from the coinbase transaction, this report quantifies miner holdings

Fundamentals Show Bitcoin Is Poised for Takeoff
On October 21st Bitcoin (BTC) broke out, rising by about $1,000 on the day. Since then it has topped $13,000

Q3 Refresh of Trusted Spot Volume Framework
This post is designed to be a follow up to our ‘trusted volume’ framework post (link) earlier this summer. We

Analyzing the Fallout from the BitMEX Lawsuits
On October 1st, the CFTC and Department of Justice jointly announced charges filed against BitMEX’s owners and operators. The CFTC is

Introducing the CMBI Multi Asset Series
In this week’s State of the Network we are excited to announce the release of the CMBI Multi Asset Series, the