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Coin Metrics' State of the Network

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.

Tether’s Ascent: Breaking Down the Dominant Stablecoin’s Growth

In this week’s issue of Coin Metrics’ State of the Network, we delve into Tether’s recent all-time highs, exploring its primary avenues of growth, adoption, and the nature of its usage and reserve holdings to gain a holistic understanding of the stablecoin [...]

January 23, 2024|State of the Network, Tanay Ved|


Following Flows: A Look at Miners’ On-Chain Payments

November 3, 2020|Karim Helmy, State of the Network|

Using a new methodology that looks at addresses one hop out from the coinbase transaction, this report quantifies miner holdings and activity. This approach improves on previous attempts at tracking miner spending, which inadvertently measured pool operator activity rather than [...]

Analyzing the Fallout from the BitMEX Lawsuits

October 13, 2020|Antoine Le Calvez, State of the Network|

On October 1st, the CFTC and Department of Justice jointly announced charges filed against BitMEX’s owners and operators. The CFTC is alleging they were illegally operating a derivatives trading platform and the Department of Justice that they violated various parts of the [...]

Bitcoin: A Novel Economic Institution

September 22, 2020|Jon Geenty, Kevin Lu, Nate Maddrey, State of the Network|

Below is an excerpt of a research report authored by ARK Invest and Coin Metrics. In Part 1 of this research, we described how we believe Bitcoin satisfies the four assurances that maximize the probability of a robust and predictable financial system. In Part 2, [...]

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