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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.


The Half-Time Show: The State of Bitcoin Network Security After the Halving

May 19, 2020|Karim Helmy, State of the Network|

Block rewards are currently the primary source of revenue for miners. A reduction in this reward due to the halving causes some miners to exit the network. In the short term the sudden drop-off of miners can potentially leave the [...]

Stablecoin Heatmaps Show Tether is Mostly Used During Asian and European Market Hours

May 12, 2020|Nate Maddrey, State of the Network|

Stablecoin market capitalization has almost doubled since the Black Thursday crash. But the exact cause of the surge is still unknown.  To help elucidate how different stablecoins are being used, we analyzed the times of day that stablecoins are being [...]

Introducing the CMBI Bitcoin Hash Rate Index and ‘Observed Work’

May 5, 2020|Ben Celermajer, State of the Network|

Designing The Tools For Hash Rate Futures: Introducing the CMBI Bitcoin Hash Rate Index and ‘Observed Work’   Key Takeaways To date, the critical role of Bitcoin miners has been unhedged and solely dependent on the price of Bitcoin. However, [...]

Creating a Better Supply Measurement: Introducing Free Float Supply

April 28, 2020|State of the Network|

An accurate measure of supply is crucial in determining a cryptoasset’s value. However, the definition and methodologies of calculating supply are not yet widely agreed upon or standardized, which leads to different supply counts across the industry. One definition of [...]

Assessing the Long-Term Fallout from Crypto’s Black Thursday

April 21, 2020|Antoine Le Calvez, State of the Network|

On March 12th 2020, now called “Black Thursday,” Bitcoin’s price dropped by nearly 50%, one of its largest drops since the Mt. Gox debacle. Source: Coin Metrics Reference Rates In our 43rd issue, we looked at the impact of that [...]

Investigating Bitcoin’s Changing Correlations

April 14, 2020|Nate Maddrey, State of the Network|

Is Bitcoin an Uncorrelated Financial Asset, A Safe Haven Asset, or Both? Investigating Bitcoin’s Changing Correlations By Nate Maddrey and the Coin Metrics Team The narratives about Bitcoin’s value have shifted over the years, and continue to be debated today. At different points, Bitcoin has [...]

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