Market Structure on the Cusp of Spot Bitcoin ETFs
In this issue of Coin Metrics’ State of the Network, we delve into the digital asset market structure and examine dynamics leading us into this exciting chapter.
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Stellar Airdrops Are Mostly Transferred to Exchanges or Unclaimed
Stellar Airdrops Are Mostly Transferred to Exchanges or Unclaimed On November 6th, 2018, Blockchain.com announced it was creating the “largest crypto giveaway in history” in partnership with the Stellar Development Foundation (SDF). The plan was to distribute $125M of Stellar (XLM) among [...]
ETH is Overtaking BTC in Daily Transaction Fees, Driven by Tether
ETH is on the verge of overtaking BTC in daily transaction fees. As of September 15th, ETH had $182,899 daily transaction fees compared to $185,993 for BTC: ETH has overtaken BTC’s daily transaction fees several times before over the course [...]
Bitcoin and Tether Volume Distribution by Exchange
Exchanges are a crucial piece of the crypto ecosystem. Successful exchanges can help fuel tremendous growth. But exchanges also represent potential systematic risks; if a popular exchange fails or is hacked, it affects the entire crypto market. This risk is [...]
Stablecoin Summer 2019 Review
The stablecoin wars heated up this summer. Now that summer is nearing an end, we took a look back at how the major stablecoins fared over the last three months. Paxos (PAX), USD Coin (USDC), and Dai (DAI), all exhibited [...]
BTC Realized Cap Passes $100 Billion
On August 23rd, BTC realized cap passed $100 billion for the first time ever. Realized capitalization is a metric created by Coin Metrics that is calculated by valuing each unit of supply at the price it last moved. This is in contrast [...]
Analyzing Wealth Distribution in Crypto
The distribution of wealth in crypto assets has been a recent topic of debate. The debate has centered around whether a lack of wealth distribution -- i.e., wealth centralization -- could prevent future adoption of crypto. While this is an important question [...]
Bitcoin Shows Potential as A Unique Safe Haven Asset
Bitcoin was born as a response to a deep, global recession caused by a financial system driven to the brink of collapse. Afterwards, central banks around the world responded with unprecedented and unconventional monetary policy. Amongst questions about its sustainability, [...]
A Look Back at the Last Year of ETH On-Chain Data
Last week, Ethereum (ETH) celebrated its 4th birthday. In honor of the occasion, we looked back at the last 365 days of on-chain data for ETH and some of the biggest ERC-20 tokens. After a wild third year in which ETH [...]
Analyzing BitMEX Net Flow Since Investigation Announcement
On July 19th, Bloomberg reported that the CFTC is conducting a probe on BitMEX. Since then, BitMEX has had an aggregate net outflow of over $145,000,000. But after a large outflow on the 19th, the net flow (i.e. the net amount sent [...]