State of the Network’s Q3 2024 Wrap-Up

In this special edition of State of the Networkwe take a data-driven look at major developments that impacted the digital assets industry in Q3 2024.

Key takeaways:

  • Despite volatility from factors like Mt. Gox repayments and the Yen carry trade, Bitcoin demonstrated remarkable stability. BTC and SOL lead performance YTD (+54% and +53% respectively).
  • Ethereum ETFs debuted in August, seeing weaker inflows, and reduced validator profitability amid lower Layer-1 network activity post-Dencun upgrade. The impact of Ethereum’s rollup-centric scaling roadmap and value accrual continue to evolve.
  • The DeFi sector saw significant activity, including Maker’s rebrand to the “Sky Ecosystem” & Wrapped-Bitcoin’s (WBTC) restructuring from BitGo.

Read more in the Coin Metrics Q3 2024 Update.

Brought to you by coinmetrics.io

Meet the Upgraded Dashboard
Compare up to four columns, add row context, and work faster in an intuitive workspace.
Try It Now
Weekly Metric Minute
Bite-size, data-driven crypto insights straight from our latest research every week.
Watch Now
Learn with Matthias
Short videos teach you to unlock deeper insights using Coin Metrics dashboards, APIs, and market data.
View Tutorials

Follow Us on X

Share on

Latest from CM

Our Special Insights

Dive Deeper