In this issue of Coin Metrics’ State of the Network, we break down the key market forces and on-chain flows propelling this phase of expansion.
Key Takeaways
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Bitcoin’s realized cap surpassed $1T, reflecting deeper capital commitment and conviction across long-term holders as the crypto market cap approached $4T.
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Demand for Bitcoin (BTC) and Ethereum (ETH) is outpacing new issuance, fueled by sustained spot ETF inflows and growing accumulation from corporate treasuries
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Market leadership is starting to broaden, with Ethereum gaining relative strength and altcoins like SOL and XRP seeing growing participation through rising spot trading volumes.
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The GENIUS Act established the first U.S. federal framework for fiat-backed stablecoins, bringing regulatory clarity and setting the stage for increased participation and competition in the $250B+ stablecoin market.
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