
State of the Network’s Q2 Wrap Up
A data-driven overview of developments shaping crypto markets in Q2-2025 by the Coin Metrics team

A data-driven overview of developments shaping crypto markets in Q2-2025 by the Coin Metrics team

BTC Nears ATHs | BitMine Raises $250M to Build ETH Treasury | Robinhood Launches Tokenized Stocks | Backed Finance Partners

Examining DYDX tokenomics, market listings and exchange dynamics

Crypto Markets Rebound Following Geopolitical Tensions | Metaplanet Purchases 1,234 BTC | Codex Launches Mainnet with Native USDC Support |OKX

Inside Circle’s IPO, USDC economics, and long-term revenue outlook

Crypto Markets Dip | U.S. Senate Passes GENIUS Act | Coinbase Unveils Coinbase Payments | JPMorgan to Pilot JPMD on

A closer look at the factors behind Avalanche’s recent activity growth

BTC Nears All-Time Highs | Circle Soars After IPO | Gemini and Bullish File for IPO | Stripe Acquires Privy

In this issue of Coin Metrics’ State of the Network, we release our overview report on Tether (USDT), diving into its adoption,

Circle Begins Trading on NYSE | Robinhood Acquires Bitstamp | SEC Clarifies Certain Staking Activities are not Securities | Ethereum
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