CoinMetrics.io
@coinmetrics
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Cryptoasset market and network data APIs, analytics, and research. Services status updates: @CM__Status
Boston, MA
Joined May 2017
1/4 🧵 @coinmetrics ALL-NEW 2025 Outlook Report . 2024 marked a pivotal year for the digital assets industry, characterized by groundbreaking developments and renewed optimism. From regulatory breakthroughs to technological advancements, the year set the stage for transformative
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Bulletproofs update: Monero average transaction is now 3kb versus a pre-fork average of 18.5kb.
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Coin Metrics has been integrated across all @Chainlink Price Feed deployments, providing sub-second reference rates to DeFi applications across multiple networks.
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Coin Metrics is hiring!. We're looking for:.💻 Developers.📊 Data scientists & engineers.🔬 Financial & research analysts.🤝 Sales team members.⬇️. See all of our open positions:.
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Bitcoin hit 250k txns/day in Nov. 2016. It has fluctuated between 200-330k/day since then. But the on-chain transmitted value has increased by a factor of 5. Full blocks haven't constrained its utility in sending money; users are just making more meaningful txns instead of spam
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On April 2, 2019, Bitcoin’s price increased from roughly $4,200 to $5,000 in a span of one hour. There was no impactful news released during this time.
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50 BTC movement followed by whale alert followed by sell-off
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🔔 BTC's hash rate hit a new all-time high yesterday, reaching over 102 exahashes and passing the 100 exahash milestone!
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ETH fees are going absolutely insane. This is hourly total fees in USD:
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1/ There were over 3.7 million Ethereum ERC-721 transfers on November 17th!. That’s over 4x more transfers than the previous all-time high of 846 thousand, which occurred just two weeks ago.
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This measure tracks the actual velocity (adjusted transaction value summed over the trailing 12 months divided by supply) indexed to active supply in that prior year. This gives us an idea of the rate of turnover of units that are actually in circulation
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#Ethereum has a new Market Cap ATH, despite the price of $ETH still sitting ~14% below ATHs
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As part of our normal due diligence when adding new assets to CM Network Data Pro, CM found several discrepancies between what has been publicly reported by Ripple and what was visible on the XRP ledger. Read more about them here (summary below): .
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🔔 $BTC has reached an all-time high realized market cap of $92.2 billion🎉. A crypto asset’s realized cap is calculated by valuing each unit of the supply at the price at the last time it moved on-chain:
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Great news – we've finally finished our more detailed parse of the Bitcoin blockchain, and we have a fully fleshed out suite of data ready for BTC specifically. This includes median tx fee, difficulty, median tx value, payment count, and more to come.
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The number of addresses holding large amounts of XRP (at least 1M) has dropped precipitously since the SEC’s announcement of charges against Ripple. Read more in this week's State of the Network:.
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#Bitcoin miners have shrugged off the second largest difficulty drop in its 11 year history, with hash rate comfortably returning to the range it has spent most of 2020 in and difficulty bouncing back 6%
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Tether's dominance has dipped below 80% for the first time in the modern era of stablecoins
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Despite #Bitcoin still trading 30% below ATHs, dollar cost averaging from the peak of the market in Dec 2017 would have return 61.8%, or 20.1% annually
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Trying out a new format for sharing some of our data, including some metrics not yet live on the site.
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Our latest on irregularities in the supply of Bitcoin Private (BTCP).
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With the rush to win those last few 12.5 $BTC block rewards, miners have driven the 1-day average block production time down to almost 7.5 minutes
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Monero hit an all time high in daily transaction count yesterday! .
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The amount of Bitcoin held by BitMEX has been in freefall over the past two weeks after BitMEX experienced mass liquidations on March 13th. As of March 29th, BitMEX held 244k BTC, down from a peak of 315k on March 13th. Read more: .
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It is widely understood that whilst there are 18.6m #Bitcoin in existence, many are lost and not available to the market anymore. That is why we've created free float supply, a more realistic representation of the market's Bitcoin supply, 14.5m.
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The recent collapse in BTC transaction count seems to correlate with the end of the Veriblock testnet (on March 4th) which was accounting for 20-30% of BTC transactions .
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We are pleased to announce Coin Metrics' support for @avax offering in-depth analysis of its three-chain architecture. Discover the Avalanche Network with Coin Metrics' Atlas and Network Data Pro. Visit: #Avalanche #Avax #FutureofFinance #PutTruthtoWork
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We are pleased to announce that we’ve raised $6M in Series A funding led by Highland Capital Partners #cryptocurrency #coinmetrics.
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Ever wondered what an alternative dominance index would look like, if you weighted by (adjusted) transaction volume in USD terms? Here's one version. BTC & ETH still do the majority of value transfer.
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EIP-1559 is set for release in July as part of Ethereum’s London hard fork. In addition to improving ETH gas UX, EIP-1559 will burn a portion of ETH transaction fees. This will permanently remove a portion of supply from circulation and decrease the daily net issuance of ETH.
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1/ On March 11th, about 281k BTC that had been untouched for at least thirty days were revived. But only 4,131 BTC that had been untouched for at least one year were revived.
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Excellent work on a few different approaches to fundamental value in Bitcoin .
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$USDT market dominance in stablecoins is below 75% for the first time ever. On the other hand, $USDC market dominance has grown to its highest ever level of ~15%.
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1/4 Bitcoin just experienced a 16% drop in difficulty, its largest single downward adjustment during the ASIC mining era
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🔔 ETH is on the verge of overtaking BTC in daily transaction fees. In this week’s State of the Network we analyze how Tether is playing a large role in driving this potential flip. Read the full story here: .
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#BTC difficulty is an at all time high. Miners' margins have increased with the BTC price and it looks like they're reinvesting those increased margins in more hardware.
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Bitcoin blocks are the largest they've ever been (smoothed on a 5 dma, expressed in bytes) while median fees are <1 USD.
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Coin Metrics now supports @avax! Explore the unique three-chain structure of Avalanche with Coin Metrics' Atlas and Network Data Pro for in-depth analysis. For more, visit: #Avalanche #Avax #FutureofFinance #PutTruthtoWork.
Coin Metrics, a top crypto intelligence provider, offers network and market data, indexes, and risk solutions. This AVAX release delivers in-depth insights into AVAX's economic activities for leading crypto institutions. #Avalanche #Avax #FutureofFinance #PutTruthtoWork.
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$LINK's adjusted transaction value (7dma) has recently shot into third place amongst the largest non-stablecoin cryptoassets, behind Bitcoin ($2.7B) and Ethereum ($1.3B)
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BitMEX had its largest ever net negative change in #Bitcoin balance yesterday, with users withdrawing 20.9K BTC
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🔔 #Bitcoin realized cap hit a new all-time high of $106.8B yesterday, a little over three months after the March 12th crash.
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Bitcoin blocks are as full as they were at their peak in January, but median transaction fees are 14 cents now instead of multiple dollars.
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This week, #Ethereum active addresses hit an all-time high of 771k, surpassing the previous records set in November, 2020 (739k) and January, 2018 (735k).
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A large #Bitcoin whale just graduated to a 5yr HODLer. Last week 68k BTC moved out of the 5yr active supply band, indicating that the last time they moved on-chain was in April 2015.
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1/9 Bitcoin has performed remarkably these past few weeks despite: .-Most of DeFi falling 50-80% .-CFTC charging BitMEX .-POTUS contracting Covid .-Delayed stimulus talks .-FCA announcing a derivative ban for retail. Why? Let’s see what we can find on-chain.
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ETH daily transaction fees topped $22M yesterday, a new all-time record for crypto fees. It tops BTC's all-time high of $21.4M from December 2017.
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The data supports @elonmusk's claims that DOGE supply is concentrated. The top 100 largest DOGE addresses hold 68.1% of total supply. Comparatively, the top 100 largest BTC addresses only hold 13.7% of total supply.
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Ethereum had over $6.87M worth of fees yesterday, shattering the previous all-time high of $4.55M set in January 2018
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⚠️HUGE UPDATE⚠️: you can now compare two variables on the same chart! . Here's Ethereum's daily transaction count and network value compared
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Goldman Sachs leads $15 million Series B investment in Coin Metrics. Read the full press release:.
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Coin Metrics and @BitMEXResearch are happy to announce the release of the successor to an independent project created by Coin Metrics’ Lead Data Engineer, @khannib. More info here:
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Come work at the most exciting blockchain analysis/ on-chain data startup in the industry! Remote candidates considered.
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The value of on-chain $USDT transfers on Ethereum are currently 2-3x that of the value of $ETH transfers on #ethereum. By comparison, this ratio never grew above 0.4 on Bitcoin.
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Ethereum Total Transaction Fees during 2020 are now over $350m and more than twice Bitcoin's.
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About 72% of all Bitcoin now has unrealized gains. This is a significant improvement from one month ago where this metric stood at 50%. Read more in this week's State of the Network:.
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ETH’s 7-day average adjusted transfer value has flipped BTC’s. On September 5th, ETH’s 7-day average adjusted transfer value reached $3.08B, compared to $3.01B for BTC. Read more in this week's SOTN:.
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With many Ukrainian and Russian citizens unable to rely on their traditional banks amidst outages and incoming sanctions, the narrative around crypto is shifting. Trading volume of crypto markets quoted in the Ukrainian hryvnia has spiked over the last week.
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#Bitcoin prices on Bitfinex just did something very strange and are now trading at a $40 premium to the rest of the market
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Interestingly, only ~395,000 BTC (adjusted estimate) moved on chain yesterday, in line with typical usage. Proof of keys did not have a significant on-chain impact, it appears.
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The increased popularity of DeFi in the second half of 2020 drove Ethereum transaction fees to become a significant contributor to miner revenue. This trend could become very important to the monetary policy of Ethereum in 2021 if EIP 1559 is implemented.
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How scarce is #Bitcoin?. Current supply is 18.5M, but is that representative of how many BTC are actually available to markets?. Free float supply indicates closer to 14.4M are available. 1 year active supply indicates only 6.8M have been available in the last year
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We are in contact with the BTCP team and HitBTC and working with them to uncover the remainder of the relevant facts in the case. Thanks to the BTCP team for their prompt confirmation of our findings.
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The large price movement on April 2, 2019 occurred during the window of lowest global liquidity. It began at 04:30 UTC and lasted until 05:30 UTC. This time may have been deliberately chosen so that a committed actor could maximize price impact when trading.
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The number of addresses holding at least 10K ETH has increased significantly since the beginning of 2021. These large addresses, each holding roughly at least $12M, potentially signal that institutional investors are starting to buy ETH. Read more:.
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Some more curiosities: median fees in BTC terms are at their lowest since our dataset began in mid 2013.
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NEWS: @CoinMetrics closes $35M Series C round led by @AcrewCapital and @BNYMellon. New funding will bolster the company’s new #crypto data intelligence product innovation and propel expansion into intl markets. #FutureofFinance
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Presenting: The Signal & the Nonce - Tracing ASIC Fingerprints to Reshape Our Understanding of Bitcoin Mining. In the coming weeks, we'll break down the research which introduces a methodology for estimating Bitcoin's energy consumption. Get the insights:
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Which cryptoasset has the most equally distributed supply? . One way to assess supply dispersion is through the network distribution factor (NDF). BTC has the highest NDF followed by DCR, LTC, and ETH. Read more: .
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On May 10, Coin Metrics’ internal systems fired off an alert that an abnormally large deposit took place on @Gemini. An hour later, markets fell almost 16%. Below we investigate the insights that holistic data strategy could provide during such an event.
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Adjusted on-chain BTC transaction value is creeping up from its October 2018 low; signs of a recovery? .
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Bitcoin SOPR dropped to 0.843 on March 12th, the lowest it’s been since February 2012. SOPR is the ratio of price sold over the price paid, so a SOPR below 1 signals that investors are selling at a loss.
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Coin Metrics is happy to announce that we have acquired Bletchley Indexes. As part of the acquisition, the Bletchley Indexes will be rebranded to Coin Metrics Bletchley Indexes (CMBI). Check out our blog post for more details:.
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Why have OP Return outputs in BTC exploded (going from 6.5m in Sep. 2018 to 14m outputs today)? Because of a service called Veriblock that began in fall 2018
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At Bitcoin's current hash rate, the next difficulty adjustment, in ~2 days, could be the largest since January 2018, with an estimated increase of ~15%
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Despite previous examples of suspicious activity, the large BTC sell-off that occurred on August 28 did not leave any of the standard signs of market manipulation. Read the full story in this week's issue of State of the Network:
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Selling pressure during the recent market sell-off came primarily from short-term traders that last acquired BTC between $10k and $12k. Checkout the full analysis by @luyongxu in this week's State of the Network:.
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For only the fourth time in history, BTC MVRV has dropped below 1. In hindsight, the past periods where MVRV dropped below 1 have been the best times to accumulate BTC at a relatively discounted price.
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Since the beginning of Dec. 2020 BTC and ETH have outperformed most other Layer 1 (L1) blockchains. Many of the assets that were launched as competitors to either Ethereum or Bitcoin have not been able to keep up during the current rally. Read more:.
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There have only been 43 days in the history of the CMBI #Bitcoin where the 4pm ET rate has been higher than it was yesterday
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In this week’s issue of State of the Network, @luyongxu provides a comprehensive literature review of the most interesting crypto valuation research to date. You don’t want to miss this one:. A Primer on Cryptoasset Valuation Research, Part 1.
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ERC-20 token market cap has been steadily gaining on ETH market cap since mid-2018. In this week’s issue of State of the Network we analyze the evolution of Ethereum tokens and look at where they are headed. Read the full story by @natemaddrey.
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We are thrilled to introduce datonomyᵀᴹ - a new classification system of digital assets made possible through the strategic collaboration of Coin Metrics, Goldman Sachs and MSCI. This new taxonomy is offered as a data service by Coin Metrics, Goldman Sachs and MSCI.
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What is rehypothecation in DeFi?. DeFi enables the creation of asset derivatives so collateral used in one application can be used in another, which can then be used in another, and so on.
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The number of addresses holding at least $1 worth of BTC topped 24M for the first time ever on Oct. 13th. After rapid growth in August ETH is not far behind, with 21.2M addresses holding at least $1 worth of ETH. Read more in this week's SOTN:.
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FARUM has identified a 51% attack today on the BSV network at around 11:45AM EDT.
BSV is going through a massive 51% attack. After an attempted attack yesterday, some serious hashing power was unleashed today at 11:46AM and attackers are succeeding. Over a dozen blocks are being reorgd & up to 3 versions of the chain being mined simultaneously across pools.
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