Coin Metrics

Coin Metrics Joins the Canton Network as a Super Validator The Coin Metrics team is proud to join Canton Network as a Super Validator, helping to ensure transparency, security, and reliability across institutional blockchain finance. As part of the Global Synchronizer, overseen by the Global Synchronizer Foundation (GSF), we will support privacy-preserving, interoperable transactions that connect traditional finance with blockchain technology. “The future of institutional finance depends on trust, transparency, and secure blockchain infrastructure,” said Tim Rice CEO of Coin Metrics. “Joining the Canton Network as a Super Validator is a first step as we continue our mission to bring clarity to crypto and empower institutions with the highest-quality blockchain data." Link to full announcement in comments

Where are we in the Bitcoin cycle, and what's next? Bitcoin's MVRV ratio - a key metric comparing market value to realized value - currently stands at 1.9 (recent peak was 2.65), suggesting a mid-cycle reset: - High MVRV (>3.5) historically signals market euphoria and potential cycle tops (bull markets). - Low MVRV (around or below 1.0) typically indicates market undervaluation, signaling potential bottoms (bear markets). However, this cycle differs from past ones due to new structural factors like ETF-driven demand, institutional investor interest, and increased regulatory clarity. As these dynamics evolve, alongside anticipated rate cuts and renewed liquidity, we're poised for potential growth and broader crypto adoption ahead. Dive deeper into these insights in the latest Coin Metrics State of the Network report and with Coin Metrics Network Data Pro: Links in comments.

State of the Network: The Cross-Currents Shaping Crypto Markets The crypto market finds itself at a pivotal crossroads, navigating between macroeconomic pressures and crypto-specific challenges. In this week's Coin Metrics State of the Network report, Tanay Ved explores the recent volatility and highlights key trends: - Despite market turbulence, $BTC remains notably uncorrelated to traditional assets like Gold and the S&P 500, emphasizing its unique market position. - Bitcoin dominance continues to climb, signaling a market increasingly influenced by institutional investors, even as retail participation wanes. - Structural developments, including regulatory clarity and institutional adoption, are setting the stage for sustainable long-term growth. - $ETH ’s underperformance relative to Bitcoin continues to shape altcoin sentiment, indicating potential catalysts for future market shifts. - Solana recently implemented updates enhancing validator incentives and transparency, though a proposal for a dynamic $SOL issuance model failed to pass, preserving its fixed inflation schedule. Full Report Link in Comments

This week’s Coin Metrics Week in Review covers key market movements, institutional activity, and regulatory developments. Bitcoin dropped to $77K and $ETH to $1,800 amid risk-off sentiment, while the U.S. announced the establishment of a Strategic Bitcoin Reserve. Meanwhile, institutional adoption continues with new ETF proposals and capital raises, and Solana’s growing role in digital assets takes center stage. Key Highlights: - Bitcoin & Ether Slide – $BTC fell to $77K and $ETH to $1,800 as macro risks weighed on markets. - U.S. Strategic Bitcoin Reserve – The U.S. confirmed its Bitcoin Reserve will be funded by ~200K forfeited BTC rather than taxpayer funds. - Institutional Expansion – New ETF proposals and Binance's $2B investment from MGX signal continued growth. - Solana’s Evolution – Our latest Analyst Spotlight examines Solana’s rising institutional adoption, technical upgrades, and tokenomics shifts. - Regulatory Shift – We respond to SEC Commissioner Hester Peirce’s blog, exploring how on-chain data can enhance crypto oversight. - Python API Upgrade – Faster performance, Polars support, and streamlined data access. - New Video Demo – Learn to explore Coin Metrics APIs with Thunder Client—no coding required by Matthias Funke #FutureOfFinance #PutTruthToWork #CMWeekinReview

Testing Coin Metrics APIs with Thunder Client Want to explore Coin Metrics APIs without writing code? In our latest demo, Senior Solutions Engineer Matthias Funke walks through how to test Coin Metrics APIs using Thunder Client, a lightweight extension for Visual Studio Code and Cursor. This walkthrough provides a quick and code-free way to interact with Coin Metrics data, making it easier to explore asset metrics, validate queries, and integrate with your workflows. Key Highlights: - Overview of three types of Coin Metrics APIs: reference data, catalog data, and time series endpoints. - How to make API requests easily with Thunder Client, including setting up API keys securely. - Retrieving reference data for assets and metrics, including descriptions, product categories, and availability. - Using the catalog API to check metric availability across assets. - Pulling specific asset metrics, like Ethereum’s active address count, with simple queries. Bonus: A real-time WebSocket demo streaming Solana-USDT trades on Binance, showcasing how to capture every trade for potential trading and arbitrage strategies.

NEW Weekly Coin Metrics State of the Market Report: This week, crypto markets faced heightened volatility as Bitcoin dropped to $77K, nearing pre-election levels, while $ETH saw one of its largest intraday declines to $1,800. Meanwhile, Trump’s administration introduced major crypto policy initiatives, including a U.S. Strategic Bitcoin Reserve, setting the stage for a shifting regulatory landscape. Explore more in the latest Coin Metrics report. Link in comments. Highlights: - Trump signed an executive order establishing a U.S. Strategic Bitcoin Reserve, capitalized by ~200K $BTC forfeited by the Department of Treasury. - The White House hosted a Digital Assets Summit with key industry leaders, committing to end “Operation Chokepoint 2.0” and prioritize stablecoin legislation by August. - Cboe Global Markets proposed a rule change to incorporate staking into Fidelity Investments' Ether ETF ($FETH), a potential step toward integrating staking rewards into institutional products. - Strategy (formerly MicroStrategy) launched a $21B at-the-market (ATM) offering to fund further Bitcoin purchases, reinforcing its long-term $BTC strategy. - Binance secured a record-breaking $2B investment from Abu Dhabi-based MGX marking the largest-ever investment in a crypto company. - Solana Foundation's SIMD-228 proposal to introduce a dynamic token emission model was approved, potentially reshaping validator incentives and network economics.

Join Coin Metrics and Shape the Future of Crypto Data Coin Metrics is hiring a Backend Software Engineer (Remote - US) to help power the industry's most trusted crypto data solutions. Build and optimize scalable, high-performance software architecture to power our data products. If you’re skilled in Kotlin, Java, and Python and have experience with blockchain data, we’d love to hear from you. Be part of a team leading the evolution of digital assets. Find the full job description and application link in comments.

Looking forward to Blockworks' Digital Asset Summit 2025 in NYC next week. As cryptoassets evolve, data-driven insights are more critical than ever for market structure, institutional adoption, and regulatory clarity. At Coin Metrics, we’re committed to bringing transparency to the space. Let’s connect and discuss the future of digital assets—see you there!

How-ey Can Get Out of Here: Data-Driven Clarity for Crypto Regulation Regulatory uncertainty has long cast a shadow over the crypto industry, with the SEC’s evolving stance leaving market participants searching for clarity. But as U.S. Securities and Exchange Commission's Hester Pierce suggests, there may be a way forward. This week’s Coin Metrics State of the Network takes a data-driven approach to answering some of the SEC’s most pressing questions. By leveraging on-chain transparency, order book data, and economic function classifications, policymakers can move beyond broad enforcement actions to a more structured regulatory framework. Key takeaways: - Public blockchains and exchange APIs offer real-time visibility into token ownership and trading activity, supporting market oversight and risk assessment. - Classifying crypto assets based on economic function can complement traditional securities frameworks, providing a more nuanced approach. - Order book data and liquidity metrics help detect manipulation tactics like wash trading, ensuring fair and efficient markets. Data doesn’t just enhance transparency—it provides a foundation for regulatory clarity. Read our latest insights - Link in Comments

Heading to Blockworks Digital Asset Summit 2025 in NYC? Let’s connect! The Coin Metrics team will be there and ready to discuss how our crypto data and insights can enhance your strategy. From on-chain analytics to market data and risk management, we provide the tools you need to stay ahead. Book here to set up a time to meet: https://hubs.li/Q03b9mw70 See you at DAS!