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

Want to stay ahead of the crypto curve? Get Coin Metrics’ State of the Network and State of the Market reports delivered straight to your inbox - every week. This week’s insights at a glance: - Bitcoin smashed through $85K after the Fed hinted at a shift in policy. - TradFi and DeFi are converging fast with new blockchain infrastructure paving the way. - Institutional crypto is heating up: Coinbase, AAVE, and Ethena Labs are building for scale. - $SOL futures hit CME. $XRP surged as the SEC backed down. - Bitcoin’s dominance is rising, retail interest is fading, and $ETH is still lagging. Get the full picture - subscribe now. Links in comments

Curious about the current crypto market environment and the insights you can gain from on-chain metrics? In our latest video, Coin Metrics Senior Solutions Engineer Matthias Funke sits down with Coin Metrics Research Analyst Tanay Ved to explore the MVRV ratio—a powerful tool for gauging Bitcoin’s valuation relative to its aggregated cost basis. Check out the full conversation to learn how we track MVRV, why it matters for understanding market cycles, and where the data might be pointing next. Watch the video now to stay informed on the key metrics shaping the crypto landscape!

NEW Weekly Coin Metrics State of the Market Report: This week, Bitcoin surged past $85K following the FOMC meeting, as the Federal Reserve held rates steady and signaled a “period of transition.” Meanwhile, the convergence of DeFi and TradFi accelerated with new blockchain settlement infrastructure and institutional liquidity solutions. Explore more in the latest Coin Metrics report. Link in comments. Highlights: - Ethena Labs and Securitize unveiled Converge, a blockchain settlement layer bridging TradFi and DeFi. Built on EVM, it enables institutional investors to access compliant, tokenized financial products at scale. - Coinbase launched Verified Pools on Base, integrating KYC-compliant liquidity pools with Uniswap v4 hooks to enhance institutional on-chain trading. - AAVE founder Stani Kulechov proposed Horizon, adapting Aave’s lending products for tokenized real-world assets (RWAs), allowing institutions to borrow stablecoins using tokenized MMFs as collateral. - Strategy announced a $500M capital raise through perpetual preferred stock to fund more Bitcoin acquisitions, increasing financial obligations while avoiding shareholder dilution. - Solana ($SOL) futures began trading on the Chicago Mercantile Exchange (CME) on March 17. - The SEC dropped its appeal against Ripple, ending a four-year legal battle. The resolution removed a major regulatory overhang for $XRP, fueling a 10% price jump to $2.49.

The Coin Metrics team is on-site at Digital Asset Summit 2025 NYC, exploring the latest trends shaping crypto markets and networking with industry leaders. From insightful sessions on stage to lively conversations on the show floor - and wrapping up day one at the Fidelity Investments Digital Assets Happy Hour - it's great to see the crypto community coming together in NYC! If you’re at DAS NYC, be sure to connect: https://hubs.li/Q03cxRYZ0

Solana’s Evolution: A Strategic Asset to Watch Solana’s role in the digital asset landscape continues to expand—the current U.S. administration has added $SOL to its strategic reserve, reinforcing its importance in blockchain infrastructure. With validator upgrades, rising institutional interest, and the explosive growth of new applications, Solana Labs is positioning itself as a serious challenger to Ethereum in the smart contract space. In our latest Analyst Spotlight, Henry Duschang and the Coin Metrics team break down $SOL’s economic structure, validator network, and on-chain trends—all powered by Coin Metrics data. Key insights: - Tokenomics Shift – Validators now receive 100% of SOL priority fees, boosting participation and altering SOL’s burn rate. - Technical Upgrades – QUIC protocol and Stake-Weighted QoS enhance transaction efficiency and reliability. - Expanding Adoption – Retail and institutional investors are increasingly turning to Solana’s high-speed ecosystem. - Future Developments – The Firedancer validator client is set to improve decentralization and scalability. A major change is on the horizon—SIMD-0123, passed in Epoch 755 (March 13, 2025), will introduce a native block reward distribution system. Once implemented, this will allow validators to transparently reward delegated stake, strengthening Solana’s incentive structure. Meanwhile, validators continue to shape Solana’s economic model. A recent example, SIMD-0228, which proposed reducing inflationary rewards, failed to gain enough support in Epoch 755. Solana’s rapid evolution underscores its growing importance in institutional and retail markets. Stay tuned for deeper insights as we track its trajectory. Read the full report: https://hubs.li/Q03cvH500

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.