Coin Metrics Week in Review | February 10 - February 16

Happy Monday! Here’s a look at the latest industry updates and highlights for the week ending February 16th. In State of the Market, we saw January’s hotter-than-expected CPI briefly push Bitcoin below $95K. ETF activity remained strong, with 高盛 increasing its crypto holdings and the SEC reviewing Solana ETF applications. Tokenization and DeFi upgrades continued gaining momentum.

In State of the Network, we previewed Coinbase ’s Q4 earnings, projecting ~$2B (actual hit $2.27B) in revenue—a 65% quarterly increase—driven by record trading volumes and stablecoin growth. Base, Coinbase’s Layer-2, remained highly profitable.?

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In our 208th issue of State of the Market, we saw crypto markets remain relatively subdued, with macroeconomic factors taking center stage. The January Consumer Price Index (CPI) came in hotter than expected, rising 0.5% month-over-month and briefly pushing Bitcoin below $95K. Meanwhile, ETF markets saw notable activity, with Goldman Sachs increasing its Bitcoin and Ethereum ETF holdings, and the SEC acknowledging multiple Solana-based ETF applications. On the innovation front, real-world asset tokenization gained momentum, and new chain launches and protocol upgrades positioned DeFi for continued growth.

?Here are the top takeaways:

• Macroeconomic Pressures: Higher-than-expected CPI triggered short-term volatility, briefly pushing Bitcoin below $95K.
• ETF Growth: Goldman Sachs’ 13F filing showed $2.05B in Bitcoin and Ethereum ETFs, nearly doubling its IBIT stake (+88% QoQ) and boosting Ethereum ETF exposure to $500M.
• Altcoin ETF Speculation: The SEC acknowledged Solana ETF applications from 21Shares , Bitwise Asset Management , Canary , and VanEck , while 21Shares proposed staking for its Ethereum ETF.
• RWA Tokenization: Plume Network partnered with MB | Mercado Bitcoin to tokenize $40M in Brazilian securities, while Franklin Templeton expanded its tokenized fund (FOBXX) to Solana.
• DeFi & Chain Upgrades: Uniswap Labs launched Unichain on Optimism, Ondo Finance introduced Ondo Chain for RWAs, and Lido Finance rolled out Lido V3 for institutional staking.
• Ethereum Foundation Moves: Deployed 450,000 ETH into Aave and Spark to boost on-chain liquidity.
• Earnings Reports: Robinhood ’s Q4 crypto revenue surged 700% to $358M. All eyes are now on Coinbase ’s earnings report, which just beat analyst expectations.

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In the 298th issue of State of the Network, we previewed Coinbase’s Q4 2024 earnings, analyzing its transaction revenue, subscriptions & services growth, and the impact of Base, its Layer-2 network. We expected Coinbase to report ~$2B ?in total revenue (actual total came in at $2.27B), a 65% increase QoQ and 109% YoY, driven by record-high trading volumes and steady growth in stablecoin and staking revenues.

Here are the top takeaways:

• Transaction Revenue Rebounds: Coinbase trading volume surged to ~$430B, the highest since Q4 2021, fueled by post-election market optimism. Estimated transaction revenue is ~$1.4B, up 175% YoY.
• Stablecoin & Staking Growth: USDC supply grew 23%, boosting stablecoin revenue. ETH and SOL staking balances remained stable, while higher asset prices likely increased blockchain rewards revenue.
• Base Layer-2 Profitability: Base generated 8,047 ETH ($26.36M) in revenue, with an 80-100% profit margin for most of the quarter, reinforcing its role as a profitable Layer-2.
• Custody & ETF Revenue: Coinbase’s role as the primary custodian for spot Bitcoin and Ether ETFs is expected to push custodial revenue above $35M.
• Strong Market Positioning: With diverse revenue streams across trading, staking, and stablecoins, Coinbase is well-positioned to maintain long-term leadership in the crypto ecosystem.

Read State of the Network

Source: Coin Metrics Market Data Feed

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Until next week,

The Coin Metrics Team