Token Unlocks & Free Float Supply Shocks in Digital Asset Markets
In this issue of Coin Metrics’ State of the Network, we analyze the mechanism of token unlocks, where early investors and insiders gain access to funds in a token that were previously locked, and their potential market impacts.
Recent
Data Shows Cryptoasset Sell-off Was Driven by Short-term Holders
On March 12th, amidst growing concerns over the COVID-19 pandemic, Bitcoin (BTC) suffered one of its largest one-day price drops in history. The rest of crypto followed, with most major assets down over 30% on the week. Source: Coin Metrics [...]
Using MVRV To Analyze Investor Behavior
Speculators vs Holders: Using MVRV To Analyze Investor Behavior In two previous issues of State of the Network (Primer on Cryptoasset Valuation Part 1 and Part 2) we conducted a comprehensive review of cryptoasset valuation research. In this issue we take a deep [...]
Cryptoasset Valuation Research Primer, Part 2
In a previous State of the Network, we published the first part of our cryptoasset valuation research primer focused on summarizing and synthesizing this emergent field in the literature. Our introduction in the first part describes our approach: We conducted a comprehensive [...]
In Search of an Elusive BCH Jackpot
The Miner’s Dilemma: In Search of an Elusive BCH Jackpot “I thought for a long time whether to write here. And now that I am doing it, I doubt whether I am doing the right thing. Imagine that there is [...]
Analyzing Crypto Supply Distribution Patterns
Those who control the wealth often control the power. But up until now, wealth distribution has been relatively hard to track. People often hide their wealth or obfuscate the true amount of assets that they hold. Cryptoassets take a big [...]
Cryptoasset Valuation Research Primer, Part 1
Cryptoassets represent a significant innovation in the evolution of money and the modern financial system. Valuing cryptoassets remains very much an open question. Foundational concepts on which a formal discipline of crypto valuation can be built are only beginning to [...]
Setting the Stage for A Total Return Crypto Index
A Background on Corporate Actions In traditional capital markets, corporate actions are events that could bring a change to the securities (equity or debt) of a public company. Such events can include mergers and acquisitions, stock splits, dividends and rights [...]
Re-examining Four of the Largest Bitcoin Hacks
When cryptoasset exchanges get hacked and large monetary amounts get stolen, news tends to spread fairly quickly. However, articles tend to focus largely on the monetary amount stolen. Rarely do they explore the deeper consequences and fallout resulting from these [...]
Analyzing Exchange Health Using On-chain Supply
On February 7th, 2014, Japan based exchange Mt. Gox halted all Bitcoin withdrawals, claiming that they were trying to resolve an issue that was caused by "a bug in the bitcoin software.” Unbeknownst to the general public at the time, Mt. Gox had [...]