Reviewing the Liquidity Landscape
In this edition of State of the Network, we zoom in on essential trading volume and market data trends to contextualize the current market environment for digital asset participants.
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Bitcoin and Tether Volume Distribution by Exchange
Exchanges are a crucial piece of the crypto ecosystem. Successful exchanges can help fuel tremendous growth. But exchanges also represent potential systematic risks; if a popular exchange fails or is hacked, it affects the entire crypto market. This risk is [...]
Stablecoin Summer 2019 Review
The stablecoin wars heated up this summer. Now that summer is nearing an end, we took a look back at how the major stablecoins fared over the last three months. Paxos (PAX), USD Coin (USDC), and Dai (DAI), all exhibited [...]
BTC Realized Cap Passes $100 Billion
On August 23rd, BTC realized cap passed $100 billion for the first time ever. Realized capitalization is a metric created by Coin Metrics that is calculated by valuing each unit of supply at the price it last moved. This is in contrast [...]
Analyzing Wealth Distribution in Crypto
The distribution of wealth in crypto assets has been a recent topic of debate. The debate has centered around whether a lack of wealth distribution -- i.e., wealth centralization -- could prevent future adoption of crypto. While this is an important question [...]
Bitcoin Shows Potential as A Unique Safe Haven Asset
Bitcoin was born as a response to a deep, global recession caused by a financial system driven to the brink of collapse. Afterwards, central banks around the world responded with unprecedented and unconventional monetary policy. Amongst questions about its sustainability, [...]
A Look Back at the Last Year of ETH On-Chain Data
Last week, Ethereum (ETH) celebrated its 4th birthday. In honor of the occasion, we looked back at the last 365 days of on-chain data for ETH and some of the biggest ERC-20 tokens. After a wild third year in which ETH [...]
Analyzing BitMEX Net Flow Since Investigation Announcement
On July 19th, Bloomberg reported that the CFTC is conducting a probe on BitMEX. Since then, BitMEX has had an aggregate net outflow of over $145,000,000. But after a large outflow on the 19th, the net flow (i.e. the net amount sent [...]
The Amount of Bitcoin Untouched for At Least 5 Years is at an All-Time High
The amount of Bitcoin (BTC) supply that has been untouched (i.e. not transferred) for at least five years recently reached an all-time high. This potentially signals that BTC is increasingly becoming a store of value, as opposed to a medium [...]
A Majority of BSV Transactions are Coming From a Weather App
Recently, we have been researching the on-chain activity of Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin SV (BSV) as part of an upcoming report on Bitcoin forks. As part of that research, we found that over 94% of daily BSV [...]