Coin Metrics

📣 New State of the Network - Moments of Market Stress: What They Reveal Heading into 2026 In Coin Metrics' latest State of the Network, Tanay Ved breaks down the moments of market stress that defined crypto in 2025, from record onchain demand to exchange and stablecoin stress tests. Under real pressure, infrastructure scaled, liquidity held and volatility reinforced the foundations of a more resilient market heading into 2026. Read the full report (Link in replies)

📣 New State of the Network: Tokenized Equities and the Rise of xStocks on Solana In Coin Metrics' latest State of the Network, Tanay Ved breaks down the tokenized equities landscape and the adoption of Backed xStocks on Solana Key takeaways: - Tokenized equities remain nascent (<$1B) but represent a massive opportunity relative to the ~$145T global equities market. - High-throughput, low-cost blockchain infrastructure, clearer securities guidance and growing participation from fintechs, exchanges and DeFi protocols are enabling compliant issuance and utility. - Multiple models are emerging across the equities tokenization spectrum, from native issuance and custodial structures, to synthetic or derivative-based exposure. - xStocks on Solana remain early but show meaningful traction, with AUM rising roughly 9x since launch to ~$186M and on-chain activity expanding across active wallets and transactions. Read the full report (Link in replies)

The December 2025 edition of Coin Metrics Movers and Shakers is here, and two standout assets are joining our coverage: - Euler Finance ($EUL) - Solayer ($LAYER) Both are now aligning with Coin Metrics’ Market Selection and Trusted Volume Frameworks. Curious how they work - and why they matter? Catch the full breakdown in this month’s feature (link in replies)

📣 New State of the Network - Reaching New Scale: Ethereum Fusaka Upgrade In Coin Metrics latest State of the Network, Tanay Ved breaks down Ethereum's Fusaka upgrade and its impacts Key takeaways: - Fusaka expands Ethereum’s scalability with higher blob capacity and a more efficient data-availability system through PeerDAS. - L1 throughput increases meaningfully with the higher 60M gas limit and execution-layer optimizations. - Improved fee mechanics and UX upgrades lay the groundwork for a more unified and cost-efficient L1–L2 ecosystem. Read the full report (Link in replies)

📣 New State of the Network: Crypto Caught in The Crossroads In Coin Metrics latest State of the Network, Tanay Ved breaks down the forces driving recent weakness in digital asset markets. We take a closer look at ETF flows, leverage conditions across perpetual futures and DeFi markets, and orderbook liquidity to explore what these shifts tell us about the current market regime. Key takeaways: - Demand from major absorption channels like ETFs and DATs has recently softened, while October’s deleveraging and a risk-off macro backdrop continue to pressure digital asset markets. - Leverage has reset across futures and DeFi lending markets, leaving positioning cleaner and reducing systemic vulnerabilities. - Spot liquidity has yet to recover across majors and altcoins, keeping markets fragile and more susceptible to outsized price moves. Read the full report (Link in replies)

📣 New State of the Network: Zcash’s Breakout and the Revival of On-Chain Privacy In Coin Metrics latest State of the Network, Tanay Vedbreaks down Zcash’s rally, rising shielded usage, and the factors behind its momentum Key takeaways: - Zcash has sharply outperformed the broader market, with ZEC up nearly 10x since October as interest in on-chain privacy sees a revival. - Shielded supply has climbed to 4.9M ZEC (~30% of supply), driven mostly by growth in partially shielded flows rather than fully private transactions. - Advances in zero-knowledge proving, unified-address wallets like Zashi, and cross-chain rails such as NEAR Intents have meaningfully lowered the friction of adopting on-chain privacy. Read the full report (Link in replies)

This week’s State of the Network explores how the landscape between Short-Term and Long-Term Bitcoin Holders has evolved with the rise of spot ETFs and Digital Asset Treasuries (DATs) — powered by our brand new Advanced Research Metrics. Since early 2024, short-term holder supply has increased by 34% as dormant Bitcoin re-entered circulation. Much of this has been absorbed by ETFs and DATs, helping drive a shift toward more stable, long-term ownership. Bitcoin’s supply is turning over more gradually, as long-term holders distribute in waves and new investors absorb supply — reflecting a more sustainable transition of ownership across the market. 🔗 Read State of the Network #337 by Tanay Ved: https://lnkd.in/e_rzB2Kb 📊 Learn more about the new metrics: https://lnkd.in/e_5fRz2F

We’re proud to share that Talos is operating as a Super Validator on the Canton Network. The Coin Metrics team, now part of Talos, had been serving as a Super Validator since March 2025. In addition, the combined entity now provides not only network intelligence through a Canton data application, but also support for institutional trading and settlement of Canton Coin (CC). These combined capabilities help institutions gain insights into, and participate in, this next-generation ecosystem. ➡️ Read more about our role in the Canton Network https://hubs.li/Q03SKxFY0

📣 New State of the Network: Making Sense of Bitcoin’s Changing Market Rhythm In Coin Metrics latest State of the Network, Tanay Ved breaks down how shifts in Bitcoin holder behavior and key drivers of demand are influencing sentiment and defining the rhythm of this cycle. Key takeaways: - Bitcoin’s supply is turning over more gradually as long-term holders distribute in waves and new participants absorb supply, showing a more measured transition of ownership. - Spot Bitcoin ETFs and Strategy alone have absorbed ~57% of the rise in short-term holder supply since early 2024, and now account for nearly a quarter of all BTC active within the past year. - Realized volatility continues to stabilize, pointing to a more mature market structure defined by institutional demand and elongated cycle rhythms. Read the full report (Link in replies)

New Coin Metrics Week in Review | November 3 - November 9, 2025 Highlights: - Bitcoin fell below $100K for the first time since June as another wave of long liquidations and macroeconomic uncertainty weighed on market sentiment. - Solana spot ETFs from Bitwise Asset Management and Grayscale Investments launched, drawing over $200M in net inflows and $420M including seed capital. - Ripple raised $500M at a $40B valuation as its RLUSD stablecoin surpassed $1B market cap. - Balancer suffered a smart contract exploit, with about $120M in assets drained from its v2 “Composable Stable Pools.” - Ethereum’s Fusaka upgrade activation was set for December 3rd, introducing PeerDAS and scaling improvements to lower Layer-2 costs. - Updates to Coin Metrics Open Interest Data, plus Market Data Feed and Market Data Pro v2.14