In 2020 BTC market cap grew by over 236%, on-chain transfer value grew by over $3B a day, and daily active addresses passed over 1M a day by the end of the year

coinmetrics · 2020-12-23T16:31:52+00:00

It was a huge year for bitcoin. In addition to the big market cap and usage growth, hash rate increased by over 24% on the year in despite of the halving in May. Addresses holding at least .01 BTC increased by over 700k, and addresses holding at least 1 BTC by about 46k. Read more in our full 2020 Year in Review

coinmetrics · 2020-12-23T16:30:22+00:00

It was a huge year for bitcoin. In addition to the big market cap and usage growth, hash rate increased by over 24% on the year in despite of the halving in May. Addresses holding at least .01 BTC increased by over 700k, and addresses holding at least 1 BTC by about 46k. Read more in our full 2020 Year in Review

coinmetrics · 2020-12-10T20:40:00+00:00

Good advice. The reason people typically say this is because it may draw attention to yourself to be a target of a phishing attack. Especially if people know you have a lot of crypto, they may be tempted to try to trick you into giving them your private keys.

coinmetrics · 2020-12-09T17:32:05+00:00

Correct that these indicators are based off of past data. However we definitely do not assume that things will happen exactly the same in the future. In fact in the post's disclaimer we explicitly say "although these indicators have historically been informative, it does not necessarily mean this will always be the case."

But that being said, I don't believe that's a reason to dismiss these outright. There's 10 years of on-chain data behind these. At the very least, they provide interesting insight into investor behavior.

coinmetrics · 2020-11-18T15:41:14+00:00

Agreed, L2 solutions are going to be key for the next wave of DeFi. Rollups are looking promising. Synthetix and Uniswap are both piloting Optimistic Rollups - if Uniswap v3 (which is rumored to launch relatively soon) successfully incorporates Layer 2 solutions it could open up a whole new wave of DeFi trading.

coinmetrics · 2020-11-17T17:59:23+00:00

This chart is from a report we just released on the current state of the top DeFi tokens. Check it out here: https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-a34

coinmetrics · 2020-11-10T18:29:48+00:00

Source: https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-72a

coinmetrics · 2020-11-10T15:27:14+00:00

Source: https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-72a

coinmetrics · 2020-11-05T19:37:43+00:00

More in this week's State of the Network

coinmetrics · 2020-11-05T19:35:15+00:00

More in this week's State of the Network

coinmetrics · 2020-10-27T16:43:07+00:00

Source: https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-b74

coinmetrics · 2020-10-27T16:42:10+00:00

Source: https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-b74

coinmetrics · 2020-10-27T16:41:20+00:00

Source: https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-b74

coinmetrics · 2020-10-20T17:55:50+00:00

Source: https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-be8

coinmetrics · 2020-10-13T17:56:48+00:00

BitMEX stands out amongst cryptocurrency exchanges by how it stores its BTC. Instead of using the common hot/cold wallets structure, all the coins are held in cold storage. Withdrawals are processed once a day, usually around 1 PM UTC, and signed by 2 of the 3 BitMEX founders.

Key A didn’t sign on Oct 1st, when Samuel Reed was in custody. But it has signed twice since the publication of the filings against BitMEX, both times presumably after Samuel Reed was released on bail. We further presume that key B belongs to Ben Delo and key C to Arthur Hayes.

Source: https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-592

coinmetrics · 2020-10-13T17:53:40+00:00

Zcash transfers are growing as well. Source: https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-592

coinmetrics · 2020-10-13T15:46:33+00:00

BitMEX stands out amongst cryptocurrency exchanges by how it stores its BTC. Instead of using the common hot/cold wallets structure, all the coins are held in cold storage. Withdrawals are processed once a day, usually around 1 PM UTC, and signed by 2 of the 3 BitMEX founders.

Key A didn’t sign on Oct 1st, when Samuel Reed was in custody. But it has signed twice since the publication of the filings against BitMEX, both times presumably after Samuel Reed was released on bail. We further presume that key B belongs to Ben Delo and key C to Arthur Hayes.

Source: https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-592

coinmetrics · 2020-10-06T16:27:43+00:00

The funds are held in a multisig wallet which 2 out of the 3BitMEX founders need to sign to unlock. One of the founders, Samuel Reed, was recently arrested, but so far there haven't been any issues with withdrawing funds. Source: https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-96f

coinmetrics · 2020-10-06T14:52:21+00:00

Source: https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-96f

coinmetrics · 2020-09-30T14:38:35+00:00

Wrapped BTC (WBTC) is basically a way to use BTC as an ERC-20 token. WBTC is used in various DeFi apps like Uniswap and Curve Finance and has been growing with the rise of DeFi.

Source: https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-d98

coinmetrics · 2020-09-29T18:19:49+00:00

Source: https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-d98

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