CoinMetrics.io @coinmetrics

In our latest Special Insights report, Research Analyst @HCDuschang deep dives into @Aave, dissecting its lending architecture, interest rate design, governance model and the role of GHO to understand how on-chain liquidity is transformed into yield. From utilization curves and reserve factors to modular liquidity in v4, the report breaks down the mechanics driving protocol revenue and long-term value capture. ➡️ Read more: ow.ly/LiCf50Yp6EF

In the latest issue of @CoinMetrics State of the Network, @TanayVed provides an overview of crypto market dynamics and on-chain developments in January 2026, covering performance, flows, safe-haven rotation and structural progress amid a volatile macro backdrop. Key Takeaways: 🔹 Gold crossed $5,000/oz for the first time as geopolitical tensions drove a flight to traditional safe havens. BTC ended January roughly flat despite a mid-month recovery to $97K. 🔹 @Strategy accumulated 37,215 BTC (~$3.5B) in January, but late-month ETF outflows and a risk-off backdrop added pressure, leaving BTC unable to hold highs. 🔹 Beneath the surface, structural progress continued: Ethereum staking hit all-time highs (30%+ of supply), @NYSE announced a tokenization platform and @BitGo went public at $2.6B. ➡️ Read the full issue: ow.ly/z6m050Y4hwa

In the latest issue of State of the Network, Tanay Ved observes from @CoinMetrics data that #crypto capital is concentrating in larger assets and liquidity pools as the investment universe expands, with #Bitcoin dominance rising and the #altcoin segment narrowing, highlighting structural shifts in market composition. Key Takeaways: 🔹 As the crypto investment universe expands, capital is becoming more selective across a smaller set of assets: Bitcoin dominance is in a sustained uptrend, while growth in stablecoins and onchain derivatives compresses the space for the altcoin segment. 🔹 The altcoin segment is narrowing and becoming more top‑heavy, with the top 10 altcoins now representing about 82% of its value, up from roughly 70% over the prior five years. 🔹 Large caps have decisively outperformed mid and small caps since 2023, and post‑shock behavior has reinforced a preference for more liquid, established assets. ➡️ Read the full issue: ow.ly/ref750Y0ify

Coin Metrics State of the Network is an unbiased, weekly view of the crypto market informed by our own network (on-chain) and market data. In the latest issue, @Uniswap Flips the Fee Switch: From Governance Token to Value Accrual, @TanayVed breaks down Uniswap Labs’ post–fee switch token economics, assesses burn and fee dynamics and valuation implications for UNI and explores what this shift means for the broader DeFi sector. Key Takeaways: - Uniswap’s fee switch links the UNI token to protocol usage through supply burns. Protocol fees now flow into UNI supply reduction, shifting UNI from governance-only to direct value accrual. - Early data implies ~$26M annualized protocol fees and a ~207x revenue multiple. Ongoing burns of ~4M UNI per year embed high growth expectations into UNI’s $5.4B valuation. - DeFi is shifting toward fee-linked token models. Burns, staker distributions, and ve-style locking are all attempts to better align tokenholders with protocol economics, shaping how the sector is valued. Read more: ow.ly/3BQl50XW714

We’ve expanded our @CoinMetrics Market Data offering to include @HyperliquidX market data. Hyperliquid has quickly become one of the most active on-chain venues, with growing trading volume and strong adoption from market participants. This update brings Hyperliquid spot and futures data into our standardized market data set, making it easier to analyze activity, compare venues and incorporate on-chain markets into existing workflows. Read the announcement: ow.ly/myAV50XVScv

@TanayVed Read State of the Network >>> coinmetrics.io/state-of-the-n…

📣 New State of the Network: Crypto’s Constructive Start to 2026 In @coinmetrics latest State of the Network, @TanayVed dives into crypto’s constructive start to 2026, where renewed institutional inflows, cooling sell pressure and strong onchain activity point to a market rebuilding momentum with cautious confidence. Key takeaways: - Digital assets kicked off 2026 with renewed momentum, with BTC rallying to $94K and total market cap approaching $3.3T amid a new layer of geopolitical uncertainty. - Spot Bitcoin ETFs reversed year-end outflows with ~$400M in net inflows on January 5th; whale distribution is cooling while retail accumulates. - Derivatives positioning points to cautious bullishness, with options call OI clustered at $100K BTC / $3,500 ETH into late January expiries. Read the full report (Link in replies)

@TanayVed Read @coinmetrics State of the Network >>> coinmetrics.io/state-of-the-n…

📣 New State of the Network - Moments of Market Stress: What They Reveal Heading into 2026 In @coinmetrics' latest State of the Network, @TanayVed 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)

How did regulatory clarity, ETFs and digital asset treasuries reshape crypto markets in 2025? What role did stablecoins and on-chain fundamentals play beneath the surface? In Talos and @FactSet's joint 2025 End-of-Year Report, powered by @CoinMetrics data, we analyze the policy milestones, capital market flows and on-chain dynamics that defined crypto’s transition toward mainstream financial infrastructure. From the GENIUS Act and spot ETFs to corporate treasury adoption and stablecoin-driven dollar distribution, the report offers a data-driven view of how market structure evolved over the year. Read the full report: talos.com/insights/talos…

@TanayVed @solana Read @coinmetrics State of the Network >>>> coinmetrics.io/state-of-the-n…

📣 New State of the Network: Tokenized Equities and the Rise of xStocks on Solana In @coinmetrics' latest State of the Network, @TanayVed 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)

. @tokenwell is developing a proprietary crypto basket powered by Talos’s @coinmetrics Multi Asset Series Methodology, applying multi-indicator technical analysis, systematic risk management protocols, and rules-based monthly rebalancing to respond to evolving market conditions with discipline and precision.

Tokenwell @tokenwell

11 months ago

tokenwell is expanding its relationship with @talostrading (which acquired @coinmetrics earlier this year). we are working with their team to build a new proprietary, data-driven crypto basket using the same technical framework trusted by institutional investors. This

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Read December Movers & Shakers >>> coinmetrics.io/general-resear…

The December 2025 edition of @coinmetrics 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)

@TanayVed Read @coinmetrics State of the Network >>> coinmetrics.io/state-of-the-n…

📣 New State of the Network - Reaching New Scale: Ethereum Fusaka Upgrade In @coinmetrics latest State of the Network, @TanayVed 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)

@TanayVed Read @coinmetrics State of the Network >>> coinmetrics.io/state-of-the-n…

📣 New State of the Network: Crypto Caught in The Crossroads In @coinmetrics latest State of the Network, @TanayVed 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)

@TanayVed Read @coinmetrics State of the Network >>> coinmetrics.io/state-of-the-n…

📣 New State of the Network: Zcash’s Breakout and the Revival of On-Chain Privacy In @coinmetrics latest State of the Network, @TanayVed breaks 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)