Research Summary
The report provides a comprehensive review of the state of the cryptocurrency network in 2023. It covers a range of topics including Bitcoin, Ethereum, stablecoins, Atlas, datonomy, market data, network data, exchanges, DeFi, and mining. The report also provides insights into the performance and trends of these digital assets.
Key Takeaways
Bitcoin’s Innovation
- Year of Innovation: The report highlights 2023 as a significant year for Bitcoin, marked by a surge of innovation. It provides data on inscriptions and ordinals and their impact on the Bitcoin network.
Ethereum Staking
- Soaring Demand: The report focuses on the increasing demand for Ethereum staking following the successful launch of staking withdrawals with the ‘Shapella’ hard fork in April 2023.
Stablecoins Ownership
- Co-ownership Patterns: The report explores the topic of stablecoin co-ownership using data sourced from Coin Metrics’ ATLAS blockchain explorer. It also demonstrates how Coin Metrics’ address tags can be used to build rich analyses of on-chain data.
Global Stablecoin Transactions
- Regional Preferences: The report maps the global distribution of stablecoin transactions, revealing distinct regional preferences for USDC and Tether. It also discusses the impact of major industry events on the stablecoin market from January 2022 to July 2023.
Bitcoin Mining
- Mining Data Special: The report provides a special focus on Bitcoin mining, spotlighting data across the mining ecosystem. It combines public mining company disclosures with Coin Metrics’ Mine-Match technology, comparing the efficiency of major operators’ ASIC fleets against the average network-wide efficiency.
Actionable Insights
- Monitor Bitcoin Innovations: Given the surge of innovation in Bitcoin in 2023, stakeholders should keep a close eye on developments in this space, particularly the impact of inscriptions and ordinals on the Bitcoin network.
- Research the Potential of Ethereum Staking: With the increasing demand for Ethereum staking, it may be beneficial to explore the potential of this digital asset and the opportunities it presents.
- Understand Stablecoin Co-ownership Patterns: The report’s exploration of stablecoin co-ownership patterns provides valuable insights for those interested in the stablecoin market. Understanding these patterns could help in making informed decisions.
- Consider Regional Preferences in Stablecoin Transactions: The distinct regional preferences for USDC and Tether revealed in the report could be a crucial factor for businesses and investors operating in the stablecoin market.
- Assess Bitcoin Mining Efficiency: The report’s focus on Bitcoin mining and the efficiency of major operators’ ASIC fleets provides valuable insights for those involved in the mining industry. Assessing these efficiencies could help in optimizing operations.
