1/6 🧵New Coin Metrics Weekly State of the Market Report
Markets held steady as investors digested the Fed’s decision to pause rate hikes and ETF flows resumed momentum.
Full breakdown from @coinmetrics – link in replies.
Highlights:
– The SEC approved in-kind creations/redemptions for spot $BTC and $ETH ETFs, aligning crypto with traditional commodity ETFs and lowering transaction costs.
– @Tether_to reported $4.9B in Q2 profit, with $USDT supply topping $157B and U.S. Treasury exposure exceeding $127B - more than Australia or Germany.
– @krakenfx is reportedly raising $500M at a $15B valuation ahead of a 2026 IPO, joining a growing crypto IPO pipeline.
– Nasdaq-listed biotech firm @180LifeSciences rebranded as @ETHZilla_ATNF, raising $425M to deploy a fully on-chain Ethereum-native corporate treasury.
Read the full report for a data-driven look into crypto’s shifting institutional and macro landscape.
2/6 Current Cryptocurrency Market Cap.
Total MC remained relatively flat, closing slightly lower at $3.85T, down from $3.88T the prior week. $BTC ’s Market Cap dropped slightly to $2.34T from $2.36T, while $BTC dominance remained steady only dropping slightly to 60.7% from 60.8%.
CM State of the Market >>
3/6 7-day week-over-week change in top cryptoasset prices based on @coinmetrics Reference Rates.
$TRX (+3.55%) and $ETH (+0.03%) were the only assets to post weekly gains.
Most others saw red: $DOGE (-10.00%), $ADA (-7.97%), $SOL (-7.39%), $LINK (-6.05%), $XRP (-4.85%), $AVAX (-4.49%), and $BTC (-2.13%).
CM State of the Market >>
4/6 Digital asset sector performance was mixed last week across categories tracked by @coinmetrics.
Intermediated finance (+10%) led the gainers, followed by claim tokens (+3.0%), smart contract platforms (+2.1%), stablecoins (+0.72%), business services (+0.55%), and tokenized assets (+0.24%).
Decliners included information technology (-5.9%), blockchain utilities (-5.0%), media services (-4.7%), specialized coins (-4.2%), metaverse (-4.2%), decentralized finance (-4.1%), application utilities (-3.1%), and value transfer coins (-0.69%).
CM State of the Market >>
5/6 Crypto markets pulled back last week, with losses seen across a broad set of assets. Of the 1,240 assets tracked by @coinmetrics, 974 declined while just 266 advanced.
Despite this, advancing volume still slightly outpaced declining coming in at $238.6B vs. $203.6B -suggesting fairly even trading conditions.
In derivatives markets, modest $BTC long liquidations were seen as prices softened.
CM State of the Market >>
6/6 On-chain activity mainly declined across major crypto networks, according to @coinmetrics network data.
Only $ETH (+40.64%) and $BTC (+1.85%) gained in active addresses over the past week.
Declines were led by $BCH (-53.48%), followed by $LINK (-25.68%), $UNI (-25.46%), $ADA (-11.76%), $CRO (-8.98%), $LTC (-3.19%), $XRP (-1.51%), and $FTT (-1.30%).
CM State of the Market >>
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