The hottest Crypto Substack posts right now

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Ethereum’s Post‑Fusaka Activity Surge: The Impact of Address Poisoning

Coin Metrics' State of the Network • 0 implied HN points • 03 Feb 26
đź”® Crypto Blockchain Security Stablecoins Scalability Wallets
  1. Ethereum’s activity rose sharply after the Fusaka upgrade, with daily transactions up about 50% and active addresses up roughly 60%, but a notable portion of that growth comes from address‑poisoning dust rather than organic usage.
  2. Analysis of USDC and USDT balance updates shows many transfers are tiny dust amounts—about 43% under $1 and 38% under $0.01—often sent by a small number of accounts to millions of wallets.
  3. Dust seeding now explains roughly 10–15% of transactions and 25–35% of active addresses on a typical day. Using adjusted metrics and wallet UI changes can help highlight real economic activity and reduce user risk.

Monthly Market Update: January 2026

Coin Metrics' State of the Network • 0 implied HN points • 27 Jan 26
đź”® Crypto Markets Regulation Infrastructure DeFi Staking Tokenization
  1. Gold crossed $5,000/oz as geopolitical tensions drove a strong safe‑haven rotation, while Bitcoin ended the month roughly flat despite a mid‑month rally to about $97K.
  2. MicroStrategy accumulated roughly 37,215 BTC (~$3.5B) in January, but large late‑month ETF outflows and thinning liquidity kept Bitcoin from holding its highs.
  3. Market infrastructure continued to mature: Ethereum staking reached all‑time highs (over 30% of supply), the NYSE unveiled a tokenized securities platform, and BitGo completed a public IPO.

đź’™ Spring brings rings and things đź’™

Association of Cryptocurrency Journalists and Researchers • 0 implied HN points • 12 Jun 23
đź”® Crypto Journalism Research Policy Video Tweets
  1. The newsletter covers top crypto journalism and research from April and May, reflecting on significant crypto stories
  2. The articles include discussions on cryptocurrency market trends, regulatory challenges, and technological advancements
  3. Members can engage with the newsletter by contributing articles or joining as journalist members for exclusive benefits

Welcome to the stablecoin boom

Alex's Personal Blog • 0 implied HN points • 30 Dec 24
đź”® Crypto Stablecoins Blockchain Digital Currency Investment Regulation
  1. Stablecoins are becoming more popular, especially as Tether faces troubles in Europe. This situation opens the market for other stablecoins that follow regulations.
  2. Companies making stablecoins can earn money by investing the dollars customers give them in low-risk options. As interest rates rise, these investments become even more profitable.
  3. Banks are looking to join the stablecoin market, simply because there’s money to be made. In 2025, we might see big moves like stablecoin IPOs and more investments in the sector.
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Coinbase Q4 2025 Earnings Outlook

Coin Metrics' State of the Network • 0 implied HN points • 10 Feb 26
đź”® Crypto Exchanges Trading Derivatives Stablecoins Staking Revenue Regulation
  1. Q4 2025 total revenue is estimated at about $1.77B, down roughly 5% from Q3 as lower trading volumes and asset price declines weighed on results.
  2. Transaction revenue is forecast around $978M — consumer trading fell while institutional revenue rose significantly thanks to Deribit’s first full quarter contribution.
  3. Subscriptions & services remained resilient at about $723M, with growing USDC interest income offsetting lower staking rewards and the impact of Fed rate cuts.

Curious Case of USDC on Base

Coin Metrics' State of the Network • 0 implied HN points • 18 Feb 26
đź”® Crypto Stablecoins DeFi Payments
  1. USDC transfer volume exploded in January 2026, driven mainly by USDC on Base and producing trillions in adjusted transfer value and very high onchain velocity.
  2. About half of Base’s USDC activity comes from DeFi plumbing — large LP rebalances on Aerodrome and flash‑loan/arbitrage activity on Morpho — driven by automated strategies that move huge sums with little net economic change.
  3. Raw transfer volume can be misleading because it mixes mechanical DeFi flows with real payments and settlement, so we need more granular classification to understand how stablecoins are actually being used.

February 2026 Market Update: Crypto Caught Between Gold & Growth

Coin Metrics' State of the Network • 0 implied HN points • 24 Feb 26
đź”® Crypto Market Dynamics Tokenization DeFi Derivatives Regulation Infrastructure
  1. Crypto entered a sharp correction as fading risk appetite, thin order books, and deleveraging amplified volatility across major tokens.
  2. Institutional demand has softened — negative Coinbase premium, spot ETF outflows, and stalled stablecoin growth point to retreating flows, even as tokenization and on‑chain integration with traditional finance (like onchain perpetuals and tokenized funds) continue to deepen.
  3. Prices have reset toward a value zone with Bitcoin near its realized price and valuation metrics compressed, suggesting forced selling may be waning; a durable rebound likely needs a return of flows, stronger liquidity, and clearer regulatory signals.

Coin Metrics’ State of the Network: Issue 210

Coin Metrics' State of the Network • 0 implied HN points • 06 Jun 23
đź”® Crypto Tokens Supply Market Impact Price analysis
  1. Token unlocks can impact digital asset markets by influencing supply and prices.
  2. Analysis of free float supply can help gauge the impact of sudden changes in circulating supply on exchange prices.
  3. Token unlocks may not always result in significant price impacts, as various factors can influence market reactions.

Best of State of the Network in 2024

Coin Metrics' State of the Network • 0 implied HN points • 31 Dec 24
đź”® Crypto Bitcoin Ethereum Mining DeFi Stablecoins Derivatives
  1. Bitcoin saw significant changes this year, especially with the launch of spot bitcoin ETFs and a major halving event, which affected miner revenues and the overall ecosystem.
  2. Ethereum is evolving with its modular structure, increasing staking opportunities, and upgrades like Dencun, making transactions more scalable and efficient.
  3. The stablecoin market grew tremendously, with new players entering the space, while decentralized exchanges became essential for trading and providing liquidity in the crypto landscape.

Tokenized Equities and the Rise of xStocks on Solana

Coin Metrics' State of the Network • 0 implied HN points • 09 Dec 25
đź”® Crypto Tokenization DeFi Infrastructure Regulation Exchanges Market Data
  1. Tokenized equities are still very small today but have huge upside because even a tiny share of the ~$145T global equities market would translate to hundreds of billions or more on chain.
  2. xStocks on Solana are a working example: fully collateralized, 1:1 backed tokens that enable near‑instant settlement, fractional ownership and DeFi composability, and have grown to roughly $186M AUM.
  3. Adoption is early and concentrated in a few tickers, and major hurdles remain — inconsistent securities rules across jurisdictions, thin liquidity and off‑hours volatility, and operational risks like custody and smart‑contract reliability.

Talos and FactSet 2025 Digital Assets Report

Coin Metrics' State of the Network • 0 implied HN points • 16 Dec 25
đź”® Crypto Regulation Stablecoins Tokenization Institutional Adoption Capital Markets Market structure Trading
  1. Institutional adoption accelerated — spot ETFs drew large inflows, digital asset treasuries (DATs) emerged as a new source of demand, and crypto IPOs brought more firms into mainstream capital markets.
  2. Regulatory clarity improved with the GENIUS Act creating the first federal stablecoin framework and strengthening the bridge between blockchain systems and traditional financial rails.
  3. Onchain infrastructure scaled as blockspace expanded across major L1s and L2s, costs fell, stablecoin supply approached $300B, and tokenization moved from experiment to production, even while prices remained volatile.