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Guide to Crypto Markets - Q3 2024

A joint publication of Coinbase Institutional and Glassnode, the Guide to Crypto Markets provides a comprehensive view of the metrics and trends that matter the most to institutional investors.

July 24, 2024

Market Intelligence

40 minutes

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Key takeaways

  • This quarter, for the first time, we’re pleased to start the report with submissions from participants that frame the current environment. Each chart focuses on a metric that is critical to follow in the current market environment. In short, they are the ‘most important’ charts in crypto right now. We’re grateful to the partners who shared their current thoughts.
  • In this third version of the Guide, we also spotlight three topics that are
top-of-mind for many investors as we begin the second half of the year: (1) Gauging where we are in the market cycle; (2) Understanding how ETFs have altered the crypto trading and investment landscape; and (3) Examining the state of onchain adoption and activity.

Written by

  • Coinbase Institutional
  • Glassnode

The Guide to Crypto Markets is a new quarterly publication from Coinbase Institutional and Glassnode that provides an in-depth view of crypto markets, including deep dives into onchain analytics and advanced metrics for bitcoin and ether. Below is a snippet of the report.

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A Healthy and Growing Ecosystem

After a blockbuster first quarter that saw bitcoin prices hit all time highs on the back of record-shattering ETF inflows, crypto markets spent much of the second quarter in consolidation mode. We view the price correction as both healthy and a natural part of the current market cycle.

Looking beyond simple price movements reveals a very healthy crypto landscape. Trading volumes across spot and derivatives remain robust, new investors are entering the market, and progress is being made on the regulatory front. Meanwhile, onchain activity continues to accelerate as a myriad of users — from innovative startups to Fortune 500 companies — find compelling use cases for blockchain technology. 

The Guide to Crypto Markets goes beyond the headlines and digs deep into market data and onchain analytics to provide institutional investors with insights to understand the trends that are shaping markets today, and how they may impact the dynamic crypto economy going forward.

This quarter, for the first time, we’re pleased to start the report with submissions from participants that frame the current environment. Each chart focuses on a metric that is critical to follow in the current market environment. In short, they are the ‘most important’ charts in crypto right now. We’re grateful to the partners who shared their current thoughts.

In this third version of the Guide, we also spotlight three topics that are
top-of-mind for many investors as we begin the second half of the year:

  • Gauging where we are in the market cycle
  • Understanding how ETFs have altered the crypto trading and investment landscape
  • Examining the state of onchain adoption and activity

Following these sections, we dive deep into the metrics that matter most for bitcoin, ether, stablecoins, and more.

We hope you find the Guide useful as you navigate crypto markets, and we welcome your feedback and questions.

David Duong, Head of Institutional Research, Coinbase

James Check, Lead Analyst, Glassnode

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