Coin Metrics

Coin Metrics is an institutional-grade crypto data provider founded in 2017, serving professional traders, funds, and risk teams with normalized market data, on-chain analytics, and benchmark indexes.

Its core business spans three layers: Market Data Feed (normalized trades, order books, candles, open interest, funding rates, and liquidations across 50+ centralized and decentralized exchanges), Network Data Pro (aggregate on-chain metrics for 200+ assets, including exchange flows, realized metrics, and coin age behavior), and Reference Rates & Indexes (IOSCO-aligned benchmarks such as CMBI, designed for collateral valuation and liquidation logic). ATLAS, a blockchain search engine covering 190+ assets, enables granular queries across transactions, addresses, and blocks.

The key pain point it solves is data inconsistency: raw exchange feeds differ in symbol formats, timestamp precision, and trade flags, making downstream analytics unreliable. Coin Metrics unifies these into a single schema, reducing integration risk for market surveillance, backtesting, and execution analytics. Its benchmark governance also fits regulated environments.

In the past six months (March–September 2026), Coin Metrics published notable research in its "State of the Network" series. A September 8 study, "Bitcoin's Shifting Macro Identity," analyzed BTC volatility around macro events from January 2025 to September 2026, finding that non-farm payrolls trigger the largest 30-minute price moves (about 2x normal), while core CPI has more persistent effects. The report also highlighted that BTC's 90-day correlation with gold reached +0.56, the highest since 2020, while correlation with Nasdaq 100 and USD fell to near zero. Additionally, Coin Metrics expanded market data coverage to include Hyperliquid, reflecting liquidity migration to perpetual DEX venues. No significant negative developments were identified in the period.