Ethereum is in the spotlight, leading activity in the past week. Its Pulse score has stayed above average for most of this year despite a significant drop in transaction fees and token burns. The rise in ETH supply is a slight drawback for scarcity, but that may be altered by the new Ethereum ETFs.

Bitcoin has bounced back from its lows of $54k, driven by the rapid accumulation of ETFs. Bitcoin’s Pulse score remains weak, indicating that broader participation from more market players is still needed.

Bitcoin transactions involving “inscriptions” have declined sharply, leading to a drop in mining revenue from fees. This is unwelcome news for miners, who aggressively plugged in machines in anticipation of the halving event, leading to higher costs.

Fundamentals of the crypto ecosystem appear sluggish on the network scores of the majors. But the weak Bitcoin score is driven by the lack of velocity. We do not believe it’s a downside price risk.

Fundamentals in the crypto ecosystem are stuck in neutral. Yet, we are struck by the degree of dispersion, with Pulse scores ranging from the 20s to the 70s. Dispersion is a sign of maturity.

Like broader crypto markets, the Digital Pulse is taking a breather. This is a positive sign for a longer cycle – fundamentals are not running too hot or cold.

Ethereum regains the spotlight as a major performer on the Pulse. Its high network activity inspires confidence in its rally as it is backed by fundamentals. However, is there a window of opportunity for holders?

Key Bitcoin onchain metrics dipped to multi-year lows, even as prices remain near their highs. This trend might underscore Bitcoin's dominant utility.

The Digital Pulse continues to hold in neutral territory. The Pulse for BTC and ETH dominate the Altcoins, which is also evident in prices trend as dominance rises despite 18 months into a market recovery.

In the first quarter of the year, EigenLayer emerged as a major player in Ethereum's ecosystem. However, its latest announcement has stirred some unrest within the community. What happens now with EigenLayer?

Despite the bounce back in altcoin prices over the week, the Pulse signals weak network activity, indicating low user engagement among altcoins.

The US Bitcoin ETF approval is clearly reflected in Bitcoin’s network distribution. Following the approval on January 11th, the score fell from 99 to 58, indicating the dominance of large holder inflows on behalf of a smaller pool of investors. This is a challenge for evaluating centralized pools of capital.

The pulse continues to fluctuate between the neutral and high regions. While Bitcoin’s network health remains below the yearly average, the Bitcoin mining pulse remains vibrant, supported by a strong mining revenue per hash of 87.2/100.

The Pulse of the Digital Economy is high, with a recovery in Ethereum leading the charge. Although Bitcoin Cash ranks as a top performer this week, its user breadth is narrow and unlikely to be sustained.

Network activity slowed across most of the digital economy. Yet, Ethereum stands out with its transfer and active user engagement, which have remained robust since the Dencun upgrade.

Bitcoin's onchain volumes are rising, their strongest levels since April 2022. Nonetheless, the low network distribution Pulse score indicates a growing concentration of supply among large holders.

Network activity growth is holding at very strong levels in the past week. The Ethereum ecosystem's notable double-digit growth in network activity over the past month stands out in the digital economy.

Activity on the network has surged, with many indicators maintaining peak levels. However, the sluggish growth rate in users for altcoins suggests a need for more retail participation.

Network activity amongst the majors continues its slow climb while altcoins continue to vary in network activity.

Network activity has improved across most assets. Ethereum’s climb persists, with sectors like NFTs making notable progress.

Network activity has declined across assets in the past month. However, in Bitcoin’s case, its low coin velocity is inviting. It is consistent with its a role as a store of value.

Bitcoin and Ethereum see declines in network activity while altcoins maintain stability. Over the past week, Dogecoin and Chainlink have shown the most growth on an individual basis among altcoins.

Over the past week, Bitcoin and Ethereum have experienced positive gains in network activity. However, there is a noticeable variation in activity levels among altcoins.

The Pulse network activity declined across the top 12 assets. Notable changes are the reduced user growth amongst altcoins and on-chain volume in the majors (BTC & ETH).

The spotlight in crypto is shifting toward Ethereum, a trend that's evident onchain. Ethereum's network activity has seen a significant uptick, with volume and user growth rates recording a “High” Pulse.

Cryptocurrencies have followed a mystical four-year pattern. Each cycle crafts a distinctive style woven from threads of its past. Retail investors were the 2021 chapter. Now, a new chapter is emerging. Established institutions are leading the rally...

Earlier this month, Coinbase Asset Management and Market Vector Indexes launched the Coinbase Broad Index (COINB). Filtering for fundamentally sound assets out of the two million is an essential task.

We all need a benchmark. In everything from our health to our portfolios, a benchmark gives us grounding.

Satoshi wrote a headline from The Times into Bitcoin’s genesis block. It made us think and take notice – the first example of blockchain art. Today, NFTs continue to make us think. They force a conversation on what is property, what is rare, and what is valuable...

The Bitcoin Mining Pulse tells a compelling story – a 242% surge in computational power, known as the hashrate, over two years. This is a markedly different pattern than the theme heading into the 2020 halving, when hashrate stagnated ahead of the cut to mining rewards. What has changed?

Staking in Ethereum is a multifaceted engine constantly adapting to market conditions. Both block rewards and transaction fees adjust to market demands. With rising validator participation, rewards shrink. It is also reflected in our Pulse of the digital economy.

In the realm of technology, burning questions emerge: Does technology always evolve beyond pioneers? And if so, how soon?

Remember when the bitcoin network was congested? It was only a few months ago that inscriptions on satoshis – the smallest bitcoin unit – were all the rage. Taking a cue from Ethereum, this experimental standard was dubbed “BRC-20.” And as vibrant as they were, activity in BRC-20 tokens is dead.

The Pulse of the digital economy remains low. It is a tug-of-war between long-term and short-term holders.

Where There’s Smoke...there’s fire?

Ethereum's Shapella upgrade is proving to be a double-edged sword.

How many times have you heard “the market is wrong,” often by somebody who is exceptionally smart.

Regulating money supply is like trying to capture lightning in a bottle—beautiful when you nail it, disastrous when you don't.

“The quieter you are, the more you can hear.”

Another speculative wave has passed, spurred by meme coins like PEPE and BRC-20s. The NFT ecosystem is left drained in its wake. Depleted market volumes and depressed prices for the most prominent Ethereum NFTs reflect the same sentiment. Are JPEGs over? Or is this a sign of more fundamental change for NFTs?

Our Digital Pulse for Ethereum remains strong, supported by a vibrant staking ecosystem. Supply-demand dynamics are the focus as Liquid Staking Tokens (LSTs) deliver a simple investor onramp to staking ETH.

In the orchestra of digital asset markets, Bitcoin has long been the concertmaster.