Market Structure on the Cusp of Spot Bitcoin ETFs
Fifteen years have passed since Bitcoin's genesis block was mined in 2009, marking the birth of a revolutionary system of money. The introduction of Bitcoin laid the foundation for the emergence of the $1.6T digital asset economy, serving as the inaugural gateway into the world of blockchains and digital assets for many. Now, a decade and a half later, the industry is eagerly awaiting a pivotal moment in the history of Bitcoin: the launch of a spot ETF. As we approach this milestone, we are transitioning into a new phase for the largest crypto-asset and network. In this issue of Coin Metrics’ State of the Network, we delve into the digital asset market structure and examine dynamics leading us into this exciting chapter.
