Bitcoin Research Reports

Long form research produced by Thesis*, including the annual State of Bitcoin Report, market insights and analysis, cryptography research, and more.


  • Bitcoin ETF launch in the United States
  • Runes, Ordinals, and BRC-20
  • Tokenized BTC and BTC staking

State of Bitcoin: 2024

2024 will be marked as the year Bitcoin finally crossed the Rubicon

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  • CeFi vs DeFi Markets
  • Onchain lending: WBTC dominates Aave markets
  • History of Bitcoin lending

Bitcoin Lending Market

Dive into an analysis of Bitcoin lending, covering history, onchain trends, borrow rates, and more.

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State of Bitcoin: 2025

Coming soon
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Stay ahead of the curve

Bitcoin is changing fast. The Thesis blog helps you keep up.