On-chain Analysis
Analysis of data directly from the blockchain — money flows, whale movements, NVT.
On-chain analysis is a cryptocurrency assessment methodology through analysis of publicly available blockchain data — without intermediaries, without bias.
Key on-chain metrics:
•Active addresses — number of unique addresses transacting daily
•Exchange flows — how much BTC enters/exits exchanges (inflow = potential selling)
•Whale movements — large wallet movements (>1,000 BTC)
•HODL waves — how long holders have held their coins
•SOPR (Spent Output Profit Ratio) — whether holders sell at profit or loss
•NVT ratio — Network Value to Transactions (like P/E ratio for crypto)
•Realized Price — average price at which all BTC was purchased
Tools:
•Glassnode — professional on-chain analysis
•Cryptoquant — exchange flows
•Etherscan/BSCscan — raw blockchain data
•Dune Analytics — custom on-chain queries
On-chain analysis doesn't guarantee accuracy, but provides insight into the fundamental value of the network.