On-Chain Analysis
Using publicly available blockchain transaction data to evaluate market conditions, holder behaviour, and asset flows.
On-chain analysis treats the public blockchain as a data source — every transaction, wallet balance, and smart contract interaction is available for analysis. Analysts derive signals about market structure, supply distribution, profitability of holders, and network health from this data.
Key metrics include MVRV (Market Value to Realised Value, comparing market cap to the average cost basis of all holders), SOPR (Spent Output Profit Ratio), exchange inflows/outflows, miner behaviour, and the age distribution of unspent coins.
Tools like Glassnode, Dune Analytics, Nansen, and Arkham Intelligence make on-chain analysis accessible to non-developers. Institutional funds increasingly use on-chain data alongside traditional quantitative models.