Start here · Essential guide
An Introduction to On-Chain Analysis
Learn what on-chain data is, where it comes from, which kinds of questions it can answer, and why every on-chain metric needs careful, sceptical reading.
On-Chain and Network
On-Chain Metrics
Reading public blockchain data as an educational exercise.
Active Addresses and What They Do and Do Not Show
Active address counts are a popular on-chain metric, but one person can use many addresses. Learn how the number is built and why it is a loose proxy for users.
Exchange Inflows and Outflows Explained
Exchange flows track coins moving to and from exchange wallets. Learn what the data measures, how it is built and why analysts often read it in opposite ways.
Hash Rate as a Network Health Indicator
Hash rate estimates how much computing power secures a proof-of-work network. Learn how it is measured, what it says about security spending and where it misleads.
Mempool and Transaction Fee Spikes
Why unconfirmed transactions pile up in the mempool, how limited block space turns waiting into a fee auction, and what a spike does and does not mean.
MVRV Ratio: Definition and Interpretation Limits
The MVRV ratio divides market value by realized value. Learn the formula with a checked example, how to read it, and why its signals are far from reliable.
Realized Price and Realized Cap Explained
Realized cap values each coin at the price when it last moved. See how realized price and realized cap are calculated, with a checked example, and what they describe.
The Limits of On-Chain Data: Labels, Noise and Bias
On-chain data looks objective, but entity labels, custody shifts, noise and selection bias can mislead. Learn the common pitfalls before trusting a chart.
UTXO Age Bands and Coin Holding Behavior
UTXO age bands group coins by how long since they last moved. Learn how the bands are built, how they are read as holding behavior and where the reading breaks down.
Whale Wallets and Large Holder Concentration
Whale wallets are large holders. Learn how big balances are identified on-chain, what concentration data shows, and why labels and conclusions are uncertain.
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