{"id":362370,"date":"2024-11-25T15:46:54","date_gmt":"2024-11-25T15:46:54","guid":{"rendered":"https:\/\/www.techopedia.com\/?post_type=definition&#038;p=362370"},"modified":"2024-11-25T15:46:54","modified_gmt":"2024-11-25T15:46:54","slug":"on-chain-analysis","status":"publish","type":"definition","link":"https:\/\/www.techopedia.com\/definition\/on-chain-analysis","title":{"rendered":"On-Chain Analysis"},"content":{"rendered":"<h2><span id=\"what_is_on-chain_analysis\">What is On-Chain Analysis?<\/span><\/h2>\n<p>On-chain analysis refers to the examination of publicly available <a href=\"https:\/\/www.techopedia.com\/definition\/27531\/cryptocurrency\">blockchain<\/a> transaction and events data to make informed <a href=\"https:\/\/www.techopedia.com\/definition\/27531\/cryptocurrency\">cryptocurrency<\/a> market decisions.<\/p>\n<p>On-chain analysis takes advantage of transparent blockchain transaction data to identify market opportunities, monitor the activity of influential crypto market investors, track blockchain adoption trends, and investigate <a href=\"https:\/\/www.techopedia.com\/10-most-common-cryptocurrency-scams\">crypto hacks and scams<\/a>.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/What-is-On-Chain-Analysis-Definition-Use-Cases-Metrics-300x172.jpg\" alt=\"What is On-Chain Analysis Definition, Use Cases &amp; Metrics\" width=\"1200\" height=\"687\" class=\"aligncenter wp-image-362378\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/What-is-On-Chain-Analysis-Definition-Use-Cases-Metrics-300x172.jpg 300w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/What-is-On-Chain-Analysis-Definition-Use-Cases-Metrics-1024x587.jpg 1024w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/What-is-On-Chain-Analysis-Definition-Use-Cases-Metrics-768x440.jpg 768w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/What-is-On-Chain-Analysis-Definition-Use-Cases-Metrics-1536x880.jpg 1536w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/What-is-On-Chain-Analysis-Definition-Use-Cases-Metrics-1200x687.jpg 1200w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/What-is-On-Chain-Analysis-Definition-Use-Cases-Metrics-1980x1134.jpg 1980w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/What-is-On-Chain-Analysis-Definition-Use-Cases-Metrics.jpg 2048w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<div class=\"su-note\"  style=\"border-color:#e5e54c;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#FFFF66;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<h2><span id=\"key_takeaways\">Key Takeaways<\/span><\/h2>\n<ul>\n<li>On-chain analysis refers to the study of publicly available blockchain transaction and events data.<\/li>\n<li>On-chain analysis is unique to the cryptocurrency market.<\/li>\n<li>Studying on-chain data will help you track blockchain adoption trends, identify market opportunities, and investigate hacks.<\/li>\n<li>Blockchain explorers and analytics platforms like Etherscan and BTCscan extract the raw data and convert it into readable forms.<\/li>\n<li>Glassnode, Nansen, <a href=\"https:\/\/www.techopedia.com\/definition\/defillama\">DefiLlama<\/a>, L2Beat, and <a href=\"https:\/\/www.techopedia.com\/definition\/bubblemaps\">Bubblemaps<\/a> are popular on-chain analytics platforms.<\/li>\n<\/ul>\n<\/div><\/div>\n<div>\n    <section class=\"toc-sticky w-100 bg-white \">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\"\n                 aria-controls=\"multiCollapse1\"\n                 data-bs-target=\"#multiCollapse1\">\n                <button\n                        class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\"\n                        type=\"button\"\n                >\n                    <i class=\"icon-chevron-up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n                <span class=\"toc-main-title-permanent\">Table of Contents<\/span>\n            <\/div>\n            <div\n                    class=\"collapse my-3\"\n                    id=\"multiCollapse1\"\n            >\n                <ol class=\"StepProgress\">\n                                                                        <li class=\"StepProgress-item current\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"what_is_on-chain_analysis\"\n                               onclick=handleScrollToTitle(\"what_is_on-chain_analysis\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">What is On-Chain Analysis?<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"key_takeaways\"\n                               onclick=handleScrollToTitle(\"key_takeaways\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Key Takeaways<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"on-chain_analysis_explained\"\n                               onclick=handleScrollToTitle(\"on-chain_analysis_explained\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">On-Chain Analysis Explained<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"how_on-chain_analysis_works\"\n                               onclick=handleScrollToTitle(\"how_on-chain_analysis_works\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">How On-Chain Analysis Works<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"key_metrics_of_on-chain_analysis\"\n                               onclick=handleScrollToTitle(\"key_metrics_of_on-chain_analysis\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Key Metrics of On-Chain Analysis<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"on-chain_analysis_vs_technical_analysis_fundamental_analysis\"\n                               onclick=handleScrollToTitle(\"on-chain_analysis_vs_technical_analysis_fundamental_analysis\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">On-Chain Analysis vs. Technical Analysis &amp; Fundamental Analysis<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"on-chain_analysis_tools\"\n                               onclick=handleScrollToTitle(\"on-chain_analysis_tools\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">On-Chain Analysis Tools<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"on-chain_analysis_pros_and_cons\"\n                               onclick=handleScrollToTitle(\"on-chain_analysis_pros_and_cons\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">On-Chain Analysis Pros and Cons<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"the_bottom_line\"\n                               onclick=handleScrollToTitle(\"the_bottom_line\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">The Bottom Line<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"faqs\"\n                               onclick=handleScrollToTitle(\"faqs\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">FAQs<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"references\"\n                               onclick=handleScrollToTitle(\"references\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">References<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                    <\/ol>\n                <div class=\"toc-sticky__container__disperse\"><\/div>\n                <div class=\"toc-sticky__btn-top justify-content-center\">\n                    <button class=\"btn btn-link d-flex align-items-center\" onclick={btnTop()}><p>Show Full Guide<\/p><img decoding=\"async\"\n                                src=\"\/wp-content\/plugins\/table-of-contents\/assets\/images\/arrow-up-circle.svg\"\n                                alt=\"arrow-up-circle\">\n                    <\/button>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/section>\n    <div class=\"toc-sticky-list\">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\" aria-controls=\"multiCollapse2\" data-bs-target=\"#multiCollapse2\">\n                <button class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\"\n                        type=\"button\">\n                    <i class=\"icon-chevron-up up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n            <\/div>\n            <div  class=\"collapse my-3\" id=\"multiCollapse2\">\n                <ol class=\"StepProgress\">\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item current \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"what_is_on-chain_analysis\"\n                                   onclick=handleScrollToTitle(\"what_is_on-chain_analysis\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">What is On-Chain Analysis?<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"key_takeaways\"\n                                   onclick=handleScrollToTitle(\"key_takeaways\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Key Takeaways<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"on-chain_analysis_explained\"\n                                   onclick=handleScrollToTitle(\"on-chain_analysis_explained\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">On-Chain Analysis Explained<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t\n\t\t\t\t\t\t <span class=\"show_moretoc\">Show Full Guide<\/span>\n\t\t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"how_on-chain_analysis_works\"\n                                   onclick=handleScrollToTitle(\"how_on-chain_analysis_works\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">How On-Chain Analysis Works<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"key_metrics_of_on-chain_analysis\"\n                                   onclick=handleScrollToTitle(\"key_metrics_of_on-chain_analysis\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Key Metrics of On-Chain Analysis<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"on-chain_analysis_vs_technical_analysis_fundamental_analysis\"\n                                   onclick=handleScrollToTitle(\"on-chain_analysis_vs_technical_analysis_fundamental_analysis\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">On-Chain Analysis vs. Technical Analysis &amp; Fundamental Analysis<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"on-chain_analysis_tools\"\n                                   onclick=handleScrollToTitle(\"on-chain_analysis_tools\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">On-Chain Analysis Tools<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"on-chain_analysis_pros_and_cons\"\n                                   onclick=handleScrollToTitle(\"on-chain_analysis_pros_and_cons\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">On-Chain Analysis Pros and Cons<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"the_bottom_line\"\n                                   onclick=handleScrollToTitle(\"the_bottom_line\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">The Bottom Line<\/a>\n              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class=\"StepProgress-item__group\">\n                                <a data-id=\"references\"\n                                   onclick=handleScrollToTitle(\"references\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">References<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                                    <\/ol>\n            <\/div>\n            <div class=\"toc-sticky__container__disperse\"><\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n<script id=\"toc-js\">\n    window.addEventListener(\"DOMContentLoaded\", () => {\n        const header = document.querySelector(\".header_wrapper\");\n\n        const pageLegend = document.querySelector('#multiCollapse1');\n        const pageLegendList = document.querySelector('#multiCollapse2');\n        const pageLegendCollapse = new bootstrap.Collapse(pageLegend, {toggle: 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pageLegend.classList.remove('overflow-auto');\n        pageLegend.style.height = 'auto';\n        window.scrollTo({\n            top: 0,\n            behavior: 'smooth'\n        });\n    }\n\n    const handleScrollToTitle = (id) => {\n        const el = document.getElementById(id);\n        const headerHeightDifference = window.innerWidth < 992 ? -30 : -15;\n        window.scrollTo({\n            top: el.offsetTop - 60 - headerHeightDifference - 10,\n        });\n    }\n<\/script>\n\n<h2><span id=\"on-chain_analysis_explained\">On-Chain Analysis Explained<\/span><\/h2>\n<p>A blockchain is a public ledger that records transaction details, <a href=\"https:\/\/www.techopedia.com\/definition\/cryptocurrency-wallet\">wallet addresses<\/a>, and other events. When it comes to public blockchains like <a href=\"https:\/\/www.techopedia.com\/definition\/27193\/bitcoin-btc\">Bitcoin<\/a> (BTC) and <a href=\"https:\/\/www.techopedia.com\/definition\/32571\/ethereum-cryptocurrency\">Ethereum<\/a> (ETH), the data they record is available for everyone to see in real time. This data transparency is a unique benefit that crypto investors can take advantage of.<\/p>\n<p>On-chain data is available on blockchain explorers such as <a href=\"https:\/\/www.techopedia.com\/cryptocurrency\/how-to-view-crypto-transaction-history\">BTCScan and Etherscan<\/a>.<\/p>\n<h3>Types of On-Chain Data<\/h3>\n<p><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/On-Chain-Data-Types-On-Chain-Analysis-185x300.jpg\" alt=\"On-Chain Data Types\" width=\"1200\" height=\"1943\" class=\"aligncenter wp-image-362380\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/On-Chain-Data-Types-On-Chain-Analysis-185x300.jpg 185w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/On-Chain-Data-Types-On-Chain-Analysis-632x1024.jpg 632w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/On-Chain-Data-Types-On-Chain-Analysis-768x1244.jpg 768w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/On-Chain-Data-Types-On-Chain-Analysis-948x1536.jpg 948w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/On-Chain-Data-Types-On-Chain-Analysis-1264x2048.jpg 1264w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/On-Chain-Data-Types-On-Chain-Analysis-1200x1944.jpg 1200w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/On-Chain-Data-Types-On-Chain-Analysis-1980x3207.jpg 1980w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/On-Chain-Data-Types-On-Chain-Analysis-scaled.jpg 1581w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p>Here are the different types of on-chain data that you will find on block explorer websites:<\/p>\n<div class=\"su-accordion su-u-trim\">\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Transaction data<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> Tells you everything from the sender and receiver address, time of transactions, type of token transferred, amount of token transferred, amount of <a href=\"https:\/\/www.techopedia.com\/definition\/gas-fee-ethereum\">gas fees<\/a> paid, and <a href=\"https:\/\/www.techopedia.com\/definition\/32499\/smart-contract\">smart contract<\/a> transactions. <\/div><\/div>\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Wallet data<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> Contains information on the value of holdings, types of cryptocurrencies held, and transaction activities. <\/div><\/div>\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Block data<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> Contains information about the status of transactions, block rewards paid to the <a href=\"https:\/\/www.techopedia.com\/definition\/32530\/mining-blockchain\">miner<\/a> or <a href=\"https:\/\/www.techopedia.com\/definition\/validator\">validator<\/a>, transactions part of the block, and more. <\/div><\/div>\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Smart contracts<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> Can give you information on <a href=\"https:\/\/www.techopedia.com\/definition\/33409\/decentralized-application-dapp\">decentralized applications<\/a> (dApps), token mints, <a href=\"https:\/\/www.techopedia.com\/definition\/staking-blockchain-staking\">staking<\/a>, and more. <\/div><\/div>\n<\/div>\n<h2><span id=\"how_on-chain_analysis_works\">How On-Chain Analysis Works<\/span><\/h2>\n<p>Raw blockchain data is difficult to decipher for most people. Therefore, blockchain explorers and analytics platforms like Etherscan and BTCscan extract the <a href=\"https:\/\/www.techopedia.com\/definition\/1230\/raw-data\">raw data<\/a> and convert it into readable forms.<\/p>\n<p>On-chain crypto analysis platforms like Bubblemaps, Glassnode, Nansen, and DefiLlama go one step further by simplifying blockchain data for the end consumer through visual interfaces, charts, portfolio reports, and labels.<\/p>\n<p>You can monitor on-chain activity, <a href=\"https:\/\/www.techopedia.com\/definition\/whale-crypto-trading\">whale<\/a> activity, hacks, <a href=\"https:\/\/www.techopedia.com\/definition\/33142\/hash-rate\">hash rates<\/a>, token supply dynamics, <a href=\"https:\/\/www.techopedia.com\/definition\/total-value-locked-tvl\">total value locked<\/a> (TVL), long-term holder statistics, adoption trends, and more.<\/p>\n<h2><span id=\"key_metrics_of_on-chain_analysis\">Key Metrics of On-Chain Analysis<\/span><\/h2>\n<p><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Key-Metrics-of-On-Chain-Analysis-243x300.jpg\" alt=\"Key Metrics of On-Chain Analysis\" width=\"1200\" height=\"1479\" class=\"aligncenter wp-image-362383\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Key-Metrics-of-On-Chain-Analysis-243x300.jpg 243w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Key-Metrics-of-On-Chain-Analysis-831x1024.jpg 831w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Key-Metrics-of-On-Chain-Analysis-768x947.jpg 768w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Key-Metrics-of-On-Chain-Analysis-1246x1536.jpg 1246w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Key-Metrics-of-On-Chain-Analysis-1661x2048.jpg 1661w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Key-Metrics-of-On-Chain-Analysis-1200x1479.jpg 1200w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Key-Metrics-of-On-Chain-Analysis-1980x2441.jpg 1980w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/11\/Key-Metrics-of-On-Chain-Analysis.jpg 2048w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p>Next up, let&#8217;s look at important on-chain indicators for market action:<\/p>\n<div class=\"su-accordion su-u-trim\">\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Total value locked<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> TVL indicates the total capital locked in smart contracts of <a href=\"https:\/\/www.techopedia.com\/definition\/decentralized-finance-defi\">decentralized finance<\/a> (DeFi) and decentralized applications on a blockchain network. Higher TVLs indicate higher adoption rates. <\/div><\/div>\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Whale monitoring<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> Whales are crypto investors who hold significant influence over the market. Tracking whale activity can help investors identify emerging <a href=\"https:\/\/www.techopedia.com\/definition\/market-trend\">market trends<\/a>. <\/div><\/div>\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Token unlocks<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> <a href=\"https:\/\/www.techopedia.com\/cryptocurrency\/best-crypto-to-buy\">Numerous cryptocurrencies<\/a> have <a href=\"https:\/\/www.techopedia.com\/definition\/token-lockup\">vesting periods<\/a> for early investors, founders, and team members. When their tokens are unlocked, it can create a bearish effect on the affected crypto&#8217;s prices due to increased circulating supply. <\/div><\/div>\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Transaction volume<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> Transaction volume is a key indicator of blockchain adoption. <\/div><\/div>\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Active addresses<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> A higher number of active addresses can indicate blockchain networks that showcase higher adoption rates. <\/div><\/div>\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>DEX volumes<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> Monitoring trading volumes on <a href=\"https:\/\/www.techopedia.com\/definition\/decentralized-exchange-dex\">decentralized exchanges<\/a> (DEX) can help investors identify the blockchain networks that are growing at a faster rate than their competitors. <\/div><\/div>\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Hash rate<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> A hash rate, representing the total computational power of a blockchain, is a key market indicator for <a href=\"https:\/\/www.techopedia.com\/definition\/33594\/proof-of-work-pow\">proof-of-work<\/a> (PoW) networks like Bitcoin. <\/div><\/div>\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Long-term holder statistics<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> According to <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;m=supply.LthSum\" target=\"_blank\">Glassnode<\/a>, long-term holders are investors who hold their tokens for over 155 days. A higher percentage of long-term holders are bullish on cryptocurrencies. <\/div><\/div>\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Realized market capitalization<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> Realized <a href=\"https:\/\/www.techopedia.com\/definition\/market-cap-market-capitalization\">market cap<\/a> is the valuation of a cryptocurrency based on the market value of the tokens at the time they last moved on the blockchain. <\/div><\/div>\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Market value to realized value ratio (MVRV) <\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> MVRV is the ratio of a token&#8217;s market capitalization to its realized market cap. This ratio indicates the price-to-cost ratio and is used to identify market tops and bottoms. <\/div><\/div>\n<div class=\"su-spoiler su-spoiler-style-fancy su-spoiler-icon-plus su-spoiler-closed\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-spoiler-title\" tabindex=\"0\" role=\"button\"><span class=\"su-spoiler-icon\"><\/span><strong>Market cap-to-fully diluted valuation (FDV) ratio<\/strong><\/div><div class=\"su-spoiler-content su-u-clearfix su-u-trim\"> This ratio compares a cryptocurrency&#8217;s market cap based on its current circulating supply to its market cap if all tokens were in circulation. Lower values of this ratio can indicate higher future <a href=\"https:\/\/www.techopedia.com\/definition\/inflation\">inflation<\/a> rates. <\/div><\/div>\n<\/div>\n<h2><span id=\"on-chain_analysis_vs_technical_analysis_fundamental_analysis\">On-Chain Analysis vs. Technical Analysis &amp; Fundamental Analysis<\/span><\/h2>\n<p><strong>On-chain analysis<\/strong> is unique to the cryptocurrency market. However, investors can also use traditional valuation techniques, such as <a href=\"https:\/\/www.techopedia.com\/definition\/technical-analysis\">technical analysis<\/a> and <a href=\"https:\/\/www.techopedia.com\/definition\/fundamental-analysis\">fundamental analysis<\/a>, when making investing decisions.<\/p>\n<p><strong>Technical analysis<\/strong> refers to the study of historical market data to identify market trends, predict price movements, and discover trading opportunities.<\/p>\n<p>Crypto investors can add technical analysis indicators such as moving averages, <a href=\"https:\/\/www.techopedia.com\/definition\/relative-strength-index-rsi\">relative strength index<\/a> (RSI), moving average convergence divergence (MACD), and volume-weighted average price to their trading arsenal.<\/p>\n<p><strong>Fundamental analysis<\/strong> refers to the study of a company&#8217;s financial health by examining quarterly and yearly financial statements. Fundamental analysts also study broader economic conditions.<\/p>\n<p>Although you can use all aspects of fundamental analysis in crypto investing, investors can examine the revenue and profit generated by blockchain networks and decentralized applications.<\/p>\n<h2><span id=\"on-chain_analysis_tools\">On-Chain Analysis Tools<\/span><\/h2>\n<p>Here are some on-chain analytics platforms and tools that you can use in your crypto-investing journey:<\/p>\n<div class=\"su-tabs su-tabs-style-default su-tabs-mobile-stack su-tabs-vertical\" data-active=\"1\" data-scroll-offset=\"0\" data-anchor-in-url=\"no\"><div class=\"su-tabs-nav\"><span class=\"\" data-url=\"\" data-target=\"blank\" tabindex=\"0\" role=\"button\"><strong>Glassnode<\/strong><\/span><span class=\"\" data-url=\"\" data-target=\"blank\" tabindex=\"0\" role=\"button\"><strong>Nansen<\/strong><\/span><span class=\"\" data-url=\"\" data-target=\"blank\" tabindex=\"0\" role=\"button\"><strong>Bubblemaps<\/strong><\/span><span class=\"\" data-url=\"\" data-target=\"blank\" tabindex=\"0\" role=\"button\"><strong>DefliLlama<\/strong><\/span><span class=\"\" data-url=\"\" data-target=\"blank\" tabindex=\"0\" role=\"button\"><strong>L2Beat<\/strong><\/span><\/div><div class=\"su-tabs-panes\"><div class=\"su-tabs-pane su-u-clearfix su-u-trim\" data-title=\"&lt;strong&gt;Glassnode&lt;\/strong&gt;\">\n<p>Glassnode is a market intelligence platform that provides in-depth on-chain data with a particular focus on Bitcoin. It offers a wide range of metrics and charts, including information on realized market capitalization, long-term holders, short-term holders, mining statistics, and more.<\/p>\n<\/div>\n<div class=\"su-tabs-pane su-u-clearfix su-u-trim\" data-title=\"&lt;strong&gt;Nansen&lt;\/strong&gt;\">\n<p>Nansen is an on-chain analytics tool that allows users to track influential crypto whales and institutions through their &#8220;Smart Money&#8221; dashboard.<\/p>\n<\/div>\n<div class=\"su-tabs-pane su-u-clearfix su-u-trim\" data-title=\"&lt;strong&gt;Bubblemaps&lt;\/strong&gt;\">\n<p>Bubblemaps is a token supply auditing platform that allows users to visualize complex on-chain data. Crypto wallets are represented as bubbles on the platform. Bubblemaps also shows Interconnected bubbles that represent wallet addresses with connections.<\/p>\n<\/div>\n<div class=\"su-tabs-pane su-u-clearfix su-u-trim\" data-title=\"&lt;strong&gt;DefliLlama&lt;\/strong&gt;\">\n<p>DefiLlama is a platform that provides data on fees, revenue, trade volume, TVL, and stablecoin activity across various decentralized applications and blockchains.<\/p>\n<\/div>\n<div class=\"su-tabs-pane su-u-clearfix su-u-trim\" data-title=\"&lt;strong&gt;L2Beat&lt;\/strong&gt;\">\n<p>L2Beat is a crypto analytics platform that specializes in monitoring <a href=\"https:\/\/www.techopedia.com\/definition\/16495\/layer-2\">layer two<\/a> (L2) blockchains.<\/p>\n<\/div><\/div><\/div>\n<h2><span id=\"on-chain_analysis_pros_and_cons\">On-Chain Analysis Pros and Cons<\/span><\/h2>\n<div class=\"su-row\"><div class=\"su-column su-column-size-1-2\"><div class=\"su-column-inner su-u-clearfix su-u-trim\">\n<strong>Pros<\/strong><br \/>\n<div class=\"su-list\" style=\"margin-left:0px\">\n<ul>\n<li><i class=\"sui sui-check-circle\" style=\"color:#3CB371\"><\/i> Provides crypto investors with market insights from real-time blockchain data<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#3CB371\"><\/i> Allows users to track whale, venture capital, and institutional investor activity<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#3CB371\"><\/i> Gives crypto investors exclusive insight into blockchain adoption trends<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#3CB371\"><\/i> Allows investigators to study hacks and scams<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#3CB371\"><\/i> Reveals discrepancies in <a href=\"https:\/\/www.techopedia.com\/definition\/proof-of-reserves-por\">proof-of-reserve<\/a> (PoR) balances of <a href=\"https:\/\/www.techopedia.com\/cryptocurrency\/best-crypto-exchanges\">crypto exchanges<\/a> and custody firms<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#3CB371\"><\/i> Helps traders to identify market opportunities<\/li>\n<\/ul>\n<\/div><\/div><\/div>\n<div class=\"su-column su-column-size-1-2 pros_icons_\"><div class=\"su-column-inner su-u-clearfix su-u-trim\">\n<strong>Cons<\/strong><br \/>\n<div class=\"su-list\" style=\"margin-left:0px\">\n<ul>\n<li><i class=\"sui sui-remove\" style=\"color:#e31f28\"><\/i> Can be difficult to use for beginners<\/li>\n<li><i class=\"sui sui-remove\" style=\"color:#e31f28\"><\/i> Requires users to understand technical details and blockchain differences to use on-chain data effectively<\/li>\n<li><i class=\"sui sui-remove\" style=\"color:#e31f28\"><\/i> Demands paid subscriptions for access to on-chain analytics platforms like Glassnode and Nansen<\/li>\n<li><i class=\"sui sui-remove\" style=\"color:#e31f28\"><\/i> Limits crypto investors&#8217; first-to-market edge, as on-chain data is publicly available<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div>\n<h2><span id=\"the_bottom_line\">The Bottom Line<\/span><\/h2>\n<p>It is important for crypto investors to learn how to use on-chain analysis platforms and tools, only then will they be able to take advantage of the transparent property of public blockchain networks.<\/p>\n<p>Combining technical analysis, fundamental analysis, and on-chain analysis can be the key to becoming a successful crypto investor.<\/p>\n<h2><span id=\"faqs\">FAQs<\/span><\/h2>\n<div class=\"man_faq_sec\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><\/time><section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">What is on-chain analysis in simple terms?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">The meaning of on-chain analysis is the examination of publicly available blockchain transaction and events data to make informed cryptocurrency market decisions.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">What is the difference between on-chain and off-chain analysis?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">On-chain analysis refers to the study of blockchain data. Off-chain analysis in cryptocurrencies refers to the study of historical market data, social activity, and broader economic conditions.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">What is an example of on-chain data?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">Active address count, DEX transaction volume, whale monitoring, and TVL are examples of on-chain data.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">How does on-chain analysis work?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">Raw blockchain data is difficult to decipher for most people. Blockchain explorers and analytics platforms like Etherscan and BTCscan extract the raw data and convert it into readable forms. The on-chain analysis allows you to monitor on-chain activity, whale activity, hacks, hash rates, token supply dynamics, total value locked, long-term holder statistics, adoption trends and more.<\/p>\r\n                <\/div><\/div><\/section>\n<div class=\"reference-content\">\n<div class=\"reference-heading reference-content-collapsible-heading\">\n<h2><span id=\"references\">References<\/span><\/h2>\n<\/div>\n<div class=\"reference-content-body\">\n<ol>\n<li><a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;m=supply.LthSum\" target=\"_blank\">Glassnode Studio &#8211; On-Chain Market Intelligence<\/a> (Studio Glassnode)<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>What is On-Chain Analysis? On-chain analysis refers to the examination of publicly available blockchain transaction and events data to make informed cryptocurrency market decisions. On-chain analysis takes advantage of transparent blockchain transaction data to identify market opportunities, monitor the activity of influential crypto market investors, track blockchain adoption trends, and investigate crypto hacks and scams. [&hellip;]<\/p>\n","protected":false},"author":286557,"featured_media":362375,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"definitioncat":[271],"class_list":["post-362370","definition","type-definition","status-publish","format-standard","has-post-thumbnail","hentry","definitioncat-blockchain"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.2 (Yoast SEO v24.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is On-Chain Analysis? 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