On-Chain Analysis
Reading the market through blockchain data
Fundamentals
What is On-chain Analysis
Learn the concept of on-chain analysis, how it differs from technical analysis, and how to leverage blockchain transparency for market analysis.
6 min readOn-Chain Data Sources - Where to Find What
A comprehensive overview of major on-chain analysis platforms including Glassnode, CryptoQuant, and Mempool.space, plus the data available on BitInsight.
6 min readNetwork Activity
Active Addresses - The Network's Vital Signs
Learn about active addresses, new address growth rates, and the relationship between network growth and price.
5 min readTransaction Count and Transfer Volume - The Network's Bloodstream
Learn about the meaning of on-chain transaction count and transfer volume, how they differ from exchange trading volume, and how to analyze network congestion.
5 min readNetwork Fees - The Price of Block Space
FeaturedLearn about Bitcoin transaction fees (sat/vB) and Ethereum gas fees, the relationship between fees and market demand, and how to use the BitInsight fee panel.
5 min readMining Metrics
Hashrate and Difficulty - Network Security Indicators
FeaturedLearn about the meaning of hashrate, difficulty adjustment mechanism, miner capitulation, and how to use the BitInsight hashrate panel.
6 min readMiner Revenue and Puell Multiple
Learn about Bitcoin miner revenue structure, the meaning and interpretation of Puell Multiple, and how to analyze miner selling pressure.
5 min readSupply Analysis
Exchange Flows - Signals of Buying and Selling
KeyLearn what coin deposits and withdrawals to exchanges mean, how to interpret Net Flow, and practical applications.
5 min readExchange Reserves - The Barometer of Supply
Learn about the meaning of total Bitcoin/Ethereum held on exchanges, historical trends, and supply squeeze analysis.
5 min readHODL Waves and Coin Age
Learn about HODL Waves concept, holding period distribution, long-term and short-term holder behavior patterns, and Coin Days Destroyed.
5 min readSupply Distribution and Whale Wallets
Learn about Bitcoin wallet size distribution, whale/shark/shrimp classification, supply concentration analysis, and how to use BitInsight's whale tracking.
5 min readValuation
Realized Price and Realized Cap
FeaturedLearn about Realized Cap and Realized Price concepts, and how to identify market bottoms and tops.
6 min readMVRV Ratio - Market Value vs Realized Value
FeaturedLearn about the MVRV (Market Value to Realized Value) ratio calculation, interpretation thresholds, and historical patterns.
5 min readNVT Ratio - The On-Chain P/E Ratio
Learn about the NVT (Network Value to Transactions) ratio meaning, NVT Signal, and how to assess network value appropriateness.
6 min readSOPR - Realized Profits and Losses
Learn about SOPR (Spent Output Profit Ratio) calculation principles, 1.0 baseline interpretation, and market cycle assessment.
6 min readNUPL - Market Sentiment Through Unrealized Profit/Loss
Learn about NUPL (Net Unrealized Profit/Loss) calculation principles, the 5-stage market sentiment zones, and cycle assessment methods.
7 min readMarket Sentiment
Fear & Greed Index - Reading Market Sentiment in Numbers
FeaturedLearn about the components of the Fear & Greed Index, extreme value interpretation, contrarian investment strategies, and how to use BitInsight real-time data.
6 min readWhale Tracking - Monitoring Large Transactions
KeyLearn the meaning of whale transaction tracking, how to interpret large transactions, and how to use BitInsight's whale tracking panel.
7 min readStablecoin Flows - Buying Power on Standby
Learn about stablecoin supply and exchange inflow meanings, USDT/USDC flow analysis, and how to assess buying power on standby.
7 min readMarket Cycles Through On-Chain Data
Learn how to determine market cycle position by combining key on-chain indicators including MVRV, NUPL, Puell Multiple, and HODL Waves.
10 min read