𝐎𝐍-𝐂𝐇𝐀𝐈𝐍 𝐀𝐍𝐀𝐋𝐘𝐒𝐈𝐒 Most people look at crypto through charts like: • Price is going up • Price is going down • Trending “BUY” • It's getting dip, “SELL” Well there's another place where you can find information, the blockchain itself, this is where on-chain analysis comes in. 𝐎𝐧-𝐂𝐡𝐚𝐢𝐧 analysis means studying publicly available blockchain data to understand what is actually happening on a network. Think of it as becoming a blockchain detective. 𝐖𝐡𝐚𝐭 𝐜𝐚𝐧 𝐲𝐨𝐮 𝐬𝐞𝐞 𝐎𝐧-𝐂𝐡𝐚𝐢𝐧? Depending on the blockchain, you can investigate things like: • Wallet balances • Transactions • Token transfers • Whale movements • Smart-contract interactions • Trading activity • Liquidity • Holder distribution • Protocol activity • New wallet activity You don't need to know someone's real name, you can just follow their wallet address and observe what that address is doing on-chain. Example If a token suddenly starts trending and everyone on X is shouting: • This token is about to 100X! Instead of immediately buying, you investigate, you check the token's holders, and you discover that a small number of wallets control a huge percentage of the supply. Then you check the blockchain and notice several large wallets recently received tokens, now you have questions: • Who owns these wallets? • Where did those tokens come from? • Are they selling? • Is liquidity sufficient? • Is the supply concentrated? You're no longer relying entirely on someone's tweet but looking at the data. 𝐖𝐡𝐚𝐥𝐞𝐬 A whale is simply a wallet or entity holding a significant amount of an asset relative to its market. Tracking large wallets can sometimes provide useful clues, if several large wallets are accumulating, that's interesting too. If large holders are suddenly sending huge amounts of tokens to exchanges, that's also worth investigating. Remember, a wallet movement is a clue and not a guaranteed prediction, you don't automatically know why someone moved their tokens. 𝐎𝐧-𝐂𝐡𝐚𝐢𝐧 𝐃𝐚𝐭𝐚 𝐜𝐚𝐧 𝐚𝐥𝐬𝐨 𝐄𝐱𝐩𝐨𝐬𝐞 𝐑𝐞𝐝 𝐅𝐥𝐚𝐠𝐬 Imagine a project claims they have thousands of holders, you investigate the blockchain and maybe most of those wallets hold tiny amounts while a few addresses control most of the supply. Or a project claims to have huge activity, but you discover that much of it comes from a small number of wallets, this doesn't automatically prove fraud, but it tells you 𝐃𝐢𝐠 𝐃𝐞𝐞𝐩𝐞𝐫. 𝐓𝐨𝐨𝐥𝐬 𝐘𝐨𝐮 𝐂𝐚𝐧 𝐔𝐬𝐞 A block explorer lets you inspect individual transactions and wallet activity. Depending on the chain, examples include explorers such as Etherscan, Solscan and others. Analytics platforms can take this information further by helping you study things like: • Wallet behaviour • Token holders • Protocol activity • Liquidity • TVL • Trading volume • Historical movements 𝐎𝐧-𝐂𝐡𝐚𝐢𝐧 𝐃𝐚𝐭𝐚 𝐢𝐬 𝐧𝐨𝐭 𝐚 𝐂𝐫𝐲𝐬𝐭𝐚𝐥 𝐁𝐚𝐥𝐥. A wallet can belong to an individual, exchange, protocol, market maker, DAO, treasury or another entity. One transaction doesn't tell you the whole story, good on-chain analysis combines blockchain data with other research: • On-chain data + fundamentals + tokenomics + market conditions = better research. Don't see a whale buying and immediately ape in, don't see a whale selling and immediately panic. Investigate, because one of the biggest advantages of blockchain is that a lot of its activity is publicly verifiable. You just need to know where to look and what you're looking at, that's the difference between I heard someone say this, and I checked the blockchain.