Once miners confirm a new block, the blockchain records all the information about the latest transactions. Of course, such information is accessible by everyone in the world. And also, essential data like the number of active addresses, transaction value, etc., all can be calculated from the recorded transactions on the blockchain.
Even though anyone can view on-chain data, it remains hard to understand by most traders because the blockchain doesn’t graph, visualize, or analyze on-chain data. However, on-chain data analysis platforms managed to illuminate the network’s health in real-time. By retrieving hundreds of thousands of transactions from the blockchain, analyzing, and graphing on-chain data, traders can now view different on-chain metrics in simple charts.
Table of Contents
- How Does On-Chain Analysis Platforms Work?
Best On-Chain Analysis Platforms.
- 1- Santiment.
- 2- CryptoQuant.
- 3- Messari.
- 4- Glassnode.
- 5- Dune Analytics.
- 6- Nansen.
- 7- IntoTheBlock.
- 8- Breadcrumbs.
- Benefits of On-Chain Data.
How Does On-Chain Analysis Platforms Work?
On-chain analysis platforms work in five stages: inspecting, identifying, clustering, modeling, and visualising. Firstly, platforms inspect the blockchain just like anyone can do. Afterwards, they start identifying or highlighting all the wanted data like addresses, values, gas price, and more. Then, on-chain analysis platforms start grouping and updating retrieved data. After that, they start creating a data model by applying specific formal techniques. Finally, on-chain data represented in interactive, simple, and helpful charts.
Most Popular On-Chain Data.
There are hundreds of on-chain data that each one of them represents various information. And by following and understanding the unique ones, investors can stay ahead on the market and gain insights to make profitable trading decisions. These are the most prominent on-chain data that can determine the daily price.
- Number of active addresses
- Number of new addresses
- Transactions volume
- Network value to transaction
- Exchanges inflow/outflow.
Best On-Chain Analysis Platforms.
In the following part, we’ll highlight the best on-chain analysis platforms for individuals and companies to use for their daily trading.
Santiment has three different plans Free, Pro for $49, and Pro+ for $249, billed monthly. With the Pro+ plan, you’ll get exclusive features like custom education & onboarding and a closed chat with Santiment market analysts.
Some Available Charts on Santiment.
Exchange Inflow is defined as an amount of coin deposited to the exchange wallets. On the other hand, Exchange Outflow is defined as an amount of coin withdrawal from the exchange wallets.
You can view two main supply distribution charts, by the number of addresses or by the balance of address, to understand how’s crypto distributed.
Along with various on-chain metrics, Santiment is also widely known for social analysis, strongly related to daily price movements. And the most common metrics are social dominance, social volume, and social context.
Santiment also provides various other features like adding alerts, watchlist, social trends, unique market metrics & indicators, and more. Learn in Santiment review.
Pricing starts at $29 for Advanced, $99 for Professional, and $699 for Premium. It also has a free plan that gives you access to view all metrics.
Some Available Charts on CryptoQuant.
The most popular metrics on CryptoQuant are exchanges in/outflow, which indicate selling and buying pressure and allows you to make quick decisions.
Network Value to Metcalfe (NVM) Ratio.
it’s a valuation metric for the BTC network using daily active addresses and Metcalfe’s law used to compare how overvalued or undervalued a digital asset is compared to its peers.
CryptoQuant also comes with other features like charts overview, alerts, pro charts and furthermore. You can check a detailed review about CryptoQuant.
Messari provides free charting services, and you can subscribe for 29$/month to get extra features like exclusive long-form weekly researches, downloadable CSV data, and more.
Some Available Charts on Messari.
Realized Market Cap.
Realized capitalization (realized cap) is a variation of market capitalization that values each UTXO based on the price when it was last moved, as opposed to its current value.
Price in Real-Time.
A real time price chart for hundreds of supported assets with over 10 years of data available.
Messari comes with further features for novice and expert traders like watchlist, screener, reports, and more. Learn in Messari review here.
Glassnode has a free plan and 2 paid plans, $39 for the advanced plans and $799 for the professional plan.
Some Available Charts on Glassnode.
Number of Active Addresses.
This metrics is strongly related to daily price movements as it indicates that there will either be selling or buying pressure.
Number of Sending and Receiving Addresses.
You can know if people are transferring from or to their wallets, therefore you can realize holding and selling positions.
More features available on Glassnode like comparing coins, TradingView integration, and more. And we’ve reviewed Glassnode in detail here.
5- Dune Analytics.
Uniquely, view on-chain data using query codes. Dune Analytics comes with a free plan to Query blockchain data with SQL, Create dashboards, and share your charts. Also, a paid plan for $390 will give you extra features like exporting results to CSV, skipping query queue time.
Some Available Charts on Dune Analytics.
Aggregator Share of DEX Volume.
Real-time visualization of aggregator share of decartelized exchanges.
DEX Market Share.
A detailed graph of DEX market share by volume.
Dune Analytics has further features like dashboards, uniquely surfing on-chain data using SQL, and more that we’ve covered in our Dune Analytics review.
Due to Nansen’s amazingly unique experience, Nansen doesn’t have a free plan, and their pricing starts at $149 for Standard, $1490 for VIP, and $2500 for Alpha.
Some Available Charts on Nansen.
ETH Exchange Flow.
Know when there’s unusual behaviour in ETH exchanges inflow & outflow, leading to uptrends or downtrends.
Stablecoins on Exchanges.
View stablecoins volume on almost every exchange available, and also get a 7 day change.
Nansen has other features that comes in very handy like analyzing anonymous addresses, tracking tokens traction, and more in Nansen review here.
IntoTheBlock has a flat $10 monthly subscription and you can save 17% if you choose to bill annually. However, there’s no free plan.
Some Available Charts on IntoTheBlock.
Daily Active Addresses.
Displays the number of daily active addresses to know if any unusual behaviours might ultimately lead to significant price movements.
Number of Transactions.
Shows the number of transactions at different price points with over 10 years of historical data.
Moreover, on on-chain metrics, IntoTheBlock has also many other features like price predictions, Defi insights, and more that we’ve covered in our IntoTheBlock review here.
Comes with a free plan and two paid plans, Lite plan for $49.00/month, and Promo plan for $79.00/month
Some Available Charts on Breadcrumbs.
Sending and Receieve Addresses.
Shows the addresses that sent to and received from a specific address that you entered.
Outgoing and Incoming Volume.
Shows the outgoing and incoming volume of crypto for each address with detailed information on each transaction too.
For further information, check our detailed review on Breadcrumbs here, where we’ve covered everything about the platform in detail.
Benefits of On-Chain Data.
Firstly, there are various benefits of involving on-chain data analysis in your daily trading routine. After viewing important on-chain metrics like the number of active addresses and the number of transactions traders can know when there’s a high demand on the network therefore, prices will rise.
Also, you can know about the market and investor behavior by looking at on-chain metrics. For instance, think of market capitalization as the participation of all traders, and realized capitalization could be the participation of long-term investors.
Finally, smart traders know, and novice traders should know as well how valuable on-chain data is. And on-chain data analysis platforms have made viewing such important data simple, easy, and smooth.