Reading on-chain data
Every transaction is public. That means the market's fundamentals — who's buying, who's selling, who's holding — are legible if you know where to look.
> What you can see
Wallet balances and flows, exchange inflows and outflows, whale accumulation, stablecoin supply, active addresses, and miner/validator behavior. Dashboards like Dune, Nansen, Glassnode, and Arkham aggregate this into readable charts.
> Signals that matter
BTC flowing OUT of exchanges = coins moving to cold storage (bullish supply squeeze). Stablecoin supply expanding = dry powder building up. Rising active addresses on a chain = real usage growing. Falling MVRV = market getting cheap relative to what holders paid.
> Limits of on-chain
On-chain data lags narrative and macro. It's excellent for confirming a thesis and terrible for calling short-term tops. Combine it with market structure and macro — never rely on any one metric in isolation.