Any resources to do your own on-chain analysis?

[a298b112]

Time to time I read about on-chain analysis showing this and that. I guess some people or companies really know how to do on-chain analysis. So, since the data is available from the chain, can we do our analysis? Is there any resources to learn? Thanks.

[Charles-Tim]

Bitcoin blockchain is transparent and available to the public, you can run your own node or use blockchain explorer to check bitcoin transactions and information about blocks, many other cryptocurrencies have open ledger (blockchain) too. But the companies you meant, like Chainanalysis, also have more special tools they develop that they are using to make tracking more easy for them.

Example is the use of wallet explorer, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch09.asciidoc to know if a bitcoin address belong to an exchange.

Another example is the use of blockchain explorer to check the transaction history of an address.

Another is the use of central server to link many addresses belonging to the same wallet together and also link it to IP address used for connection.

On-chain analysis organizations even run their own node for this purpose and also developing special tools to make more analysis possible and also make it easy for them.

[Plaguedeath]

You can use block explorer to track anyone transactions

I recommended blockchair since you can use it through Tor for better privacy, while walletexplorer is a honeypot and will collect your IP addresses.

[Bitcoin_Arena]

There are some good tools for on-chain analysis, unfortunately they are not free if you are looking for the most after sort analysis data. Most of them require some subscriptions, which are rather expensive for retail traders
1. https://cryptoquant.com
2. https://messari.io
3. https://glassnode.com
4. https://santiment.net

[BitMaxz]

There is only two option that I know best for on-chain analysis both of them are already mentioned above cryptoquant and glassnode.
Since you are asking for learning resources I would like to share this link below to learn more about FA(Fundamental analysis) with on-chain data.

- https://github.com/SpiralDevelopment/Awesome-Crypto-Trading

And take note that the link above is not only about on-chain analysis you can also learn about technical analysis and other trading strategies including all tools that you can use for free and paid.

[sheenshane]

It's all provided above and I think the best tool that you can use in on-chain Bitcoin data is the Glassnode.
It has a higher metric data that you can use among them all like possible Bitcoin movement organically or even if that's manipulated by the whales or even mining difficulties such as high fees.

There's a free and paid subscriptions but I think it's better if you'll try all the free and paid subscriptions.

[Potato Chips]

You can, just don't expect to be on par with those 'companies' since they have more data resources than an average user e.g. partnered exchanges, block explorers, even govt, etc...

For block explorers which tags exchange addresses, see: (some support altcoins)

https://oxt.me
https://www.breadcrumbs.app
https://bitinfocharts.com/
https://walletexplorer.com/

[Husires]

What you are trying to do from by obtaining this data? If you want to use it in forecasting and financial analysis (trading analysis) to determine entry and exit points from the market, then https://glassnode.com was not accurate despite the experiences and resources you have, so instead of exhausting yourself with the details, you can try them paid or free version.

If you mean to track your coins or the activity in the Bitcoin network, it depends on the address you are trying to find.

https://walletexplorer.com/

please stop recommending walletexplorer.com/, Chainalysis bought it in a while

According to leaked documents reviewed by CoinDesk, Chainalysis, the largest of the blockchain tracing firms, owns and operates walletexplorer.com. Like other block explorers, the service lets anyone view the history of public cryptocurrency wallet addresses. Chainalysis figures that bad actors would use its site to check transactions without fear of “leaving a ‘footprint’” on crypto exchanges, the documents said.

But where the exchanges – and presumably most block explorers – have no eyes, Chainalysis has set its sights. It “‘scrapes’ the IP addresses of suspicious” users that fall into the honeypot of walletexplorer.com according to the documents.

[sklopan]

It should be understood that doing analytics on your own is not as easy as it might seem at first glance. This requires a lot of experience, and most importantly - an understanding of the essence of work and the market.

[OcTradism]

If you want to do your own on-chain analysis, you must get data from block explorers and make your analysis from on-chain data. Blockchain data is big and you must have skillful coding ability to download, extract, analyze big data from blockchain.

If you only visit websites that provide on-chain analysis, you are reading their works. And you don't analyze on-chain data. You only are reading, criticizing, assessing their analysis. What you do is secondary analysis from on-chain analytic report. You not do your own on-chain analysis.

[Potato Chips]

please stop recommending walletexplorer.com/, Chainalysis bought it in a while

Tbf, the same can be said with every block explorers, there's no guarantee they aren't sharing your data. If OP is concerned about this, they can 'minimize' such risk using TOR.

[pgbit]

The Bitcoin Wiki and GitHub are great resources for on-chain analysis. The Bitcoin Wiki has a section dedicated to blockchain explorers, transaction analysis, and network statistics. GitHub offers many open-source tools for data visualizations, analysis scripts, and blockchain explorers. Both resources provide comprehensive information on on-chain analysis for Bitcoin and other cryptocurrencies. Incorporating on-chain analysis, along with technical and fundamental analysis, can assist in making informed investment decisions.

[mk4]

GlassNode is pretty much the best(to my knowledge) on-chain data platform for people who aren't literate as with manually checking the blockchain. Yes, it costs money, but $29/month isn't that bad if you actually can capitalize off the data.

[Bitcoin_Arena]

>>snip<<

I am not sure if I missed anything, but how is the website you have just shared have anything top do with on-chain analysis?

All I see are hundreds of altcoins or DeFi's, the money raised and the ROIs. I don't even see anything to do with bitcoin or actual blockchain analysis.

[SquirrelJulietGarden]

So, since the data is available from the chain, can we do our analysis?

Blockchain data are stored on public ledgers and if you have skills to program your tools to retrieve data from blockchains or call APIs to download data from some blockchain explorer services, you can have completed blockchain data which can be used for your on-chain analysis.

However, you must learn how to code for retrieving data and analyzing data.

You can do it with R, Python and some other languages.

https://github.com/topics/on-chain-analysis

[SirLancelot]

So, since the data is available from the chain, can we do our analysis?

Blockchain data are stored on public ledgers and if you have skills to program your tools to retrieve data from blockchains or call APIs to download data from some blockchain explorer services, you can have completed blockchain data which can be used for your on-chain analysis.

However, you must learn how to code for retrieving data and analyzing data.

You can do it with R, Python and some other languages.

https://github.com/topics/on-chain-analysis

Coding seems like too hard for an average Joe and it takes time to learn it. Most importantly is, this isn't the one the OP wants to learn but he is more concerned of trading or investing. If he have some cash with him, he can just pay some coders to gather the data's for him. That should save him from the hassle.

Blockchain data's are free though and anyone can see it. If you have a basic understanding on how crypto works, I am sure that you can analyze the data that you see in the blockchain on your own but it was still up to you if you want to complicate things further. I rarely heard this on-chain analysis but we can add it on the current analysis that we are using (e.g technical and fundamental) in order to have a better winning rate.