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On-chain data analyzes all transaction records and fund flows on the blockchain. This data reveals the actual behavior of market participants and the movements of "whales." It shows the essential market condition rather than just simple price charts.

We can predict price fluctuations through "exchange netflow" which suggests selling or buying pressure, "number of active addresses" which shows real network demand, and "hashrate" which gauges miner sentiment and market bottoms.

Using tools like Etherscan, you must directly check the status of your asset transfers (success/pending/fail) and movement paths. It is essential to manage assets transparently by checking gas fees and tracking whale wallets.

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What is On-Chain Data?

Just as you look at financial statements to judge a company's value in the stock market, there is an important criterion in the crypto market called on-chain data. On-chain data refers to all transaction records occurring on the blockchain, wallet fund movements, and mining activities.

Thanks to the transparency of the blockchain, anyone can view this data. While charts simply show the result of a price, on-chain data shows the actual behavior of market participants and the flow of funds. Therefore, using this well helps significantly in formulating investment strategies by grasping signs of accumulation or selling by whales (large holders).

3 Key Indicators that Foretell Price Fluctuations

Before the price actually moves, blockchain data often sends leading signals. I will introduce the three most representative indicators that beginner investors should watch.

First, there is Exchange Netflow. How many coins come into and go out of exchange wallets shows the potential buying and selling pressure of the market.

• Increased Inflow: Moving coins held in personal wallets to an exchange is likely a signal that they are preparing to sell soon. This acts as potential selling pressure and can be a factor for price decline.
• Increased Outflow: Conversely, moving coins bought on an exchange to individual wallets or cold wallets is interpreted as the will to hold for the long term. This is viewed as a positive signal for price rise as the circulating supply in the market decreases.

Second, there is the Number of Active Addresses. This means the number of wallets that have had activity at least once, such as deposit or withdrawal, during a specific period. You can understand this as a concept similar to Daily Active Users (DAU) for stocks or app services.

• An increase in the number of active addresses is a healthy sign that actual usage and demand for that blockchain network are increasing.
• However, you should be cautious if the price rises but the number of active addresses drops sharply. This is interpreted as a warning signal of a trend reversal, as there is a possibility that a small amount of capital is artificially pulling up the price.

Third, there is Hashrate. For Proof-of-Work (PoW) coins like Bitcoin, this refers to the total sum of computing power used to maintain the network.

• A high hashrate means miners are increasing investment despite bearing huge electricity and equipment costs. In other words, it has a positive meaning that they are confident in long-term price increases.
• Conversely, if the hashrate plummets even during a price decline, it may be the miner capitulation phase where miners give up the business because it is not profitable. Historically, this point has often been the market bottom.

How to Use Block Explorers

To confirm whether your assets have been transmitted safely, you must learn how to use block explorers like Etherscan. A block explorer is like the Google search bar for the blockchain.

After transferring assets, enter the TXID (Transaction ID) issued by the exchange or your wallet address into the search bar to see the current status in real-time.

• If it says "Success," it has been normally recorded on the blockchain. If it is not reflected in the exchange balance, you must contact the exchange customer center. "Pending" is a waiting status where processing is delayed due to network congestion, etc., and "Fail" is a case where transmission failed due to lack of gas fees.
• You need a habit of accurately checking the "From" (sender address) and "To" (receiver address). This is the surest way to grasp where assets actually flowed, especially when a wrong deposit accident occurs.

Besides this, you can also use it to track whether the gas fee (commission) you paid was appropriate, or to see how whales holding a large amount of a specific coin are moving their assets.

Conclusion

If chart analysis predicts the future based on past records, on-chain data analysis looks into the current behavior of market participants.

Check objective data periodically, such as how much coins are flowing into exchanges and how active the network is. You will be able to invest wisely based on data without being shaken by market news or noise.

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