ON-CHAIN SIGNALS

On-Chain Data Analyst Master Course

The Real Market Movements You Can't See

Price charts, news, influencers...
It's difficult to read the market with just those things anymore.

The starting point of this course is simple.

"Where is the money going, and through what paths is it actually moving?"
Let's verify that directly with data.

On-chain analysis is
not "what others say,"
but rathera technique for interpreting the market based on facts already recorded on the blockchain.

This course is a practical on-chain analysis introductory and advanced integrated course, restructured by the author of 『ON-CHAIN SIGNALS: The Real Movement of the Invisible Market』 to be directly applicable in real investment and analysis settings.

🎯 What You'll Gain from This Course

After completing this course, you will…

• You'll be able to interpret the market through fund flows, not coin prices.

• You will be able to read and explain addresses, transactions, blocks, and event logs on your own.

• You can create "your own on-chain dashboard" using Etherscan and Dune.

• Through bridges, stablecoins, and whale addresses,
  you can explain with data "where money is moving from and to, and why, right now".

• You will gain the sense to design reports, content, and investment strategies based on on-chain data.

👤 This course is designed for:

• Investors and traders who want to know "not just charts, but where the real money is actually going"

• Aspiring analysts, PMs, and researchers who want to create on-chain data-driven research and reports

• Web3 business/service planners/operators who need to understand
  actual user and fund movements while designing

• Those who have only been "browsing" tools like Arkham, Nansen, and Dune and wanted to learn them properly and systematically

• Those who want to establish "on-chain analysis" as a career pillar in the long term

You can take this course even without programming knowledge.
However, it would be great if you bring curiosity to understand numbers and structures.

🧭 Course Structure at a Glance

Part 1. Into the World of On-Chain Analysis – "Where the Invisible Begins to Become Visible"

• On-chain vs Off-chain: What gets recorded and what doesn't

• How information asymmetry is reduced,
  why "records become opportunities"

• How addresses, transactions, and blocks leave a trail of money flow through their structure

• "Mechanisms connecting on-chain analysis to actual investment strategies" summary

[Example] On-Chain Analysis Advantages and Limitations at a Glance

This is a comparison table that quickly summarizes the key points of why on-chain analysis is powerful and at the same time how far interpretation is possible.
Through this table, you can intuitively understand the nature and scope of use of on-chain data.

[Example] Flow of On-Chain Transactions: Creation → Signing → Verification → Recording

This part helps you visually understand the entire process of how on-chain data is created and recorded on the blockchain through transactions. Understanding this process will make it much easier to connect with Etherscan analysis later on.

The goal of this part:
To give you a sense that "on-chain analysis" is not an abstract concept,
but a tool that can actually change your actions.

Part 2. Mastering the Tools – "Arming Yourself with Etherscan & Dune"

• Etherscan

  • Reading address profiles: Whale or rookie?

  • In the transaction details window

    • How to interpret Input Data / Internal Txns / Logs / State

  • How to read the market's rhythm block by block

[Example] Etherscan: The Starting Point of On-Chain Data

Learn how to directly read the basic structure of transactions, blocks, addresses, and contracts.
This is the first step in understanding 'fact data' recorded by the actual blockchain, not price charts.

• Dune

  • How to use pre-built dashboards to view
    stablecoins, bridges, whales, CEX deposits/withdrawals, etc.

  • Understanding query structure,
    and how to modify "the question you want to ask" by changing just a few numbers

  • Write simple queries yourself
    Hands-on routine to extract on-chain data as charts

[Example] Dune: How to Interpret DeFi & DEX Data on Your Own

Learn how to analyze Uniswap v3's trading volume, fees, and pair-specific flows through direct queries.
This part develops your ability to read DeFi market strength and weakness through data, not news.

The goal of this part:
To make tools like Etherscan, Dune no longer intimidating, but feel like "tools I command".

Part 3. How to Read the Movement of Money – "The Eye That Interprets Bridges, Stablecoins, and Whales"

• Bridge

  • L1 ↔ L2, chain ↔ chain fund movement structure

  • Lock & Mint / Burn & Mint / Liquidity-based, etc.
    Differences between bridge methods and analysis points

  • Following actual bridge transactions with Etherscan & Dune
    How to see "the gateway where money moves first"

[Example] How are L1 → L2 bridge messages actually recorded?

Learn how to track L1→L2 message delivery using event logs alone.

[Example] The essence of bridging: Message creation → Registration → Execution. Understanding this flow reveals how chains work.

Understand the entire bridge message flow from deposit to L2 execution at a glance.

• Stablecoins (USDT, USDC, etc.)

  • The perspective of viewing stablecoins as "assets that reflect market sentiment"

  • How to read "Is this a market where money is flowing in or flowing out" through
    net inflow and outflow (Netflow)

  • Connecting cross-chain movements and CEX deposits/withdrawals
    to interpret "which chain and which sector is now gaining attention"

[Example] Reading the market's 'breath' through stablecoin net issuance.

Analyze the overall market liquidity flow by aggregating the issuance and redemption volumes of major stablecoins such as USDT, USDC, and DAI. Periods of increasing net issuance indicate new dollar inflows into the market, while decreasing periods can serve as warning signals of capital outflows.

[Example] CCTP-based cross-chain movement—Understanding USDC's actual 'fund flow paths'.

By analyzing the net inflow and outflow of USDC through CCTP (Cross-Chain Transfer Protocol),
we can identify which chains are experiencing fund outflows and where funds are flowing into.
In particular, net outflows/inflows based on Ethereum mainnet are key data for capturing strategic position changes by institutions and whales.

[Example] Centralized Exchange (CEX) Deposit/Withdrawal Based—Tracking Actual Buying and Selling Pressure.

Through the flow of stablecoin deposits (inflows) and withdrawals from exchanges, you can determine whether market participants are risk-on (preparing to buy) or risk-off (cashing out). In particular, large-scale stablecoin withdrawals are a key leading indicator of increased spot buying potential.

• Whale Wallet

  • Criteria and Types for Selecting Whale Addresses

  • Reading split accumulation, sweeps, key replacements, counterparty repetition patterns, etc.
    typical behavioral patterns of whales

  • Using the instructor's custom-built practical whale address dashboard tool

[Example] Whale Radar — An on-chain scanner that captures whale candidates in real-time

By analyzing USDC net inflows and activity patterns by period, it automatically identifies 'the real whales moving the market right now'. This is a key tool for tracking whale footprints with data instead of rumors.

[Example] Whale Deep-Dive Dashboard — An analytical lab that completely dissects a single whale address

Provides integrated analysis of a specific whale wallet's daily net inflow, CEX movements, Top N counterparties, holding duration by session, sweep patterns, and more—all on a single screen. 'Why does this whale move this way?'—a tool that cultivates advanced analytical capabilities to interpret this on your own.

The goal of this part:
To go beyond simply hearing rumors like "whales are buying," and develop the ability to clearly explain in your own words,
"This address moved like this, and therefore the meaning is this."

Additionally, we cover the ability to independently find and interpret whale wallet addresses, which are key market players.

Part 4. Moving Forward – "Advanced Analysis" and "Living as an On-chain Analyst"

• How to use top onchain tools like Arkham, Nansen, DeBank, etc. from the right perspective

• How to combine free/paid tools according to your purpose

• The daily routine of an on-chain analyst, the actual methods of incorporating on-chain data into research, reports, dashboards, and content creation

• Investor → Data Consumer → Roadmap to Growing as an "Interpreter and Designer"

[Example] Advanced On-chain Analysis Tools: Arkham · Nansen · DeBank

Learn the tools used by on-chain experts for address identification, smart money tracking, and fund flow analysis with actual screenshots. Go beyond simple lookups to master advanced analytical skills that enable whale movement, risk, and pattern interpretation.

The goal of this part:
Not just stopping at "I learned it," but connecting it all the way to "How can I make a living with this going forward?"

You'll learn advanced analysis techniques and tool utilization methods needed to grow as an on-chain analyst, while organizing what you've learned into a format that can be applied in real-world scenarios.

Appendix. For Those Who Want to Dive Deeper

• The Future of On-Chain Analysis in the Age of AI Agents

• How to Identify Scam Tokens – On-chain Fraud Patterns You Must Avoid

• Rug Pull Case Analysis – Understanding Sophisticated Rug Pull On-Chain Scam Structures Through the SQUID Token Incident

  
  

[Example] Practical Response to Scams & Rug Pulls: Learning by Seeing Fraud Patterns Firsthand

In the appendix, you'll learn about scam token structures, rug pull progression stages, liquidity removal tricks, and other
fraud types commonly occurring in the market by directly examining on-chain data.
Now, instead of wondering "why did I fall for this?", you'll be able to judge for yourself how to avoid it.

🌱 After Taking This Course, Your Transformation

• You'll develop
  the habit of opening Etherscan and Dune to verify directly rather than being swayed by Telegram/Twitter rumors.

• You won't stop at "This coin looks good?"
  but instead view the market multidimensionally, thinking
  "These addresses, this bridge, this stablecoin flow is telling me this."

• You move up a level from being a simple investor
  to someone who translates on-chain data into language, stories, and strategies.
  

• And most importantly,
  you'll develop the ability to identify scams and rug pulls on your own without relying on external reputation.
  By directly reading liquidity, contracts, and internal transaction flows,
  you'll gain the ability to detect "this is dangerous" before others do.