ON-CHAIN SIGNALS

On-Chain Data Analyst Master Course

The Real Movement of the Invisible Market

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 does the money go, and through what channels does it actually move?"
The idea is to verify this directly with data.

On-chain analysis is
not "what others say" but
a 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 scenarios.

🎯 What You'll Gain from This Course

By the end of this course, you will…

• You'll be able to interpret the market through capital flow rather than coin prices.

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

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

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

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

👤 This course is designed for

• "Not just charts, but where the money actually goes" - investors and traders who want to know

• For aspiring analysts, PMs, and researchers who want to create on-chain data-based research and reports

• While designing Web3 business and services,
  planners/operators who need to understandactual user and fund movements

• If you've been "just browsing" tools like Arkham, Nansen, and Dune and wanted to learn them properly and systematically

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

You can take this course even if you don't know programming.
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 – "The Point Where the Invisible Becomes Visible"

• On-chain vs Off-chain: What Gets Recorded and What Doesn't

• How information asymmetry is reduced,
  and why "documentation becomes opportunity"

• Address, transaction, and block how they record the flow of money in their structure

• # Mechanism of How On-Chain Analysis Connects to Actual Investment Strategies

[Example] Understanding the Advantages and Limitations of On-Chain Analysis 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 application of on-chain data.

[Example] On-chain transaction flow: 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.

The goal of this part:
To give you the 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

    • Input Data / Internal Txns / Logs / State - How to Interpret Them

  • 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 the 'fact data' recorded by the actual blockchain, not price charts.

• Dune

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

  • Understanding query structure,
    and modifying it to "the question I 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 and DEX Data Yourself

Learn how to analyze Uniswap v3's trading volume, fees, and pair-specific flows through direct queries.
This section helps you develop the ability to read DeFi market strength and weakness through data, not news.

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

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

• Bridge

  • L1 ↔ L2, Chain ↔ Chain Fund Transfer Structure

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

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

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

Learn how to trace L1→L2 message delivery using only event logs.

[Example] The essence of Bridge: Message creation → Registration → Execution. Understanding this flow reveals the chain.

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 Netflow to Determine
    "Is This a Market Where Money is Flowing In or Out"

  • Cross-chain movements, CEX deposits/withdrawals
    "Which chain, which sector is gaining attention now" - Understanding the signals

[Example] Reading the Market's 'Breath' Through Stablecoin Net Issuance

Analyzes 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 be used as warning signals of capital outflows.

[Example] CCTP-based Cross-Chain Transfer—Understanding the Actual 'Fund Movement Path' of USDC.

By analyzing the net inflow and outflow of USDC through CCTP (Chain-to-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 the Ethereum mainnet are key data for capturing strategic position changes by institutions and whales.

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

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

• Whale Wallet

  • Whale Address Selection Criteria and Types

  • Reading typical behavioral patterns of whales such as
    split accumulation, sweeps, key replacements, and counterparty repetition patterns

  • Utilize the practical whale address dashboard tool created directly by the instructor

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

By analyzing USDC net inflows and activity patterns by period, 'the real whales moving the market right now'are automatically identified. It's an essential tool for tracking whale footprints with data instead of rumors.

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

Analyze the daily net inflow, CEX movements, Top N counterparties, session holding time, sweep patterns, and more of specific whale wallets in a single integrated view. 'Why does this whale move this way?' This is a tool that helps you develop advanced analytical skills to interpret these patterns on your own.

The goal of this part:
To go beyond simply hearing rumors like "whales are active," and develop the ability to clearly explain in your own words,
"This address moved like this, and here's what it means."

Additionally, we cover the ability to find and interpret whale wallet addresses, which are major market players, on your own.

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

• How to effectively use top on-chain tools like Arkham, Nansen, and DeBank

• How to combine free and 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 screen demonstrations. Beyond simple queries, you'll acquire 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 to "What can I do with this to make a living going forward?"

To grow as an on-chain analyst, you'll learn advanced analysis techniques and tool utilization methods together, and organize 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 the Elaborate Rug Pull On-Chain Scam Structure Through the SQUID Token Incident

  
  

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

In the appendix, you'll learn about scam token structures, rugpull progression stages, liquidity removal tricks, and more
by directly examining fraud patterns that frequently occur in real markets through on-chain data.
Now, instead of wondering "why did I fall for it," you'll be able to determine how to avoid it on your own.

🌱 Your Transformation After Taking the Course

• Rather than being swayed by Telegram/Twitter rumors,
  you'll develop the habit of checking Etherscan and Dune directly.

• Instead of stopping at "This coin looks good,"
  you start seeing the market three-dimensionally, like "These addresses, this bridge, this stablecoin flow are telling me this"
  

• Not just a simple investor,
  but someone who translates on-chain data into language, stories, and strategies—
  you'll level up to that stage.

• 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.