ON-CHAIN SIGNALS

On-chain Data Analyst Master Course

The real movements of the invisible market

Price charts, news, influencers…
it is now difficult to read the market with those things alone.

The starting point of this lecture is simple.

“Where is the money actually moving, and through which paths?”
It's about verifying that directly with data.

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

This course is a practical, integrated introductory and advanced on-chain analysis course restructured by the author of "ON-CHAIN SIGNALS: The Real Movement of the Invisible Market" to be used immediately in actual investment and analysis fields.

🎯 What you will gain from this course

Upon completing this course, you will...

• You will be able to interpret the market through fund flows rather than 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 will be able to explain with data
  “where the 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.

👤 Created for people like this

• Investors and traders who say, “I want to know where the real money is going, not just look at charts.”

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

• Planners/operators who need to understand actual user and fund movements
  while designing Web3 businesses and services

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

• Those who want to establish “on-chain analysis” as a pillar of their career in the long term

No programming knowledge is required to take this course.
However, please bring a curiosity to understand numbers and structures.

🧭 Lecture Structure at a Glance

Part 1. Into the World of On-chain Analysis – “The Zone Where the Invisible Becomes Visible”

• On-chain vs. Off-chain: What is recorded and what is not

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

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

• Summary of “The Mechanism by Which On-Chain Analysis Connects to Actual Investment Strategies”

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

This is a comparison table that quickly summarizes the core reasons why on-chain analysis is powerful and the limits of its interpretation.
Through this table, you can intuitively understand the nature and scope of on-chain data application.

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

This section helps you visually understand the entire process of how on-chain data is created and recorded on the blockchain. Understanding this process will make your subsequent Etherscan analysis much easier to follow.

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

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

• Etherscan

  • Reading Address Profiles: Is it a whale or a rookie?

  • In the transaction details window

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

  • How to read the rhythm of the market 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 to understanding the "fact data" recorded by the actual blockchain, rather than just price charts.

• Dune

  • How to use pre-made dashboards to view
    stablecoins, bridges, whales, and CEX inflows/outflows

  • How to understand the query structure and modify just a few numbers to create “the question I want to ask.”
    

  • A hands-on routine to write simple queries yourself and
    extract on-chain data into charts

[Example] Dune: How to interpret DeFi and DEX data on your own

Learn how to directly analyze Uniswap v3 trading volume, fees, and flows by pair using queries.
This part focuses on developing the ability to read the strengths and weaknesses of the DeFi market through data rather than news.

The goal of this part:
To make tools like Etherscan and Dune no longer intimidating, but rather give you the sense that they are "tools under your command."

Part 3. How to Read the Movement of Money – “An Eye for Interpreting Bridges, Stablecoins, and Whales”

• Bridge

  • L1 ↔ L2, Chain ↔ Chain fund movement structure

  • Differences and analysis points by bridge method, such as Lock & Mint / Burn & Mint / Liquidity-based, etc.
    

  • How to see “the path where money moves first” by following actual bridge transactions with Etherscan & Dune
    

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

Learn how to track how L1→L2 messages are delivered using only event logs.

[Example] The essence of a bridge: Message creation → Registration → Execution. Understand this flow, and you will see how the chain works.

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

• Stablecoins (USDT, USDC, etc.)

  • A perspective that views stablecoins as “assets that reflect market sentiment”

  • How to read whether money is flowing into or out of the market right now
    through Netflow (net inflows and outflows)

  • Interpreting “which chain or sector is now gaining attention” by connecting it with cross-chain movements and CEX deposits/withdrawals
    

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

Analyze the overall liquidity flow of the market by aggregating the issuance and burning volumes of major stablecoins such as USDT, USDC, and DAI. Periods of increasing net issuance can be interpreted as times when new dollars are flowing into the market, while periods of decrease can serve as a risk signal indicating capital outflow.

[Example] CCTP-based Cross-chain Movement—Identifying the actual ‘Capital Flow Path’ of USDC.

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

[Example] Based on Centralized Exchange (CEX) Inflows and Outflows—Tracking actual buy and sell pressure.

By monitoring the deposit and withdrawal flows of stablecoins on exchanges, you can determine whether market participants are in a risk-on (preparing to buy) or risk-off (cashing out) state. In particular, large-scale stablecoin withdrawals are a key leading indicator that suggests an increased possibility of spot buying.

• Whale Wallet

  • Whale wallet selection criteria and types

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

  • Utilizing the practical whale address dashboard tool created 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 currently moving the market" are automatically filtered. This is a core tool that allows you to track the footprints of whales using data instead of rumors.

[Example] Whale Deep-Dive Dashboard — An analytical laboratory for the complete dissection of a single whale address

It provides an integrated analysis on a single screen of a specific whale wallet's daily net inflow, CEX transfers, Top N counterparties, session holding times, and sweep patterns. “Why is this whale moving like this?” This tool helps you develop advanced analytical skills to interpret such questions on your own.

Goal of this part:
To go beyond simple rumors like "I heard whales are buying" and to equip you with the skills to clearly explain in your own words, "This address moved like this, and therefore, this is what it means."

In addition, we will cover the ability to independently find and interpret the wallet addresses of whales, who are the major players in the market.

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

• What perspective to take when using top-tier on-chain tools such as Arkham, Nansen, and DeBank

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

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

• Investor → Data Consumer → Roadmap to growing into an "Interpreter and Architect"

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

You will learn about the address identification, smart money tracking, and fund flow analysis tools used by on-chain experts, along with actual interface demonstrations. You will acquire advanced analysis skills that go beyond simple lookups to include interpreting whale movements, risks, and patterns.

The goal of this part:
is not just to end at "I learned it," but to connect it to "how can I use this to make a living in the future?"

We will learn advanced analysis techniques and tool usage necessary to grow as an on-chain analyst, and organize the learned content into a form that can be applied in the actual field.

Appendix. For those who want to go deeper

• The Era of AI Agents, the Future of On-chain Analysis

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

• Rug Pull Case Analysis – The sophisticated rug pull on-chain fraud structure as seen through the SQUID token incident

  
  

[Example] Real-world Response to Scams and Rug Pulls: Learning by Directly Observing Fraud Patterns

In the appendix, you will learn by directly identifying common
market scam types through on-chain data, including scam token structures, rug pull stages, and liquidity removal tricks.
Instead of asking "why did I get scammed," you will now be able to judge how to avoid them on your own.

🌱 Your transformation after the course

• Instead of being swayed by Telegram/Twitter rumors, you will develop a
  habit of opening and verifying Etherscan and Dune yourself.

• Instead of stopping at "This coin looks good,"
  you will begin to see the market in three dimensions, saying things like "These addresses, this bridge, and this stablecoin flow are telling me this."
  

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

• And above all,
  you will develop the ability to identify scams and rug pulls yourself without relying on external reputations.
  By directly reading liquidity, contracts, and internal transaction flows,
  you will gain the ability to sense "this is dangerous" before anyone else.

📚 Reference Materials

The on-chain analysis concepts and practical examples covered in the lecture
are also organized more systematically in the "On-Chain Analysis Series" book.

For more details: https://ccpress101.cafe24.com/surl/O/24