ON-CHAIN SIGNALS

On-chain Data Analyst Master Course

The real, invisible movements of the 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 is a
technique for interpreting the market based on facts already recorded on the blockchain.

This course is a practical introductory and advanced integrated on-chain analysis course restructured by the author of "ON-CHAIN SIGNALS: The Real Movements 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 capital flow 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 money is moving from and to, and why”
  .

• You will gain the intuition 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 research and reports based on on-chain data

• 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 core pillar of their career in the long term

You can take this course even if you don't know programming.
However, please be sure to bring your curiosity to understand numbers and structures.

🧭 Lecture Structure at a Glance

Part 1. Into the World of On-chain Analysis – “The stage where the invisible begins to become visible”

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

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

• How the structure of addresses, transactions, and blocks leaves 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 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 is for visually understanding the entire process of how on-chain data is created and recorded on the blockchain. Understanding this process will make the 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 market rhythm block by block

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

Learn how to directly read the basic structures 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, CEX deposits/withdrawals, and more

  • Understanding the query structure and how to modify it into “the questions I want to ask” by changing just a few
    numbers

  • A hands-on routine to
    extract on-chain data into charts by writing simple queries yourself

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

Learn how to directly analyze Uniswap v3 trading volume, fees, and flow 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 you feel that tools like Etherscan and Dune are no longer intimidating, but rather "tools that you command."

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

• Bridge

  • L1 ↔ L2, Chain ↔ Chain fund transfer structures

  • 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. Understanding this flow allows you to see the chain.

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 currently flowing in or out of the market
    through Netflow.

  • Connecting with cross-chain movements and CEX deposits/withdrawals to interpret
    “which chain and which sector are now gaining attention”

[Example] Reading the 'breath' of the market through the net issuance of stablecoins.

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] Inter-chain movement based on CCTP—Identifying the actual 'fund flow path' of USDC.

Analyze the net inflow and outflow of USDC through CCTP (Chain-to-Chain Transfer Protocol)
to identify which chains funds are leaving and where they are flowing into.
In particular, net outflows/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/Outflows—Tracking actual buying and selling pressure.

By analyzing 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 major leading signal that points to an increased possibility of spot buying.

• Whale Wallet

  • Criteria and types for selecting whale addresses

  • Reading typical whale behavior patterns such as split accumulation, sweeps, key rotations, and counterparty repetition 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 moving the market right now” are automatically filtered. This is a core tool that allows you to track the footprints of whales with data instead of rumors.

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

It provides an integrated analysis of a specific whale wallet's daily net inflow, CEX movements, Top N counterparties, session holding time, and sweep patterns all on a single screen. 'Why is this whale moving like this?' It is a tool designed to cultivate advanced analytical skills, allowing you to interpret such questions for yourself.

The 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 this is what it means."

Additionally, 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 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

Learn the address identification, smart money tracking, and fund flow analysis tools used by on-chain experts with actual screens. You will master advanced analytical skills that go beyond simple lookups to 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 you will make a living with this in the future.”

We will learn everything from advanced analysis techniques to tool utilization methods required 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 On-chain Fraud Structure of Rug Pulls 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 verifying
common fraud types through on-chain data, such as scam token structures, rug pull stages, and liquidity removal tricks.
Now, instead of wondering "why did I get scammed," you will be able to judge how to avoid them for yourself.

🌱 Your transformation after the course

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

• You will no longer stop at “This coin looks good,” but instead start to view the market in a multi-dimensional way, saying things like
  “These addresses, this bridge, and this stablecoin flow are telling me this.”
  

• You will rise to the next level, not just as a simple investor, but as
  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 on your own 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