Reading the chain
Every bitcoin ever moved is public. This course teaches you what that record shows, what it can't show, and how the best-known indicators turn it into something you can read.
Beginner
- What the chain recordsWhat a blockchain actually stores: blocks, transactions and the outputs that make up every coin.
- Addresses are not peopleWhy one person can own thousands of addresses and one address can hold thousands of people's coins, and how on-chain data deals with it.
- Supply: issued, burned, lostHow Bitcoin's halving schedule and Ethereum's burn set supply, and why some coins will never move again.
Intermediate
- Realised price: the market's costRealised price values every coin at the price it last moved. Learn how it's worked out and why it's the anchor of on-chain valuation.
- MVRV: value against costMVRV compares market value with realised value. What it means above 1, below 1, and why extremes rather than single levels matter.
- Long-term and short-term holdersWhy coin age matters on-chain, what separates long-term from short-term holders, and how coin days destroyed spots old coins moving.
- SOPR: are sellers in profit?The Spent Output Profit Ratio shows whether coins moving today are moving at a profit or a loss. How to read it around the 1.0 line.
Advanced
- Exchange balances and flowsWhat coins moving onto and off exchanges can and can't tell you, why label coverage matters, and how to read flows in context.
- Miners and hash rateHash rate, difficulty and miner income: how to read miner stress with Hash Ribbons and the Puell Multiple, and why it matters less each halving.
- Reading indicators togetherHow to combine on-chain indicators without fooling yourself: independent evidence, cycle context and checking what worked in the past.