Top 12 Onchain Analysis Tools in 2024: All You Need to Know

Being a crypto investor is a whole different ball game compared to traditional asset classes. Other than being extremely more volatile, there is also much more data available in the crypto industry. In this article by Finestel, we’re going to introduce the best onchain analysis tools to help you take advantage of this data and make better investment decisions.

First, we will explain what on-chain analysis is and why it matters. Once you’re convinced that on-chain analysis can improve your investing performance, we move on to review some of the best onchain analysis tools available. By the end of this article, you’ll know if on-chain analysis is the missing piece of the puzzle in your trading arsenal and, if so, what the best chain analysis software is for you.

What Is Onchain Analysis?

On-chain analysis is essentially the equivalent of fundamental analysis in crypto. As you might already know, fundamental analysis is all about valuation. Well, onchain analysis is no different. The primary goal of analyzing on-chain data is to find out whether the coin you’re tracking is overbought or oversold. Another use case of onchain metrics is in market sentiment analysis.

Onchain data is extracted from the blockchain, hence the name. The blockchain is a decentralized, transparent ledger of transactions. You can view any transaction on the blockchain, and that’s the basis of onchain analysis. In other words, onchain analysis tools extract the data related to transactions occurring on the blockchain. They will then cleanse the data, create metrics, and visualize them on charts. The analysts will then use these charts to make predictions about market trends.

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On-Chain Data Categories

You can categorize on-chain data in numerous ways. Yet, they all fall into one or more of the three primary categories below:

Transaction Data

Transaction data includes every tiny detail related to an on-chain transfer. It includes sending and receiving addresses, transferred amounts, and so on. Any detail you can view on blockchain explorers about a transaction falls into this category. Transaction data can provide insights into the flow of funds on the blockchain. It allows you to track individual large transactions and the aggregate behavior of investors.

Block Data

Onchain transactions are validated inside blocks. Block data contains information like timestamps, miner fees, and rewards. Analyzing block data can provide valuable insight into the overall network health and security. Moreover, a large portion of block data allows analysts to track the behavior of miners, arguably the most important cohort on the network.

Smart Contract Code

Smart contract data involves the coded execution logic on a blockchain. This is particularly relevant for blockchains that support smart contracts, like Ethereum. Analyzing smart contract activities allows you to look into decentralized applications (dApps) and protocols running on the blockchain network.

What Is an Onchain Analysis Tool?

An onchain analysis tool is a platform that offers charts and metrics to analyze. They essentially use data science and machine learning methods to extract raw data and transform it into readable information. While the best onchain analysis tools mostly offer all the categories of data introduced above, some of them are specialists.

On-chain analysis tools offer several advantages for those involved in the crypto markets. They provide transparency by allowing users to independently analyze transactions and other activities. This is all based on the transparency offered by the blockchain. Beautiful, isn’t it? Thanks, Satoshi.

Meanwhile, on-chain analysis tools also have their fair share of limitations. Blockchain data can be complex, so much so that it can’t be precisely visualized sometimes. Therefore, onchain analysis platforms often face the trade-off between accuracy and clarity. This dilemma and any choice they make can significantly affect their product. Meanwhile, some of them have been able to hit the right balance and, consequently, made it to the list of the best onchain analysis tools.

Why Is Choosing the Right Onchain Analysis Tool Important?

Many traders and investors assume technical analysis is enough. Yet, if you’re even remotely interested in professional investing, you’ll know that’s not the case. Even in traditional markets, expert investors rely on fundamental analysis for asset valuation. Technical analysis is merely a tool for identifying entry and exit points.

On-chain analysis is the primary form of fundamental analysis in the crypto market. So, depending on your goals and preferences, choosing the right on chain analytics platform is crucial. As an investor, delving into the fundamentals of blockchain networks and even data related to the derivatives market can do wonders.

Centralized exchanges, crypto institutions, and even regulators also benefit from blockchain analysis tools. Of course, their use is not investing related, and falls into the AML field. Eitherway, Satoshi’s invention has gifted us a magnificiently transparent financial system. So, why not exploit it in the age of data?

Make sure to understand your needs and preferences first. This is the first step in choosing the best onchain analysis tool for you. If you are solely a Bitcoin investor, a DeFi enthusiast, or even a developer, there are suitable onchain analysis tools for your specific needs. You only need to do your research and choose wisely.

Best Onchain Analysis Tools in 2024

Now that you have a basic understanding of what on-chain analysis is and what data platforms have to offer, it’s time to explore the best onchain analysis tools available. Note that each tool might be specialized in a unique section. So carefully read the reviews below to find out the best onchain analysis tools for you.

• Glassnode: Best platform for professional asset managers and institutions
• CryptoQuant: Best for Bitcoin and Ethereum traders
• Dune Analytics: Best open source onchain analysis tool
• Santiment: Best sentiment analysis platform
• Chainalysis: Best onchain analysis tool for AML compliance
• Messari: Best crypto research tool for gem hunters

Glassnode

When it comes to on-chain analysis, Glassnode is the most household name. The company was founded in 2018 in Switzerland. Glassnode has been one of the go-to platforms for both individuals and institutions seeking data-driven solutions in the crypto market.

Here is a look at Glassnode’s most prominent features:

• Onchain Analytics: Glassnode specializes in providing insightful onchain metrics. These Glassnode metrics range from transaction-based data like SOPR to block-based data, including the Glassnode hashrate metric. The unique proposition of Glassnode is its economic view on blockchain activities. In fact, most of their metrics are based on economic theories.
• Derivative Market Data: In addition to on chain analytics, you can also track the derivatives market with Glassnode metrics. Glassnode funding rates, open interest, and other metrics can help you analyze futures market sentiment in detail.
• Data Visualization: Glassnode Studio offers a range of charts and graphs that display real-time market data for Bitcoin, Ethereum, and DeFi networks. Visualization is one of the key parts of data analysis, and Glassnode Studio does it perfectly.
• API Access: With the Glassnode API, you can access to a vast array of on-chain and derivatives data. Using the Glassnode API keys, both individuals and companies can utilize Glassnode’s products.
• Institutional Solutions: Glassnode’s products make it the best onchain analysis tool for institutions. From quantitative trading and exchange risk management to crypto tax reporting (via Accointing). You name it.

Read more about the best crypto institutional services in 2024.

CryptoQuant

While mostly being known as one of the cheaper Glassnode alternatives, CQ is more than that. CryptoQuant is another leader in the onchain analytics industry. While also offering institutional services, the CryptoQuant app is touted as the best onchain analysis tool for individuals.

Founded in 2018 in South Korea, CryptoQuant serves millions of crypto investors around the world. Let’s have a look at CryptoQuant’s offerings:

• On-Chain Data Solutions: CryptoQuant tracks on chain analysis Bitcoin, Ethereum, and other large coins and ERC20 tokens metrics. Yet, the platform mostly offers on chain analysis Bitcoin metrics, and has less focus on other coins. So, if you want a user-friendly tool to monitor the overall crypto market trend, the CryptoQuant app is a top solution.
• Futures Market Analytics: Similar to Glassnode, CryptoQuant offers visualized futures market data. These metrics include aggregate open interest, funding rates, taker buy/sell ratio, and more. You can also craft your own derivative and on chain analytics on the CryptoQuant app.
• CryptoQuant API: CryptoQuant API keys are also accessible on the platform. With CryptoQuant API keys, you can export and utilize data on various software tools or even develop your own chain analysis software.
• CryptoQuant Alert Bot: Timely notifications delivered into your inbox or Telegram. That’s what the CryptoQuant alert bot is all about. You can use CQ alerts to track any on-chain metric offered on the platform and get notified about the latest changes.
• Insights: CryptoQuant Quicktakes are where CQ verified authors post their analyses. They track the latest market developments and share ideas. Moreover, CryptoQuant also publishes research articles that could be an invaluable source for crypto dataholics.

Dune Analytics

Dune Analytics is an open-source platform that provides blockchain and onchain analytics for the Web3 community. It allows users to explore and share data from various blockchains. These include Ethereum, xDai, Polygon, Optimism, BSC, and Solana, for free.

Let’s take a look at Dune Analytics and products:

• Dashboards and Queries: Users can create SQL queries on blockchain data on Dune Analytics. The results are visualized as charts. These charts can be assembled into dashboards to provide an overview of a project’s key metrics, gas prices, and more.
• Sharing and Collaboration: Users can explore and share other’s queries and dashboards, fork them, and create their own.
• Various Supported Blockchains: Dune Analytics supports data from Ethereum, Bitcoin, Polygon, BNB Chain, Solana, Arbitrum, Avalanche, and other blockchains.
• Tracking Wallet Activity: Users can track wallet activity using Alchemy’s Transfers API. It is a crucial feature in tracking whales and other important crypto market cohorts.
• Customizable Analytics: If you want a specific analytics dashboard for a certain Web3 project, Dune Analytics lets you create and customize your own.

Coin Metrics

Coin Metrics is a leading provider of transparent and actionable crypto market and network data. As another one of the popular Glassnode alternatives, it offers a range of data feeds and onchain analysis tools to help clients better understand and invest in crypto.

Here are some key features of Coin Metrics:

• Comprehensive Onchain Analytics: CoinMetrics provides access to a vast array of data points across multiple blockchains. They include Bitcoin, Ethereum, Ripple, Litecoin, and more. Users can delve into transaction volumes, network hash rates, and other essential metrics.
• Real-Time Updates: Stay informed and ahead of the curve with real-time data updates. CoinMetrics continuously monitors blockchain activity and updates its database in real time.
• Customizable Dashboards: You can monitor price movements as a trader or analyze network activity as a researcher. Yet, that’s not all. CoinMetrics allows users to create personalized dashboards with your preferred blockchain analysis tools.
• API Access: CoinMetrics API access is also available. Developers can integrate blockchain data into their applications and workflows. This feature allows for the creation of custom solutions and innovative uses of blockchain data.
• CoinMetrics Index, Portfolio, Report, and Newsletter: CoinMetrics Index tracks the top 10 cryptocurrencies by market capitalization. CoinMetrics Portfolio is also a diversified optimal crypto portfolio suggestion. Moreover, crypto market reports and timely newsletters provide updates on the latest developments.

Santiment

Santiment is a leading crypto market intelligence platform. It provides on chain analytics, social media sentiment metrics, and financial data. It offers a range of features to help traders, investors, and researchers gain insights into the crypto market.

Here are the most prominent features and products of Santiment:

• On-Chain Data Analytics: Santiment tracks and analyzes blockchain activity. It allows users to monitor on chain analysis Bitcoin and Ethereum metrics like transaction volumes, active addresses, and whale movements.
• Social Data Feeds: Santiment collects and aggregates sentiment data from various social media platforms. It’s a great tool for monitoring online communities and gauging mass market sentiment.
• Crowdsourced Data: The platform leverages crowdsourced data from its community to provide additional insights. These include project-specific information and expert analysis.
• Interactive Reports: Santiment offers interactive data visualizations and reports. With just a few clicks, you can quickly explore and analyze crypto market data on Santiment.
• Santiment Alerts and Signals: Users can set custom alerts for specific metrics or events. You can get real-time updates about the latest price movements or unusual activity.

The Block

The Block is a comprehensive platform that provides insights, data, and analysis on the crypto market. It offers data related to spot markets, futures, ETFs, indices, and more. While The Block is more than an on-chain analysis tool, we are here for their chain analysis software.

Let’s briefly review the main features of The Block:

• Market Coverage: The Block covers a wide range of markets. These include spot markets, futures, Bitcoin ETFs, Ethereum ETFs, crypto indices, CME COTs, options, sports tokens, and more. It is arguably the most comprehensive on-chain analysis crypto platform.
• Data Analysis: The platform provides in-depth data analysis on various cryptocurrencies. From Bitcoin and Ethereum to Solana, Polkadot, and Aptos. It’s arguably the most comprehensive onchain analysis tool.
• Insights and Reports: Users can access insights, reports, and analysis on DeFi, RWA, derivatives, exchange data, restaking, lending, exploits, protocol revenue, value locked, social metrics, NFTs, art, collectibles, gaming, and marketplaces, providing valuable information for informed decision-making.
• Alternative Metrics: The Block offers alternative metrics such as web traffic, app usage, and social metrics to help users gauge the performance and popularity of various projects and platforms in the cryptocurrency space.

Coinglass

Coinglass is another top crypto and chain analysis software. It provides onchain data analytics and futures market metrics. Whether you are a professional trader, asset manager, or onchain analyst, Coinglass has a lot to offer.

Here’s a deeper look into what Coinglass provides on its on-chain analysis crypto platform:

• Crypto Futures Data: Coinglass provides detailed data and analytics for crypto futures markets. These include Bitcoin liquidations, open interest, funding rates, and more. This data is extracted from major exchanges like Binance, OKX, FTX, and Dydx.
• Coinglass Alerts: Users can set personalized price alerts for their favorite cryptocurrencies. This way, you will never miss a significant market move again.
• Comprehensive Coin Data: The app offers in-depth data on over 1,000 cryptocurrencies. Coinglass data includes current prices, charts, longs vs. shorts, market cap, volume, and other project details.
• Portfolio Tracking: The Coinglass portfolio tracker allows you to create a watchlist of your preferred crypto assets and track your portfolio performance.

Messari

Messari is a comprehensive chain analysis software. It offers real-time monitoring, alerts, research reports, and advanced screening features. While not a specific onchain analysis tool, it is widely used by investors.

Here are the key features of Messari:

• Exclusive Research Reports: Messari publishes professional-grade research reports. Messari reports cover the latest trends in the crypto space. Users can stay informed about market developments and conduct in-depth analysis.
• Fundraising Screener: Users can track 8,000+ crypto funding rounds, 500+ M&A deals, and 10,000+ investors. Messari allows you to monitor fundraising activities in the crypto industry.
• Advanced Asset Screening: Messari offers crypto screening with custom filters, queries, and metrics. You can easily conduct research based on your preferred parameters and personalized criteria.
• Messari Governance Tracker: Messari offers a real-time governance tracker. It covers proposals from their initial stages through votes. This is a very unique feature, especially for crypto gem hunters.

Nansen AI

Nansen is another cutting-edge on-chain analysis crypto tool for investors and teams. It offers powerful insights into blockchain data. Nansen AI team claims their chain analysis software allows you to track the smart money, and they’re not wrong.

Let’s take a look at the key features and offerings of Nansen AI:

• On-Chain Analytics: Nansen provides in-depth on chain analytics. You can dissect on-chain movements and identify alpha opportunities within the cryptocurrency market.
• Nansen Smart Alerts: Users can set up Smart Alerts to receive notifications about specific on-chain activities. You can follow all the notable transactions and trends happening on blockchain networks.
• Nansen Query: You can have programmatically fast access to on-chain data through Nansen Query. It allows you to retrieve blockchain data efficiently for analysis and decision-making.
• Nansen Research Portal: Users can access researched insights via the Nansen Research Portal. It provides valuable industry research and analysis to support investment strategies.
• Portfolio Management: Nansen offers portfolio management tools that enable users to manage their personal or organizational holdings effectively, providing a comprehensive view of their crypto assets.
• Nansen 2 Upgrade: Nansen 2 incorporates AI more extensively. New features like Smart Search and Signals improve the platform’s functionality. It provides users with advanced tools for leveraging on-chain anomalies.

Chainalysis

Chainalysis is an onchain analysis tool that detects dirty crypto flows. The platform aims to prevent money laundering in the crypto space, so it’s completely different from all the other blockchain analysis tools we’ve reviewed.

Here are the primary Chainalysis solutions and features:

• Blockchain Monitoring: Chainalysis’ blockchain insights aim to detect and prevent crypto crime. The platform greatly contributes to protecting crypto market participants and maintaining financial stability.
• Real-world Entity Mapping: Chainalysis has mapped over 1 billion addresses to real-world entities. Thus, users can track and identify crypto transactions and their sources.
• Adoption by Top Crypto Exchanges: Nine out of the top 10 crypto exchanges use Chainalysis. The platform’s solution helps exchanges comply with AML guidelines.

Crystal Intelligence

Crystal intelligence is a Chainalysis alternative and competitor. It is a crypto compliance and investigation platform with the same goal as Chainalysis: preventing crypto crime. The solutions offered by Crystal Intelligence help government entities track dirty crypto flows and prevent money laundering.

Here’s a brief overview of the Crystal Intelligence platform’s features:

• Powerful Visualization: Crystal Intelligence provides intuitive dashboards and powerful visualization tools. Users can gain a clear picture of risk and red flags related to crypto transactions and entities.
• Trusted Intelligence: The platform offers unique intelligence covering the highest-risk geographical areas. As a result, users can trust the data Crystal Intelligence provides them.
• Case Management: Crystal Intelligence enables seamless collaboration within the platform. Investigators can efficiently conduct research and monitor suspicious crypto transactions.
• Crypto Exchange Verification: Crystal Intelligence checks and verifies crypto exchanges. Users can identify reputable and compliant crypto exchanges. Needless to say, this goes a long way in protecting traders’ funds against fraud.

PARSIQ

PARSIQ is a blockchain monitoring and automation platform. It provides a suite of tools and APIs for developers, businesses, and individuals. You can build decentralized applications and monitor blockchain activity. Of course, PARSIQ’s blockchain analysis tools are our focus in this article.

• Web3 APIs: PARSIQ APIs provide access to raw blockchain data. Both real-time and historical across multiple blockchains. These APIs include Tsunami API, Data Lakes, NFT API, Balances API, and DEX API.
• Blockchain Monitoring: With PARSIQ, you can monitor blockchain activity in real-time. It also offers alerts and notifications based on specific triggers.
• Multi-Chain Support: PARSIQ supports multiple blockchains. They include Bitcoin, Ethereum, Polygon, Binance Smart Chain, and Solana. They allow users to monitor and interact with various blockchain networks.

Conclusion

On-chain analysis is a new fundamental analysis method specifically used for cryptocurrencies. It utilizes the transparency offered by the blockchain, as well as the recent advances in data mining and analysis. Crypto investors and market participants can take advantage of onchain analysis tools to optimize their performance.

In this article, we’ve introduced what onchain analysis is and how it works. We’ve also explained its importance and why you should choose the best onchain analysis tool based on your needs. Platforms like Glassnode, CryptoQuant, Santiment, and Chainalysis are some of the leaders in their field. We’ve briefly discussed their features so you can make the right choice when it comes to blockchain analysis tools.