A crypto analyst's guide to on-chain data and market mechanics.
On-chain analysis is the layer of crypto research most retail learners never reach. This masterclass introduces the three on-chain metrics that professional researchers rely on most heavily: SOPR (Spent Output Profit Ratio), which reveals whether holders are taking profit or accumulating; NUPL (Net Unrealised Profit and Loss), which maps the collective psychological state of the market; and funding rates in perpetual futures markets, which provide a far more reliable read on positioning than social sentiment scores.
Adam Saddique explains how each metric is constructed, what it measures, and where it breaks down, then shows how the three combine into a single structural read of the market.
The goal is not to memorise definitions but to develop the ability to look at on-chain data and form an independent view, rather than waiting for someone else to translate the data for you.
Wallet architecture, key hygiene, signing safety, permission management, and breach-response fundamentals.
Seventy pages of research distilled into the Q1–Q4 framework for navigating 2026.