The On-Chain Mechanics Masterclass

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.