On-chain metrics show what whales and miners are doing with their coins. Exchange inflows mean more supply sitting at exchanges, while outflows suggest accumulation. Active addresses count unique transactions. When this number rises while supply stays steady, demand is strengthening. For example, $BTC had 1.2 million daily active addresses in January while circulating supply remained stable at 19.6 million. The NVT ratio compares market cap to daily transaction volume. High NVT means is rising faster than activity, often signaling overvaluation. $ETH once had an NVT of 120 during rally phases versus 30 during normal periods. These signals help identify smart money moves. Inflows to exchanges often precede distributions, while sustained outflows indicate confidence. OnChainAnalysis #CryptoMetrics #BlockchainData