What can on-chain data tell us, and what can’t it tell us? Many people can’t answer!
One person can own many addresses, and an exchange address may hold the assets of many users, so the number of addresses is not the same as the number of users.
The same metric can mean different things under different market conditions. Looking at several metrics together and cross-checking them against price and trading volume is more reliable than focusing on just one.
Understanding the principles helps you make informed decisions; it’s not a way to guess whether prices will rise or fall.
$BTC 65184.78（-2.02%）
One person can own many addresses, and an exchange address may hold the assets of many users, so the number of addresses is not the same as the number of users.
The same metric can mean different things under different market conditions. Looking at several metrics together and cross-checking them against price and trading volume is more reliable than focusing on just one.
Understanding the principles helps you make informed decisions; it’s not a way to guess whether prices will rise or fall.
$BTC 65184.78（-2.02%）