CONCEPTUAL FOUNDATIONS OF ON-CHAIN ANALYSIS OF DIGITAL ASSET MARKETS

Veronika Hanusych

doi:10.32782/2308-1988/2026-59-129

Veronika Hanusych Ferenc Rakoczi II Transcarpathian Hungarian University https://orcid.org/0000-0001-6902-6303

DOI: https://doi.org/10.32782/2308-1988/2026-59-129

Keywords: on-chain analysis, cryptocurrency markets, capital flows, behavioural analysis of market participants, decentralised finance

Abstract

The growing transparency of blockchain infrastructures has created new methodological conditions for analysing cryptocurrency markets using transaction-level data. The aim of the study is to clarify the conceptual foundations, analytical functions and structural role of on-chain analysis within the system of financial market research. The study systematises the principal types of on-chain analytical procedures and proposes a hierarchical classification based on micro-, meso- and macro-level analytical dimensions. The results demonstrate that on-chain analysis represents an independent methodological component complementing fundamental and technical analysis and improving interpretation of capital flows, behavioural transformations and network-level economic activity in decentralised digital asset ecosystems.

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Celig T., Ockenga T. A., Schoder D. Distributional equality in ethereum? on-chain analysis of Ether Supply Distribution and Supply Dynamics. Humanities and Social Sciences Communications. 2025. Vol. 12(1). DOI: https://doi.org/10.1057/s41599-025-04728-9

Ciaian P., Kancs d’Artis, Rajcaniova M. On- and off-chain demand and supply drivers of Bitcoin Price. Economics. 2026. Vol. 20(1). DOI: https://doi.org/10.1515/econ-2025-0169

Xia L., Zhu T., Jing Z., Wang Q., Ma Z., Huang Z., & Yin Z. A two-layer transaction network-based method for virtual currency address identity recognition. Cryptography. 2025. Vol. 9(4). DOI: https://doi.org/10.3390/cryptography9040065

Chowdhury M. A. F., Abdullah M., Alam M., Abedin M. Z., Shi, B. NFTs, DeFi, and other assets efficiency and volatility dynamics: An asymmetric multifractality analysis. International Review of Financial Analysis. 2023. Vol. 87. DOI: https://doi.org/10.1016/j.irfa.2023.102642

Metelski D., Sobieraj J. Decentralized Finance (DeFi) Projects: A Study of Key Performance Indicators in Terms of DeFi Protocols’ Valuations. International Journal of Financial Studies. 2022. Vol. 10(4). DOI: https://doi.org/10.3390/ijfs10040108

Zhao Y., Kang X., Li, T., Chu C. K., Wang H. Toward Trustworthy DeFi Oracles: Past, Present, and Future. IEEE Access. 2022. Vol. 10. P. 60914–60928. DOI: https://doi.org/10.1109/ACCESS.2022.3179374

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Schueffel P. DeFi: Decentralized Finance - An Introduction and Overview. Journal of Innovation Management. Universidade do Porto - Faculdade de Engenharia. 2021. DOI: https://doi.org/10.24840/2183-0606_009.003_0001

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