On-Chain Metrics for Fundamental Analysis
Overview
On-chain data provides a transparent lens into crypto network health that has no equivalent in traditional finance, giving investors a radically open data set to work with. Metrics like NVT, MVRV, active addresses, and stablecoin flows allow you to value networks such as Bitcoin and Ethereum using fundamentals rather than speculation. This guide covers the key on-chain metrics for fundamental valuation, complementing our crypto on-chain fundamentals strategy guide with deeper metric-by-metric analysis. Learn how on-chain fundamentals compare to traditional chart-based methods in our TA vs FA comparison.
Key Takeaways
- Active addresses and transaction count measure network adoption and usage.
- NVT Ratio (Network Value to Transactions) is the crypto equivalent of P/E.
- Stablecoin supply on exchanges signals available buying power ready to be deployed.
- MVRV Ratio (Market Value to Realised Value) identifies overvaluation and undervaluation zones.
Practical Tips
- Use Glassnode, CryptoQuant, or CheckOnChain for on-chain dashboards.
- Combine on-chain metrics with price action — neither alone tells the full story.
- Explore our On-Chain Metrics hub for detailed guides on 90+ individual metrics.
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