White Paper

On-Chain Data: A Framework to Evaluate Bitcoin

Bitcoin’s inability to fit neatly within the framework associated with traditional asset classes has prevented many institutional investors from adopting it. Instead of considering its unique attributes, skeptical investors seem to have concluded that Bitcoin – the blockchain – and bitcoin, the cryptocurrency, cannot be analyzed fundamentally.

In this white paper, we illustrate how on-chain data offers a new framework for analyzing emerging monetary assets like bitcoin. As institutional investors gain exposure to bitcoin, we believe that the network’s three data layers will enhance their understanding of and confidence in its underlying fundamentals.


This white paper was co-authored by David Puell (@kenoshaking) using data from Glassnode. David is a full-time cryptocurrency on-chain analyst and market researcher. Glassnode is a blockchain data and intelligence provider that generates innovative on-chain metrics and tools for digital asset stakeholders.

You are leaving
By clicking below you acknowledge that you are navigating away from and will be connected to ARK Investment Management LLC manages both web domains. Please take note of ARK’s privacy policy, terms of use, and disclosures that may vary between sites.