Which On-Chain Analytics Platform Should You Use? 7 Platforms Compared

1. Bubblemaps: visual wallet and holder analysis

Bubblemaps is a visual on-chain analytics platform for understanding token holder distributions and relationships between wallets. Its maps represent holders as bubbles, with connections between them highlighting links between addresses. This makes it easier to spot concentrated supply ownership, investigate suspicious or insider activity and research the behavior of holders without manually going through hundreds of wallets.

Researchers can uncover bundled supply and wallet clusters, which helps when investigating fresh crypto launches as well as evaluating supply control in older projects. While wallet connections aren't guaranteed proof of common ownership, they can provide useful leads for further investigation.

Current Bubblemaps features appear to be free to use, including Magic Nodes, Time Travel and real-time data (as of 2 November 2026).

2. Arkham: entity identification and transaction investigations

Arkham is an on-chain analytics platform focused on identifying the entities behind blockchain addresses and examining their transaction activity.

Its platform combines address attribution, portfolio information, transaction histories and a visual investigation interface. Researchers can follow incoming and outgoing transactions, examine counterparties and build a picture of how funds move between addresses.

Reach for it when tracing funds, investigating exchange activity or looking into suspicious transactions. Our guide to what to do when an exchange freezes withdrawals lists traced exchange-wallet transfers among the warning signs to watch.

Like other entity-labeling platforms, Arkham relies on attribution methods to connect addresses with real-world identities. Those labels are useful research leads, but they should be checked before making claims about who controls a wallet.

3. Blockworks (previously Messari): crypto research and market intelligence

Blockworks is a crypto research and market intelligence platform that brings together asset data, analyst research and market monitoring. Blockworks acquired Messari in June 2026, and messari.io now redirects to Blockworks' research platform.

Users can research individual cryptocurrencies, compare assets, explore different sectors and follow developments across the industry. Its research covers projects and broader market themes, while its data tools provide information on asset performance, fundraising, token unlocks and on-chain activity.

It serves investors, researchers and analysts who want more context around a cryptocurrency or protocol before making decisions. It can help answer questions about a project's market position, token economics and development within its sector. Our guide to evaluating crypto projects through their tokenomics gives you a framework to apply to what you find.

Its focus is broader than individual wallet investigations. It can help research a project's fundamentals and market activity, but it is not a wallet-tracing tool.

4. Santiment: on-chain, social and development analytics

Santiment combines on-chain analytics with social and development metrics to help users study cryptocurrency markets.

Its Sanbase platform provides charts, screeners, watchlists and alerts covering different aspects of crypto activity. On-chain metrics include active addresses, transaction volume, exchange flows, whale activity and holder distribution. Users can also examine social volume, sentiment and GitHub development activity.

One of Santiment's more interesting aspects is the ability to compare these different measurements. For example, a token experiencing a sudden increase in social attention can be examined alongside its on-chain activity and development metrics.

This gives researchers more context when looking at market behavior. A surge in online discussion doesn't necessarily mean that actual network usage is increasing, and Santiment makes it possible to investigate both.

Where it earns its place is in monitoring market trends and behavioral changes. Its metrics do have limitations, though. Santiment's own documentation builds development activity from GitHub events, with bot activity removed in the current version, so it reflects public coding activity. It shouldn't be treated as a complete measurement of a team's work or code quality.

5. Dune: custom blockchain analysis

Dune gives users access to blockchain datasets that can be queried using SQL, through its own dialect, DuneSQL.

This allows researchers to investigate contract activity, examine token transfers, monitor protocols or build dashboards around specific research questions. There is also a large collection of community-created dashboards that users can explore and adapt.

The main drawback is the learning curve. Getting the most out of Dune requires some understanding of SQL and blockchain data structures.

It is built for analysts and developers who want more control over their research and need to answer questions that standard on-chain analytics dashboards might not cover.

6. Glassnode: historical market and on-chain metrics

Glassnode focuses on historical cryptocurrency market data and on-chain metrics.

The platform provides indicators covering supply distribution, market valuation, investor behavior and realized profits or losses. Some of its better-known metrics include Market Value to Realized Value (MVRV), Realized Cap and various supply and holding-age breakdowns.

Glassnode is useful for studying market cycles and understanding how Bitcoin and Ethereum holders behave over time, the same cycle questions our Bitcoin halving 2028 guide works through.

Its focus is broader market analysis rather than investigating connections between individual wallets or examining the holder structure of newly launched tokens.

7. Token Terminal: protocol performance and financial metrics

Token Terminal approaches on-chain analytics from a financial perspective.

The platform organizes on-chain activity into metrics that make protocols easier to compare. These include active users, fees, revenue and other financial indicators.

This is useful when researching whether a protocol has meaningful economic activity. For example, a project might generate substantial trading volume while collecting relatively little revenue. Looking at both figures provides a different picture of its performance.

It suits analysts comparing protocols and evaluating their financial performance, rather than investigating individual wallet relationships.