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18 April 2021

The Importance of Accurate On-Chain Data

The Importance of Accurate On-Chain Data

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Tens of thousands of traders now use popular on-chain data providers such as Glassnode, CryptoQuant and Coinmetrics.

These traders are making instant reactions/decisions based on this data, trying to gain an edge over others.

The more bullish speculative traders become, the more leverage is in the market, ultimately making it more fragile.

With this being said, I encourage traders to look at multiple data providers to get the most accurate picture of what’s going on in the market.

This is ultimately bullish for the ecosystem and a net positive for traders, as information confirmed across 10 data providers is much more likely to be accurate than reported by just one.

I also encourage the data providers that do exist currently to be more cautious and hesitant to put out information publicly without being absolutely sure that the data is accurate.

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