#HoldOnChain: Nansen – Powerful Cash Flow Tracker

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Hi guys,

Today, to continue with the #HoldOnChain series, I will bring you a pretty famous tool in On-chain analysis. As everyone knows, on-chain data analysis is a topic that never goes out of style in the crypto world. If we know how to use this data properly, making profits in crypto will become easier.

After reading this article, you can have an overview of Nansen as well as know how to use this tool effectively!


Nansen is an analysis tool on-chain data on the blockchain. What stands out from competitors like CryptoQuant, and Glassnode is that Nansen has a data warehouse containing millions of labeled wallets. These labels help to classify wallets based on characteristics such as making a lot of money from NFT, airdrop, or even tied to each organization.

Trang chủ của Nansen: https://www.nansen.ai/

Nansen was founded in 2021 with only 25 members. But by 2022, with strong growth, Nansen now has more than 150 members in June 2022 and is constantly growing. Thereby, it can be seen the remarkable growth of this organization after only 1 year.


Currently, Nansen offers users 4 packages:

Free plan: Users can read some reports for free, and view some basic dashboards. However, this information is not nearly of much value in On-chain analysis. This is a package for users to experience the tool as well as get acquainted with the platform.

Standard Plan: Users who subscribe to this plan have access to all of Nansen’s main dashboards such as DeFi, NFT, wallet data, Smart Money, etc. Accompanied by a weekly Research NFT post, or view Portfolios of wallets and generate 10 Smart Alerts for unusual transactions.

VIP Package: Users who subscribe to this plan get all the rights of the Standard plan, in addition, are allowed to create 100 Smart Alerts, get early access to new dashboards, and read in-depth Research articles about ecosystems, or about companies on the blockchain.

Alpha Package: This is a package that allows users to have all of the above books, with the ability to customize filters for dashboards, read alpha research articles about smart money, analyze farming methods, alerts about daily alpha information, and other perks.

The majority will use the Standard package (suitable for On-chain Researchers with < 1 year of experience), so in the framework of this article, I will guide you on the Standard package user interface.


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Bên cạnh các dashboard về dữ liệu được hiển thị, có 4 phần chính anh em cần lưu ý

Select Blockchain Ecosystem

The dashboards display data for the blockchain you choose. So you need to pay attention and choose the right ecosystem that you want to see.

A quick look at the ‘hot’ dashboards

Home: In this section, dashboards that are of interest to many investors and researchers are displayed.

Wallet Profiler: Check the wallet’s activities and token holdings.

NFT Paradise: Includes overview dashboards of the NFT market, including profits from NFT trading of Smart Money wallets.

Token God Mode: Overview dashboards for a specific token (including buy/sell transactions with that token’s DEX, CEX, Top Balances, and Smart Money.

DeFi Paradise: Overview of liquidity pool bots and staking pools inside and outside the system.

Smart Money: Transaction dashboards on DEX and between Smart Money wallets as well as asset statistics that Smart Money wallet is holding.

Hot Contracts: DeFi and NFT contracts are paid high gas fees on the system. (For this Hot Contracts dashboard alone, you need to upgrade to the VIP or Alpha package to view it.)

All dashboards available on Nansen

Wallet: Includes Wallet Profiler (Check wallet activity and holding tokens), Wallet Profiler For Token (Check specific transaction activity on the wallet), Wallet Pair Profiler (Compare 2 wallets together), Sandwich Attack (Check wallet history has ever been Sandwich Attack or not)

NFT Analytics: includes NFT Paradise (NFT Market Overview), NFT God Mode, NFT Item Profiler, Rarity Profiler (Detailed dashboards about a specific NFT), and Trend & Indexes (Trends and indicators of the market) NFT).

Tokens: Includes Token God Mode, Exchange Flows (token in/out transactions), Token Movements (Transactions of tokens in a specific time), and Token Overlap (comparative dashboards between 2 tokens and holders). of 2 tokens) and Stable-coin Master (Overview of stable-coins)

DeFi Analytics: DeFi Paradise, Hot Contracts, Multi-chain Hot Contracts, and Bridge Builder

Smart Money

Macro: Gas Tracker (Gas fee dashboards) and indicators on systems.

Ecosystem: Overview of ecosystems.

Other Functions

Portfolio: View token statistics, asset analysis, and wallet transaction history on all blockchains

Smart Alerts: Set up your own wallet/token unexpected transaction alerts.

Watchlist: A list of wallets, tokens, and NFTs that you are interested in.

Research Portal: Page about Nansen’s Research articles.


Nansen’s biggest strength is its ability to label available wallets. This feature makes it easy for users to categorize wallets. The main types of wallets (labels) that Nansen has to include:

Smart Money 🤓: These are highly profitable wallets. Nansen will usually identify whose wallet or organization it belongs to.

Wallets of the exchange 🏦: These are wallets owned by the exchange. (The exchange’s wallet is not the exchange’s investment wallet but the exchange’s DEX wallet, specialized for internal operations or receiving/returning tokens.

Smart Contracts 🤖: These are Smart Contracts wallets.

In addition, there are many other branded wallets you can tinker with by yourself!


Many of you when you first start using Nansen will be overwhelmed by the amount of information and data that the tool brings. You need to determine how you use tools to find information.

You should also not completely apply the way of Research and use of other people’s Data, which will make research capacity limited and dependent.

So today I will suggest you a common use case.

Recognize abnormal fluctuations

When you don’t know which token will fluctuate

You can create your own Smart Alert to monitor the fluctuations of the tokens you are interested in, with conditions for you to define as ‘volatility’.

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Once a volatile token has been determined

Once you have identified a volatile token, you can check the unusual transactions of a particular token over a certain period of time using Token Movements.

For example, in the picture is a list of wallet balance changes greater than $500k from December 1 to December 27.

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In addition, you can track notable transactions at Top Transaction in Token God Mode.

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Which tokens are collected/discharged?

Consolidation or selling is simply understood as accumulating tokens in the wallet or selling tokens in the wallet to take profits. So you need to find dashboards that describe the above.

The trend of deposit/withdrawal on the floor

The dashboards in the Exchange Flows section can help you find out the trend of depositing/withdrawing tokens on the exchange. In addition, Nansen also has dashboards for each trend related to SSmart Money, fund wallets, or wallets in general.

Track Smart Money on DEX

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With this dashboard, you can easily detect which tokens are being collected/discharged by smart money for monitoring. I will talk more about Smart Money below!

Identify identity, behavior

Determine the wallet’s collection behavior and price range

Wallets labeled on Nansen sometimes reveal the identity of the wallet owner. However, it only stops at generic tags like Token Millionaire, Medium Dex Trader, High Activity, or even unlabelled. This will make you miss important whale wallets.

Determining the identity or behavior of the whale wallet will help you have an overview, and be able to make an analysis and predict the next action of the fish. Therefore, you need to understand the necessary dashboards to monitor your wallet.

In the Wallet Profiler For Token section, check the wallet of Wintermute Trading – one of the famous Market Makers, then after the price of $FTM dropped, we see a sign of consolidation when the Token Balance of this wallet increased gradually.

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Checking the wallet’s transaction time, we can predict the wallet’s collection price range.

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Similarly, transaction history can also reveal the identity of the wallet, the transactions that the wallet performs, the interactive activities on DeFi, the time when the wallet vests the tokens, etc.


Smart Money is used to refer to the capital of organizations or experienced investors in the financial market. In the crypto market, Smart Money refers to wallet addresses with large account balances belonging to investment funds, individuals actively participating in the market, and interacting with protocols.

Understanding the activities of these wallets will help retail investors like us have more information to decide whether to “swim with the sharks” or not.


Smart Money Label is a tool that automatically assigns labels to wallet addresses that meet certain conditions and divides these wallet addresses into separate groups.

  • First Mover LP: Top 200 first addresses to participate in providing liquidity to liquidity pools with significant volume.
  • First Mover Staking: Top 200 first addresses participating in staking into pools with significant volume.
  • Fund: Public investment funds.
  • Private Sale Investor: Wallet addresses that have received at least 100,000 USD worth of tokens sent from token distribution addresses.
  • Smart LP: Make a minimum profit of 100,000 USD from providing liquidity on  Uniswap or SushiSwap.
  • Smarter LP: Top 1% generates the best profit from providing liquidity on Uniswap and  SushiSwap.
  • Airdrop Pro: Wallet addresses that receive a significant amount of airdrop tokens from the  Airdrop programs.


Once you understand how wallet addresses are classified, you can use one of the following features to track the overall performance of these address subgroups including DEX TradesTransactions, and Token Holding.

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DEX Trades

This is a record of the top transactions taking place on Ethereum’s 3 major DEXs, Uniswap, SushiSwap and  Curve.

The information in this section is quite easy to understand, you just need to keep track of which tokens have a large volume of transactions made, if these tokens are traded by reputable label wallets, the more you should keep an eye on them.

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In addition, when scrolling down, there will be a table of information on Top volume DEX market trade by smart money, this table gives us information about the trading pairs that are being traded a lot by this wallet group in the range 1d, 7d, and 30d. Usually, WBTC – ETH, and WBTC – USDC are always at the top by their popularity, but if we watch daily, we will also have a chance to find tokens with significantly large trading volumes compared to other tokens. again.

In this case, MATIC and APE are being traded by this wallet group more than the rest of the tokens in 1d and 7d.

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Token Holding

Token Holding records the total volume of tokens held by wallet subgroups.

Let’s analyze the token holding of the Fund subgroup on June 27, 2022, to see what’s special?

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For example, looking at the statistics, the amount of WETH change 24H is ~ +$4.3m, but change 7D and 30D are ~ -$53M and -$46M respectively. What does this reflect?

Continuing to check WETH’s Token God Mode dashboard, we see, Top Balance Changes has a wallet of Jump Trading (also a famous Market Maker in the crypto market).

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Can this be seen as a ‘price-driving’ action by market makers?


The last part is probably also the least important, mainly used to track wallet transfers between these wallet addresses.


Above is a summary of basic information and knowledge for those who want to scratch 1 of the most famous and useful On-chain tools today.

The on-chain analysis is a process of research, analysis, and synthesis, which requires a great deal of perseverance from the Researcher brothers. In addition, you also need to combine other tools to have an overview and best judgment of the market.

All information given in this article is not investment advice.

Your money, your decision – Make your own research”

Finally, wish you all good health and a happy new year!

Andrew -Barmy Team