onchainanalysis

Every cycle in crypto, people swear they will do better next time. They won’t chase green candles. They won’t panic sell red ones. And yet, somehow, the same pattern repeats. Coins run 300 percent in a month and everyone piles in. They drop 40 percent and everyone freezes. When I first looked closely at this rhythm, what didn’t add up wasn’t the volatility. It was how passive most participants were inside a market that never sleeps.
That’s where the phrase “active management” starts to matter.
In traditional finance, active management means a human or a system making deliberate decisions to outperform a benchmark. In crypto, the words carry a slightly different texture. There is no single benchmark that everyone agrees on. Some measure against Bitcoin. Some against the total market cap. Some against their own entry price. So active management in crypto becomes less about beating an index and more about navigating a living, shifting landscape.
On the surface, active management is simple. You rotate capital. You trim positions when they grow too large. You increase exposure when conditions improve. You move from majors like Bitcoin into smaller cap tokens when risk appetite rises. You pull back to stablecoins when liquidity dries up. It sounds like common sense.
Underneath, though, it’s about understanding flows.
Take Bitcoin dominance. When Bitcoin’s share of the total crypto market cap rises from, say, 40 percent to 55 percent over several months, that shift isn’t just a number. It tells you capital is seeking relative safety. Historically, during uncertain macro periods, money moves toward Bitcoin first. Then, if confidence builds, it trickles into Ethereum. After that, it reaches smaller layer 1s, DeFi tokens, gaming tokens. Each step outward on the risk curve is a signal.
Active management means watching that migration and acting before the crowd fully catches on.
In 2021, for example, Ethereum’s price climbed from roughly 700 dollars in January to over 4,000 by May. That 5x move didn’t happen in isolation. DeFi total value locked expanded from around 20 billion dollars to over 80 billion in the same period. Those numbers reveal something specific: capital wasn’t just speculating on price. It was being deployed into protocols. An active manager who saw the steady rise in locked value could connect it to fee generation, token buybacks, governance power. They weren’t chasing green candles. They were following utility.
Translate that into plain language and it becomes clearer. On the surface, token prices were rising. Underneath, real usage was increasing. That usage generated fees. Those fees accrued to token holders in some designs. Which meant price appreciation had a foundation, not just momentum.
But active management is not just about chasing strength. It’s about controlling risk before it becomes obvious.
Crypto volatility is not a bug. It’s the texture of the market. Bitcoin’s annualized volatility has often hovered between 60 and 80 percent. In equities, anything above 20 percent feels unstable. So when a token drops 30 percent in a week, that is not an anomaly. It is within the statistical rhythm of the asset class. The question becomes whether that drop reflects temporary sentiment or structural damage.
Surface level, a 30 percent drop feels catastrophic. Underneath, you ask: did the protocol break? Was there a hack? Did regulatory pressure change its viability? Or did leverage unwind across the market?
Consider the cascade events of 2022. When a major centralized lender froze withdrawals, billions in user funds were suddenly illiquid. The immediate effect was price collapse. But the deeper layer was trust erosion. Active management in that moment meant reducing exposure not because a chart looked bad, but because counterparty risk had materialized. It meant asking where else hidden leverage might sit.
That awareness enables something critical. Survival.
Critics of active management argue that most managers underperform passive strategies over time. In equities, the data supports that. SPIVA scorecards regularly show that over 10 year periods, a majority of active equity funds lag their benchmarks. But crypto is not a mature, information efficient market yet. It trades 24-7 across fragmented exchanges. It is driven by narratives that can shift in weeks. The foundation is still being poured.
In such an environment, passivity can quietly become exposure to avoidable risks. If a token’s tokenomics change and inflation increases from 5 percent to 15 percent annually, that is not a minor detail. It dilutes holders. An active manager tracks emission schedules, unlock calendars, and governance proposals. They understand that when a large tranche of venture capital tokens unlocks next month, early investors may sell. That knowledge doesn’t guarantee profit. But it changes positioning.
Layer it further. Active management also includes liquidity awareness. A small cap token with a 200 million dollar market cap might only have 5 million dollars of daily trading volume. That means if you try to exit a 1 million dollar position, you could move the market against yourself. Surface level, the market cap looks large enough. Underneath, liquidity is thin. That thinness creates slippage risk. Understanding that helps explain why some managers size positions based not just on conviction, but on exit capacity.
There is also the behavioral layer. Crypto amplifies emotion. Social media accelerates narratives. A rumor can add a billion dollars to a project’s valuation in days. Active management requires a steady hand. It means trimming when euphoria feels justified. It means buying when fear feels rational.
That sounds easy in theory. It is not. When a token you own doubles in a week, selling part of it feels like betrayal. When it halves, buying more feels reckless. Active management is as much about managing yourself as it is about managing assets.
And then there’s the structural shift happening quietly underneath all of this. Institutional capital has been entering through exchange traded products and regulated custodians. Spot Bitcoin ETFs in the United States accumulated tens of billions of dollars within months of approval. Each billion flowing in represents long term capital with different time horizons than retail traders. That changes liquidity patterns. It compresses volatility at times. It deepens order books. If this holds, the edge may shift from simple directional bets to more nuanced relative value trades.
Meanwhile, on chain data is becoming more accessible. Wallet concentration, staking ratios, fee burn rates - these metrics are public. Active management in crypto increasingly looks like data analysis. Not guesswork. Managers track how many addresses hold more than 1,000 Bitcoin. They monitor whether Ethereum staking participation rises from 20 percent of supply to 30 percent. Each percentage point shift represents millions of coins being locked, reducing circulating supply. Reduced supply, steady demand - that equation has predictable pressure.
Yet none of this removes uncertainty. Regulation can redraw the map overnight. A protocol exploit can erase years of growth in hours. Active management does not eliminate risk. It acknowledges it.
What struck me over time is that active management in crypto is less about outsmarting the market and more about staying awake inside it. It’s paying attention to the quiet signals underneath price. It’s respecting liquidity. It’s reading governance proposals. It’s accepting that volatility is normal but permanent impairment is not.
Zoom out and it reveals something bigger. Crypto is maturing from a narrative driven casino into a layered financial system. As that happens, the language shifts. Words like yield, duration, basis trade, and risk adjusted return are appearing more often. Active management is not just a strategy. It is a response to complexity.
And complexity, if history is any guide, tends to reward those who engage with it rather than ignore it.
In a market that never sleeps, passivity is still a position. Active management is the decision to stay conscious. #ActiveManagement

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Memecoin tirgus ir līdzīgs "savvaļas rietumiem" – vieta, kur dzīves iespējas vienmēr nāk kopā ar milzīgiem riskiem. Lai nekļūtu par "likviditāti" tirgū, izvēlēties projektus, balstoties uz emocionālām sajūtām, ir nāvējoša kļūda.
Šeit ir 9 zelta standarti, kas palīdzēs jums atrast dimantus starp šodienas "atkritumiem":
1️⃣ Ideāla tirgus kapitalizācija (Market Cap)
Meme projektiem jābūt pietiekami labam finanšu pamatiem, lai ilgtermiņā attīstītos. Dodiet priekšroku projektiem ar tirgus kapitalizāciju no $700k vai vairāk. Tas ir slieksnis, kas parāda, ka projekts ir pārgājis sākuma posmu, ierobežojot riska "agrīnas nāves" iespējas un nodrošinot pietiekamus resursus, lai īstenotu mārketingu vai kotētos CEX.

Katrs cikls kriptovalūtās, skaļākie balsis dzenas pēc jaunākās ķēdes, ātrākajiem bloku laikiem, lētākajām maksām. Tikmēr kaut kas klusāks turpina uzkrāties zem virsmas. Kad es pirmo reizi uz to paskatījos, sapratu, ka lielākā daļa cilvēku strīdējās par funkcijām. Gandrīz neviens neprasīja par priekšrocībām.
Absolūtā priekšrocība ir veca ideja no ekonomikas. Tā izklausās vienkārši. Ja viena puse var ražot kaut ko, izmantojot mazāk resursu nekā otra, tai ir absolūtā priekšrocība. Mazāk stundu. Mazāk enerģijas. Zemāka cena. Priekšrocību var izmērīt. Tas nav par izvēli vai zīmolu. Tas ir par efektivitāti pamatā.