Onchain Analytics & Forensics.
Tooling that makes onchain flows legible โ wallet clustering, supply forensics and attribution.
Onchain analytics is the tooling that turns raw blockchain data into something legible โ clustering addresses into entities, labelling exchange and treasury wallets, tracing supply through mixers and bridges, and attributing flows to the actors behind them.
The demand is structural rather than cyclical. Public blockchains are transparent but not readable: a transfer is visible to anyone, yet meaningless without knowing who controls each side. Traders want that context to front-run flow, funds need it for diligence, and compliance teams and investigators need it to satisfy obligations, which gives the category paying customers outside of crypto speculation.
What separates real products here is label quality and honesty about confidence. Clustering heuristics are probabilistic โ an address set attributed to one entity may be wrong, and a confident-looking label is often an inference. When assessing these projects, look at whether revenue comes from enterprise and institutional contracts or from token incentives, and whether the methodology is disclosed well enough to be challenged.