THE SITUATION ROOM · ON-CHAIN UNIVERSITY
The Ledger School
An honest, rigour-ranked field guide to on-chain valuation.
Every on-chain indicator you have seen quoted as gospel is taught here with both halves of the truth: the evidence that gives it weight, and the limits that should temper it. Each module pairs the primary scholarship with a live chart from the room’s own data, wears an explicit rigour verdict, and carries a standing critique — because the point is to read these tools honestly, not to worship them. Work through the wings in order and you will never mistake a curve-fit for a law again.
The curriculum
12 MODULES
Academic Core
6 MODULES
The indicators that survive peer review. Realized value, MVRV, NUPL, Cointime — models with a published derivation and a defensible statistical spine. Start here.
The Toolkit
5 MODULES
Practitioner instruments. No journal will ever bless them, but desks use them daily and they carry real signal — provided you know exactly what each one is and isn’t measuring.
Cautionary Tales
1 MODULE
The models that broke. Studied here not to use, but to understand why they failed out-of-sample — so you can spot the next overfit narrative before it costs you.
