Bitcoin · On-chain research

The market reacts to price.I read what comes before it.

Independent Bitcoin research grounded in on-chain data and my own quantitative system. Statistics over emotion. Always.

Get on the RR Terminal waitlist

Early access + my weekly on-chain report. No spam, unsubscribe anytime.

↳ no hype. just the data talking.

Credentials CryptoQuant Verified Author Cited by Cointelegraph · BeInCrypto · Yahoo News

What I build

Three ways to work with the data.

From a full analytics terminal to one-on-one mentorship — research you can actually act on, in the depth that fits you.

01Coming soon

RR Terminal

A paid Bitcoin analytics dashboard built on the same proprietary Z-Score system I use every day — every on-chain signal normalized into one readable market-regime view. The instrument, not the tweet.

Z-SCORE SYSTEMREGIME ENGINEON-CHAIN

Join waitlist →

025 seats · Opens July

1-on-1 Mentorship

Direct, ongoing guidance on reading on-chain data and building your own analytical edge. Capped at five mentees so each one gets real attention.

PRIVATEON-CHAIN METHOD

$399 / yearApply on Whop →

03Live

Weekly Intelligence Report

A weekly read on Bitcoin's on-chain state — what the data is saying, where we sit in the cycle, and what I'm watching next. Every week on Substack.

WEEKLYCYCLE VIEWON-CHAIN STATE

Read on Substack →

The method

Data first. Narratives last.

Every call traces back to on-chain evidence, and to a system built to stay objective when the market isn't.

/ 01

Raw on-chain data

Sourced straight from professional-grade datasets — exchange flows, holder behavior, miner activity, derivatives. The signal before it becomes a headline.

/ 02

Z-Score normalization

My own framework puts every metric on the same scale, so a one-sigma move in flows means the same as one in valuation. No cherry-picking.

/ 03

Regime, not noise

Signals roll up into a single read — accumulation, distribution, euphoria, capitulation — so you act on where the cycle is, not the candle of the hour.

Z-Score · illustrative

accumulation zone ↗

LEONARDO RUGA@RugaResearch

Who's behind it

Statistics over emotion. Always.

I'm Leonardo Ruga, a Bitcoin on-chain analyst. I don't trade headlines or chase narratives — I build my own quantitative models and read the market through what's actually happening on-chain. A CryptoQuant Verified Author, cited by Cointelegraph, BeInCrypto and Yahoo News.

Everything I publish starts with data and ends with a clear read on where the cycle stands. No hype. No noise. Just the signal.

↳ that's the whole job.

RR Terminal · Early access

Be first when the terminal opens.

The RR Terminal is in private build. Join the waitlist to get early access, founding-member pricing, and my weekly on-chain intelligence report in the meantime.

Weekly on-chain report Early access + founding price No spam · unsubscribe anytime

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