Bitcoin · On-chain research

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

Independent Bitcoin research grounded in on-chain data, macro, liquidity and valuation, read as one signal and run through my decision systems. Systems over emotion. Always.

Get on the RR Terminal waitlist

Founding access opens early August. Join now to lock the founding price for life.

You'll join my Substack — where I send the weekly report and all the news first. No spam, unsubscribe anytime.

↳ no hype. just the data talking.
Credentials CryptoQuant Verified Author Cited by Cointelegraph · BeInCrypto · Yahoo News
What I build

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 research terminal for real Bitcoin decisions. On-chain, macro, liquidity and valuation in one place, run through my decision systems, with performance measured in the open. The instrument, not the tweet.

ON-CHAINMACRO & LIQUIDITYDECISION SYSTEMS
Join waitlist →
02By application · Opens July

1-on-1 Mentorship

A private program built around you and your portfolio. Full attention, hands-on guidance, and a real-time read of what I'm doing with my own capital. Someone in your corner who makes you do the right thing. No excuses.

PRIVATEPORTFOLIO GUIDANCEREAL-TIME
$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 →
04Available now

Ebook 🇧🇷 PT-BR

My book on reading Bitcoin through on-chain data — the foundations, in plain language. The fastest way into the method. (Portuguese only.)

FOUNDATIONSON-CHAIN
Get it on Amazon →
05Partner

Trade on BingX

The exchange I trade on. Sign up with my link to get set up, and be ready for Copy Trade coming to the terminal, where you'll position alongside my systems.

PARTNEREXCHANGECOPY TRADE SOON
Get started on BingX →
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 ↗
+2σ 0 −2σ
Leonardo Ruga
LEONARDO RUGA@RugaResearch
Who's behind it

Systems 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 list to be first in line, get founding-member pricing, and follow every update — you'll join my Substack, where all the news lands first.

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

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Where I publish, build, and share the data in public.

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X / @RugaResearch
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Instagram
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Substack
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Foredex
Recognized Analyst
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