Any relatively accurate prediction of market trends has always jokingly called itself the god of candlestick charts. It is based on on-chain data, primarily staying active on the chain daily, with an intuitive understanding of liquidity that is clearly visible.

If a coin's recent binding is at x%, and after a few days of washing it down to x%, you can roughly judge whether it's a whale or retail investors by looking at the transaction records.
The most intuitive indicator of a bubble is directly seeing the proportion of binding relationships switching back and forth. By checking the address and transaction records, whether there are many new addresses, it's quite detailed and sufficient.
OW focuses on on-chain transactions 🤓