On-Chain Researcher - Alpha Generation & Market Structure

Hermeneutic Investments Ltd.; United States; Remote; USD 90,000 - 150,000; Full time

Job summary

Hermeneutic Investments Ltd. is seeking an experienced crypto-native researcher to join our alpha-generating research team.

This role focuses on identifying actionable opportunities across crypto markets through on-chain analysis, market structure research, real-time event interpretation, and exploratory data analysis. Candidates should be proficient with BTC, EVM ecosystems, and non-EVM blockchains, and capable of independently sourcing data, navigating APIs and SQL datasets, and validating

Qualifications

• 3+ years of experience in blockchain analysis or crypto research.
• Deep on-chain investigative experience and wallet attribution.
• Strong familiarity with Bitcoin, EVM and non-EVM blockchains.
• Understanding of how blockchain activity affects price formation.
• Crypto-native with curiosity and passion for digital assets.

Responsibilities

• Generate differentiated trade ideas through on-chain analysis and market structure.
• Identify trends, capital flows, and market inefficiencies across crypto markets.
• Investigate market-moving events to discern noise vs actionable signal.
• Explore Bitcoin, EVM and non-EVM blockchains for asymmetric opportunities.
• Use on-chain activity and historical context to develop trading insights.
• Evaluate new datasets and research methods to improve coverage.
• Monitor real-time events and maintain awareness of ecosystem catalysts.
• Communicate findings clearly to traders and researchers.
• Work under time pressure in volatile market conditions.

Skills

Blockchain analysis

On-chain research

SQL querying

API integration

Data visualization

Tools

Dune

Flipside

Arkham

Nansen

Etherscan

Job description

Location: United States

Company Overview

hermeneutic research is a best-in-class proprietary trading firm. It deploys research-driven discretionary and systematic strategies as well as makes strategic long-term investments. The partners' decade-long history of success in trading and business building and a firm-wide cultural emphasis on alpha generation, open debate, relentless iteration, and teamwork are key to the firm's continued expansion in a challenging market environment that has hamstrung competitors. A hard-wired emphasis on risk management and opportunistic market participation ensure that hermeneutic research will continue its growth trajectory in the coming decades.

Job Overview

We are seeking an experienced crypto-native researcher to join our alpha-generating research team at hermeneutic Investments.

The ideal candidate combines deep on-chain analytical capability with strong market intuition and a demonstrated ability to independently generate trade ideas. This role is focused on identifying actionable opportunities across crypto markets through blockchain analysis, market structure research, real-time event interpretation, and exploratory data analysis.

Candidates should possess strong familiarity with Bitcoin, EVM ecosystems, and major non-EVM blockchains, alongside the ability to rapidly investigate unfamiliar protocols, entities, and market events. Successful researchers in this role are highly self-sufficient: they are capable of independently sourcing data, navigating APIs and SQL datasets, leveraging modern analytical and LLM tooling, and rapidly validating hypotheses under time pressure.

This role is designed for individuals who enjoy uncovering informational and structural market inefficiencies through deep technical investigation and creative research.

Responsibilities

Alpha Generation & Research

• Generate differentiated trade ideas through on-chain analysis, market structure understanding, and thematic research.
• Identify emerging trends, positioning imbalances, capital flows, behavioral patterns, and structural inefficiencies across crypto markets.
• Rapidly investigate market-moving events and determine whether observed activity represents noise, positioning, or actionable signal.
• Conduct exploratory research across Bitcoin, EVM ecosystems, and non-EVM blockchains to identify asymmetric opportunities.
• Use on-chain activity, market behavior, and historical context to develop actionable trading insights.
• Continually evaluate new analytical frameworks, datasets, and publicly available research to improve research capabilities and thematic coverage.

Blockchain Analysis

• Perform detailed entity attribution, wallet clustering, and transaction graph analysis across both account-based and UTXO-based blockchains.
• Analyze Bitcoin transaction flows, miner activity, ETF and exchange flows, treasury activity, and cross-venue capital movement.
• Investigate token supply dynamics including genesis distributions, insider activity, vesting, staking, governance, treasury management, and unlock schedules.
• Monitor consensus mechanisms, validator behavior, bridge activity, and broader blockchain infrastructure dynamics.
• Evaluate unfamiliar blockchain networks, protocols, and ecosystems when new opportunities arise.

Data & Tooling

• Independently source, query, and analyze blockchain and market datasets using SQL and API endpoints for internal data platforms.
• Navigate complex blockchain data schemas to rapidly validate hypotheses and support trading decisions.
• Leverage LLM and AI-assisted tooling to accelerate exploratory analysis, attribution workflows, summarization, and ad hoc research.
• Prototype analytical workflows and research tooling prior to involving engineering resources where appropriate.
• Collaborate with engineering teams to improve internal analytics frameworks, monitoring systems, datasets, and research tooling.

Real-Time Monitoring & Market Awareness

• Monitor on-chain activity, market events, and information flows in real time for potential tradeable opportunities.
• Maintain awareness of major market themes, positioning, unlocks, governance proposals, protocol upgrades, ETF developments, and ecosystem catalysts.
• Build and maintain high-quality monitoring workflows and alerts for themes and entities of interest.
• Communicate complex blockchain activity and market developments clearly and concisely to traders and researchers.
• Operate effectively under time pressure during volatile or fast-moving market conditions.

Requirements

Experience & Knowledge

• 3+ years of experience in blockchain analysis, crypto research, trading research, or related fields.
• Demonstrable experience conducting deep on-chain investigations, high quality wallet attribution, entity analysis, or blockchain-based market research.
• Strong familiarity with Bitcoin, EVM ecosystems, and major non-EVM blockchains.
• Deep understanding of how blockchain activity, market structure, and information flows influence price formation in crypto markets.
• Strong understanding of crypto market history, positioning dynamics, and major historical market events.
• Crypto-native with strong curiosity and passion for digital asset markets.

Technical & Analytical Skills

• Strong proficiency with SQL/APIs and experience working with large blockchain datasets and warehouse schemas.
• Familiarity with blockchain analytics and visualization platforms such as Dune, Flipside, Arkham, Nansen, Etherscan, Solscan, Token Terminal, DefiL