On-Chain Researcher - Alpha Generation & Market Structure
hermeneutic research · Remote
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, DefiLlama, or similar tools.
- Familiarity with Bitcoin’s UTXO model and associated transaction analysis techniques.
- Ability to independently conduct ad hoc exploratory analysis using modern research and AI-assisted tooling.
- Experience using Python, and SQL, or similar languages for research and prototyping.
- Strong intuition for identifying meaningful signal amid noisy, incomplete, or fast-moving market information.
- Strong analytical and problem-solving skills with the ability to rapidly translate research findings into actionable insights.
Operational & Communication Skills
- Ability to make quick, informed decisions during high-pressure market events.
- Strong attention to detail while tracking multiple assets, ecosystems, and market themes simultaneously.
- Excellent written and verbal communication skills.
- High degree of ownership, self-direction, and intellectual curiosity.
- Ability to work collaboratively across trading, research, and engineering teams.
- Flexibility in working hours to align with global crypto market activity when necessary.
Preferred Qualifications
- Experience generating alpha from on-chain activity, real-time market events, or structural market dislocations.
- Prior experience at a trading firm, hedge fund, market intelligence firm, or crypto-native research organization.
- Experience working with market microstructure, derivatives positioning, or cross-venue flows.
- Familiarity with real-time monitoring systems, alerting frameworks, or information aggregation tooling.
- Strong network within the crypto ecosystem and familiarity with key entities, protocols, market participants, and information channels.
Interview Process
1. Initial Interview with Senior Researcher
- Overview of the opportunity, technical background screening, and cultural fit assessment.
- Discussion focused on blockchain analysis experience, market intuition, and research process.
2. Technical & Research Interviews
- Deeper evaluation of attribution methodologies, market reasoning, data analysis workflows, and opportunity identification.
- Discussion of prior trade ideas, research projects, and investigative workflows.
3. Research Assessment & Presentation
- Candidates will complete an on-chain research assessment and present findings to the team.
- Presentation may include market interpretation, attribution analysis, and trade opportunity identification.
4. Additional Team Interviews
- Additional rounds may be conducted with researchers, traders, engineers, or partners as necessary.
Company Values
Throughout the process, you'll be assessed for cultural fit through our company values:
- Drive – We believe the best team members are deeply passionate about what they do. That passion fuels their growth, drives them to seek out the best teams, and leads them to hold high expectations of themselves in pursuit of excellence.
- Ownership – We aim to extend ownership as broadly as possible across the firm. In return, we value people who take initiative, step up when needed, and treat the company’s goals as their own.
- Judgment – We value those who see the big picture and focus on what truly drives impact and results. They use time wisely, adapt across domains, and always prioritize outcomes over comfort zones.
- Openness – We foster a culture of open communication, mutual challenge, and shared growth. We believe constructive debate and proactive knowledge sharing lead us closer to the truth—and better decisions.
- Competence – We work with people who bring exceptional intellectual strength. What sets them apart isn’t just what they know—it’s how they use what they know to navigate change, adapt quickly, and contribute meaningfully in fast-changing environments.
- Resilience – We perform under pressure. Markets move fast, and so do we—but we stay grounded, focused, and calm. We embrace uncertainty, learn from setbacks, and adapt quickly without losing sight of long-term goals.