Entity-adjusted Bitcoin on-chain volume

About entity-adjusted metrics

Raw on-chain volume counts every transfer, including the large share where a wallet simply moves coins between its own addresses: change outputs, consolidations and internal exchange shuffling. That noise inflates volume and hides what is actually changing hands. This view groups addresses into entities and removes the transfers that stay within one entity.

Entities are built with the common-input-ownership heuristic: addresses spent together as inputs to one transaction are treated as controlled by the same owner. CoinJoin-style transactions are excluded before merging so that mixers do not falsely join unrelated wallets, and a hard gate fails the build if any single cluster grows implausibly large. The result is entity-adjusted volume, net flows into publicly labelled exchange wallets, and a tracked exchange reserve.

The limits are part of the result. Clustering currently covers a recent window of the chain, not the full history; the exchange reserve is a lower bound built only from wallets with public labels; and the exchange flow is dominated by cold-storage vaults. Labels come from public sources and are never hand-asserted. Each figure on this page is shown with the window it covers.

Metrics used here: Velocity · Liveliness · Coin days destroyed · all metrics