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BTC - Transaction Count Sum, Entity-Adjusted

Description

This metric shows the inter-entity and intra-entity transaction counts stacked to show the total transaction count.

The Bitcoin Inter-Entity Transaction Count Sum (aka Transaction Count Sum, Coinbase- & Entity-Adjusted) shows the number of transactions that move funds between entities per time period, excluding coinbase transactions. Intra-entity transaction count can be computed by differencing the series.

At least one output in a (non-coinbase) transaction must belong to a different entity from the sending entity to qualify the transaction as inter-entity.

The Bitcoin Coinbase-Adjusted Transaction Count Sum shows the total number of transactions per time period, excluding coinbase transactions.

Bitcoin's USD Market Price is included for reference.

Pseudocode

Bitcoin Tx Count Sum, Coinbase-Adjusted:

for each block in blockchain:
  (x,y) := (block.time, (block.tx_count-1))

for each hour in blockchain:
  hr_blk_tx_count := sum((blockchain[hr_start:hr_end].block[].tx_count-1))
  (x,y) := (hour, hr_blk_tx_count)

for each day in blockchain:
  day_blk_tx_count := sum((blockchain[day_start:day_end].block[].tx_count-1))
  (x,y) := (day, day_blk_tx_count)

Bitcoin Tx Count Sum, Coinbase- & Entity-Adjusted:

for each block in blockchain:
  block.tx_count_eadj := (block.tx_count-1) - block.intra_e_tx_count
  (x,y) := (block.time, block.tx_count_eadj)

for each hour in blockchain:
  hr_blk_tx_count := sum(blockchain[hr_start:hr_end].tx_count_eadj)
  (x,y) := (hour, hr_blk_tx_count)

for each day in blockchain:
  day_blk_tx_count_eadj := sum(blockchain[day_start:day_end].tx_count_eadj)
  (x,y) := (day, day_blk_tx_count_eadj)


Note: The -1 added to block.tx_count adjusts out the coinbase transaction. Intra-entity transaction counts never include coinbase transactions.

Technical Info

This metric shows the inter-entity and intra-entity transaction counts stacked to show the total transaction count. Coinbase transactions are excluded from all series on this chart.

Entity-adjusting a series means removing transactions that do not move any assets between entities.
For a transaction to qualify as inter-entity, at least one output must belong to a different entity than the sending entity.
For a transaction to qualify as intra-entity, all outputs must belong to the sender entity.

Entity-adjusted metrics use Mesmer Data's proprietary entity grouping algorithm.

Block transaction count is a network activity indicator, and can be noisy. Using moving averages is recommended to reduce noise.

Our entity tracking uses a proprietary algorithm, the foundation of which groups transaction input addresses. We currently track over 99 600 000 entities, spanning over 795 000 000 addresses. The largest entity has approximately 37 480 000 addresses, and the average has 7.98.

  • Hourly and daily aggregations are derived from block data using sum for this metric.
  • Hourly data contains occasional gaps; no blocks were generated during these times.

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