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BTC - Transaction Volume, Entity-Adjusted (USD)

Description

The Bitcoin USD Transaction Volume, Entity-Adjusted shows the on-chain BTC transaction volume valued at that time's BTC-USD spot market price, excluding coinbase transactions and intra-entity transactions.

The Bitcoin USD Transaction Volume, Unadjusted shows the on-chain BTC transaction volume valued at that time's BTC-USD spot market price, excluding coinbase transactions only.

Bitcoin's USD Market Price is included for reference.

Pseudocode

Bitcoin Transaction Volume, Unadjusted (USD):

for each block in blockchain:
  block.tx_vol_usd := 0
  for each tx in block:
    if tx.is_coinbase:
      continue
    block.tx_vol_usd += sum(tx.input[].sat) * market_price_btc(block.time)
  (x,y1) := (block.time, block.tx_vol_usd)

for each hour in blockchain:
hr_tx_vol := sum(blockchain[hr_start:hr_end].tx_vol_usd)
(x,y1) := (hour, hr_tx_vol)

for each day in blockchain:
day_tx_vol := sum(blockchain[day_start:day_end].tx_vol_usd)
(x,y1) := (day, day_tx_vol)

Bitcoin Transaction Volume, Entity-Adjusted (USD):

for each block in blockchain:
  block.tx_vol_usd_eadj := 0
  for each tx in block:
    if tx.is_coinbase:
      continue
    tx.mesmerdata_annotate_entity_info()
    if not tx.is_intra_entity:
      block.tx_vol_usd_eadj += sum(tx.input[].sat) * market_price_btc(block.time)
  (x,y2) := (block.time, block.tx_vol_usd_eadj)

for each hour in blockchain:
hr_tx_vol_eadj := sum(blockchain[hr_start:hr_end].tx_vol_usd_eadj)
(x,y2) := (hour, hr_tx_vol_eadj)

for each day in blockchain:
day_tx_vol_eadj := sum(blockchain[day_start:day_end].tx_vol_usd_eadj)
(x,y2) := (day, day_tx_vol_eadj)

Technical Info

Entity-adjusted transaction volume is calculated for each block by adding up all transaction input values and multiplying by the market price at the time of the transaction, using only the transactions that are not intra-entity. Intra-entity transactions are easy to define: if all output addresses belong to one entity, and that entity is the same as the input entity (always singular), then it is an intra-entity transaction.

Un-adjusted data includes all transaction fees. Entity-adjusted data includes fees but only those associated with inter-entity transactions.

Coinbase transactions are excluded from this metric.

This metric shows the flow of Bitcoins across the network, but priced in USD. Along with shifts in demand, significant events in the marketplace can show up as high volume periods. Note the spike around the Terra/LUNA collapse.

Off-chain activity such as exchange trades are not included here. Unless/until exchange transactions are reflected on-chain, they should be considered self-reported when assessing general market conditions; on-chain activity is more relevant to the Bitcoin market than any single exchange's reported trade activity.

Unadjusted network volumes are subject to significant intra-entity consolidation and noise. This metric should be used in conjunction with others to form meaningful conclusions.

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.

Related Metrics

Disclaimers

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