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BTC - Transaction Volume, Entity-Adjusted (Sat)


The Bitcoin Transaction Volume, Entity-Adjusted (Sat) shows BTC volume (with fees) transacted on-chain excluding intra-entity and coinbase transactions, in Satoshis. 1 BTC = 100 000 000 Satoshis (Sat).

The Bitcoin Transaction Volume, Unadjusted (Sat) shows BTC volume (with fees) transacted on-chain excluding coinbase transactions, in Satoshis. 1 BTC = 100 000 000 Satoshis (Sat).

Bitcoin's USD Market Price is included for reference.


Bitcoin Transaction Volume, Unadjusted (Sat):

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

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

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

Bitcoin Transaction Volume, Entity-Adjusted (Sat):

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

for each hour in blockchain:
  hr_tx_vol_eadj := sum(blockchain[hr_start:hr_end].tx_vol_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_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, 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 is unaffected by price. 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.

This is on-chain only activity. Off-chain activity such as exchange trades are not visible here, and until exchange transactions are reflected on-chain, they should be considered self-reported. On-chain activity is more verifiable than any single exchange's reported trade activity.

Network volumes are subject to significant 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.


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