Definition. Entity-Adjusted Realized Profit to Exchanges is the entity-adjusted variant of Realized Profit restricted to coins sent to exchange-labeled entities. Realized profit is the total profit (in USD) of all moved coins whose price at their last movement was lower than the price at the current movement.

Technical. Entities are clusters of addresses estimated to be controlled by the same actor, identified through advanced heuristics and Glassnode's proprietary clustering algorithms. Entity-based metrics rely on statistical and data-science methods that are refined over time. The series is therefore mutable: its established history is stable, but recent data points may revise as clustering improves. For methodology, see our article on account-based metrics. Exchange metrics are based on Glassnode's continually updated set of labeled exchange addresses, together with statistical and data-science methods that are refined over time. The series is therefore mutable: its established history is stable, but recent data points may revise as labels update. For methodology and limitations, see our article on exchange metrics and Exchange Data Transparency Notice.

Notes. For more information on entity-adjustment and account-based metrics, read our articles here and here.