Definition. The estimated entity-adjusted number of transactions, defined as the number of transactions between different entities, i.e. the total number of transactions excluding transactions within addresses of the same entity. Entities are defined as a cluster of addresses that are controlled by the same network entity and are estimated through advanced heuristics and Glassnode's proprietary clustering algorithms.

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.

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