Definition. The mean estimated amount of coins moved between different entities, excluding volume transferred within addresses of the same entity. Median Transfer Volume (Entity-Adjusted) and Total Transfer Volume (Entity-Adjusted) are the median and total counterparts.

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. For BTC, coinbase outputs and outputs spent within one hour are excluded. For ETH, only top-level ETH transfers are counted, and internal transfers are ignored.

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