The total amount of coins transferred from short-term holders to exchange wallets. Only direct transfers are counted. Long- and Short-Term Holder supply is defined with respect to the entity's averaged purchasing date with weights given by a logistic function centered at an age of 155 days and a transition width of 10 days.

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. Note that entity–based metrics are based on data science techniques and statistical information that changes over time and are therefore mutable – the data is stable, but most recent data points are subject to slight fluctuations as time progresses. For more information see this article.

Note that exchange metrics are based on our labeled data of exchange addresses that we constantly keep updating, as well as data science techniques and statistical information that changes over time. Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.

This is the Point-in-Time (PiT) variant of Short-Term Holder to Exchanges (Volume). PiT metrics are strictly append-only and their history is immutable. The historic data does not necessarily reflect the best current knowledge, but the information at the time when a data point was first computed. PiT metrics are ideal candidates for applications in model backtesting and related quantitative purposes. Read our article on PiT metrics for more information.