Definition. The number of unique entities that were active either as a sender or receiver. 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. Number of Sending Entities and Number of Receiving Entities are the sender and receiver subsets.

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. Outputs that are not assigned to an entity (non-standard and multisig scripts) and relay outputs spent within one hour are ignored.

Notes. For more information, see our article on how many entities hold Bitcoin.