Definition. The total amount of funds held in accumulation addresses.

Technical. Accumulation addresses are defined as addresses with at least 2 incoming non-dust transfers that have never spent funds. Exchange addresses and addresses receiving from coinbase transactions (miner addresses) are discarded. To account for lost coins, addresses last active more than 7 years ago are also omitted. Incoming transfers below 0.005 BTC count as dust, but still add to the balance. Non-standard outputs are excluded.