A Transaction-Graph Census of 1.53 Billion Bitcoin Address Records

01 · Abstract

Address-level proximity, measured with explicit stopping rules

Sentario Research computed shortest directed paths across Bitcoin’s transaction graph through block 960,000. The unit is a distinct normalized address record—not a person, wallet, company, UTXO, or individual satoshi. Paths start at a frozen set of 28,583 coinbase-output addresses selected by a documented Patoshi-consistent nonce predicate.

High-connectivity and curated hub addresses are terminal: a path can reach them but cannot use them as a bridge. At the selected 50,000-endpoint threshold, 1,364,936,252 of 1,530,808,114 records had an eligible path. Exact counts, membership files, sensitivity runs, schemas and checksums accompany this report.

02 · Findings

Three results that survive the available checks

03 · Interpretation

What the result measures—and what it cannot

04 · Distribution

The center is compact; the observed tail is long

View the complete plotted data as a table

Exact-degree bars plotted in Figure 1

Degree	Address records	Share of eligible
0	28,583	0.0021%
1	1,205	0.0001%
2	16,722	0.0012%
3	1,166,228	0.0854%
4	33,783,666	2.4751%
5	161,841,436	11.8571%
6	262,704,782	19.2467%
7	213,696,746	15.6562%
8	140,855,386	10.3196%
9	97,475,188	7.1414%
10	69,746,292	5.1099%
11	51,834,127	3.7975%
12	39,751,426	2.9123%
13	31,164,931	2.2833%
14	24,866,927	1.8218%
15	20,379,962	1.4931%
16	16,903,077	1.2384%
17	14,227,095	1.0423%
18	12,165,310	0.8913%
19	10,505,670	0.7697%
20	9,306,025	0.6818%
21	8,148,836	0.5970%
22	7,241,335	0.5305%
23	6,513,408	0.4772%
24	5,874,736	0.4304%
25	5,344,895	0.3916%
26	4,876,987	0.3573%
27	4,470,934	0.3276%
28	4,109,447	0.3011%
29	3,788,075	0.2775%
30	3,526,680	0.2584%

Survival-tail points plotted in Figure 1

Degree or higher	Address records	Share of eligible
1	1,364,907,669	99.9979%
2	1,364,906,464	99.9978%
3	1,364,889,742	99.9966%
4	1,363,723,514	99.9112%
5	1,329,939,848	97.4360%
6	1,168,098,412	85.5790%
7	905,393,630	66.3323%
8	691,696,884	50.6761%
9	550,841,498	40.3566%
10	453,366,310	33.2152%
12	331,785,891	24.3078%
15	236,002,607	17.2904%
20	161,821,493	11.8556%
30	102,146,815	7.4836%
50	59,481,794	4.3578%
100	28,975,690	2.1229%
250	11,330,504	0.8301%
500	5,764,718	0.4223%
1,000	2,784,079	0.2040%
2,500	912,858	0.0669%
5,000	233,756	0.0171%
10,000	38,994	0.0029%
25,349	1	0.0000%

Corrected strict tail: degree >100 contains 28,681,130 records—2.10128% of eligible records and 1.87359% of all 1,530,808,114 records. This excludes exact degree 100 and therefore differs from the “degree 100 or higher” survival point in Figure 1.

The source histogram’s maximum observed degree is 25,349. Its path has not been independently inspected, so this report does not interpret that extreme as an economic or behavioral finding.

05 · Method

A directional graph with terminal hubs

Direction is essential. An address reaches a transaction only as an input, and a transaction reaches an address only as an output. This prevents paths from moving backward through a recipient’s unrelated input history.

The research-methodology wrapper 1.0.0 freezes the membership hashes and interpretation used here. It crosswalks to the deployed graph artifact v1.0.0-draft.2 and standings enrichment v1.0.0-draft.2-standings.1; the live artifacts were not renamed.

Anchor membership

28,583 records

sha256:e8b3b6979ef9d4777e7d352b6963b5c6067f4645eb2e42e013a5b01408d01546

Curated terminals

41 active + 13 retained

sha256:597ab88ae8a9333bc02722efd74a10f229bef3e3d1258da6c58f699ee5abb577

06 · Sensitivity

The terminal rule is a material modeling choice

View the complete plotted data as a table

All values plotted in Figure 2

Endpoint threshold	Terminal records	Eligible records	Share of all records
10,000	16,671	1,294,197,690	84.5434%
25,000	5,846	1,336,954,753	87.3365%
50,000	2,887	1,364,936,252	89.1644%

View the complete plotted data as a table

All values plotted in Figure 3

Anchor basis	Declared anchors	Eligible records	Share of all records	Delta records
genesis and block 9 declared; block 9 only contributes under directional traversal	2	1,364,926,290	89.163774%	0
patoshi consistent coinbase outputs	28,583	1,364,936,252	89.164425%	9,962

With the same 28,583 anchors, tightening the endpoint threshold from 50,000 to 10,000 reduced eligible-path reachability from 89.16% to 84.54%. The post-Patoshi labelled-only run is not present in the checked-in evidence and is therefore not shown.

The anchor comparison is far smaller, but it does not prove the terminal-rule result is “structural” in every possible graph model. It shows only that this particular anchor expansion changed eligibility marginally while the other selected rules remained fixed.

07 · Rebuild audit

Every persisted row was compared

View the complete plotted data as a table

All metrics plotted in Figure 4

Metric	Count	Interpretation
degree differences	0	must remain zero
connected-since values changed	506,285,603	full artifact comparison
corrected date earlier	505,294,457	valid earlier minimax path
corrected date later	991,146	legacy path invalid under terminal rule
parent IDs changed	48,849,239	deterministic route selection
transaction IDs changed	17,742,894	deterministic route selection

View the complete plotted data as a table

All values plotted in Figure 5

First-seen year	Eligible records	Share of eligible
2009	23,701	0.0017%
2010	81,256	0.0060%
2011	2,032,466	0.1489%
2012	5,664,112	0.4150%
2013	15,787,790	1.1567%
2014	33,546,124	2.4577%
2015	55,453,920	4.0627%
2016	89,541,425	6.5601%
2017	132,487,893	9.7065%
2018	98,561,206	7.2209%
2019	118,015,113	8.6462%
2020	149,076,463	10.9219%
2021	142,741,782	10.4578%
2022	130,313,476	9.5472%
2023	144,746,741	10.6047%
2024	102,815,687	7.5326%
2025	95,215,715	6.9758%
2026	48,831,382	3.5776%

The deterministic path rebuild compared all 1,530,808,114 records. Degree changed zero times. Connected-since values changed for 506,285,603 records: 505,294,457 became earlier and 991,146 became later. All later dates replaced legacy paths that were invalid under the terminal rule.

The first-seen-year figure shows only cohort denominators from the standings artifact. The repository does not contain the degree-by-year cross-tab needed for a defensible heatmap.

08 · Limitations

Graph paths are real; their interpretation is bounded

• Batch payments: one transaction can connect a sender to many outputs in a single hop.
• CoinJoin and mixers: deliberate input mixing can make graph proximity misleading as ancestry.
• No wallet clustering: addresses are not grouped by presumed common ownership.
• Change and reuse: change outputs are not distinguished from payments, and reused addresses can aggregate unrelated activity.
• Terminal sensitivity: the 10.84% without an eligible path is conditional on the selected stopping rules.
• Snapshot: the result stops at block 960,000 and does not describe later transactions.

09 · Data and citation

Download, verify, reuse

To the extent Sentario holds rights, the released data files—including aggregate tables and frozen anchor and terminal membership sets—are dedicated under CC0 1.0. Report text and figures are CC BY 4.0. The immutable data, citation, figure and PDF scope is recorded in the manifest; the mutable HTML, CSS and interaction layer are explicitly excluded there.

SHA-256 checksumsFrozen methodologyCodebookAvailability ledgerVersion historyCorrections policyLicenses

DOI pending. No DOI is included in structured metadata or citation files. The standalone public reproduction repository is live; an archival deposit and DOI assignment are not represented as complete.

10 · Disclosure

Publisher, incentives and corrections

Research author: Patrick Kingsley. Group author: Sentario Research. Editorial review: Degrees of Satoshi (internal), 2026-08-10. Publication: Degrees of Satoshi. Parent and copyright holder: Sentario.

Sentario operates Degrees of Satoshi, which offers free address tracing and a paid address-publication product. The research CTA below leads to that product. Aggregate findings were generated from the same graph artifact that serves address lookups.

Version history

1.0.0 · 2026-08-10. Initial aggregate release candidate; no corrections recorded.

Corrections

Read the public correction and retraction process. Submit factual evidence through the structured correction form. Rule or result changes require a new version and checksum set.

Repository

Reproduction source and release files on GitHub.

Funding

No external funding is claimed.

Conflicts

Sentario’s operation of the checker and paid address-publication product is a direct commercial conflict.

Review

Degrees of Satoshi completed an internal editorial review on 2026-08-10. No independent review is claimed. Technical review is invited in review issue #1.