This paper presents a quantitative analysis of the Bitcoin transaction graph, revealing important statistical properties and behaviors of users in the Bitcoin system. The authors downloaded the full history of Bitcoin transactions, which consisted of about 180,000 HTML files, and analyzed the associated transaction graph. They identified and merged addresses that are likely to belong to the same entity, resulting in a more accurate picture of the financial activities of users. The analysis revealed that most of the bitcoins are not in circulation, as they are stored in addresses that have never participated in any outgoing transactions. The authors also found that almost all large transactions (≥50,000 BTC) are descendants of a single large transaction that took place in November 2010. This transaction was followed by a series of complex structures, including long chains of transactions, fork-merge patterns, and binary tree-like distributions, which may have been used to obscure the relationships between transactions. The analysis also showed that the majority of transactions are small, with many involving less than 0.1 BTC. However, there are also a small number of large transactions, which are rare but significant. The authors also identified the most active entities in the Bitcoin system, which include major exchanges and mining pools. The study provides valuable insights into the behavior of users in the Bitcoin system and highlights the importance of understanding the structure and properties of the Bitcoin transaction graph.This paper presents a quantitative analysis of the Bitcoin transaction graph, revealing important statistical properties and behaviors of users in the Bitcoin system. The authors downloaded the full history of Bitcoin transactions, which consisted of about 180,000 HTML files, and analyzed the associated transaction graph. They identified and merged addresses that are likely to belong to the same entity, resulting in a more accurate picture of the financial activities of users. The analysis revealed that most of the bitcoins are not in circulation, as they are stored in addresses that have never participated in any outgoing transactions. The authors also found that almost all large transactions (≥50,000 BTC) are descendants of a single large transaction that took place in November 2010. This transaction was followed by a series of complex structures, including long chains of transactions, fork-merge patterns, and binary tree-like distributions, which may have been used to obscure the relationships between transactions. The analysis also showed that the majority of transactions are small, with many involving less than 0.1 BTC. However, there are also a small number of large transactions, which are rare but significant. The authors also identified the most active entities in the Bitcoin system, which include major exchanges and mining pools. The study provides valuable insights into the behavior of users in the Bitcoin system and highlights the importance of understanding the structure and properties of the Bitcoin transaction graph.