Transaction Graph

A transaction graph is a model of blockchain activity in which addresses or entities are nodes and value transfers between them are directed edges.

A transaction graph is the data structure underneath every trace. Addresses or, after clustering, entities become nodes, and each transfer of value becomes a directed, weighted edge between them. Fund-flow tracing is graph traversal — walking edges forward or backward across hops — while the counterparty graph is the entity-level view built by collapsing address nodes through entity clustering. On-chain labels annotate the nodes, and taint or exposure calculations propagate values along the edges. Almost every intelligence primitive is, at bottom, an operation on this graph, which is why archive access to complete history matters: missing edges mean broken traces.