Entity merges over time — Entity merge events and addresses folded together over time
Cluster consolidation describes address clusters that likely belong to the same Bitcoin entity: Entity merges over time. It moves the analysis from individual addresses toward the structure behind them.
Use changes in the distribution and consolidation trend as a structural signal. They are most useful for comparing long periods, not for interpreting a single day.
Clustering is heuristic: it groups addresses from transaction patterns and can be incomplete or revised. It should never be treated as definitive identity attribution.