BTC: Exchange Aggregated Reliance Ratio
Shown as its 2019–2022 sample; the latest readings and full history are included with Pro.
Each covered exchange's reliance ratio across the coins we follow on our own nodes, weighted by their US-dollar balances.
Why use it. An exchange can draw one coin from other venues while sending another; the aggregate shows its overall dependence on other exchanges. How to read it. Between -1 and 1: positive means that, in US-dollar terms, the exchange received more from other exchanges than it sent over the past 7 days; negative means it sent more. Exchanges with BTC only match their BTC reliance ratio.
Calculation. Per exchange: the sum over coins of (transfers in from the other covered exchanges - transfers out to them) over the 7 days to the day, in US dollars, / the sum over coins of its balance at the day's end in US dollars, between -1 and 1. Coins: BTC, and LTC, DOGE and BCH where the exchange publishes addresses for them (computed the same way from our own Litecoin, Dogecoin and Bitcoin Cash nodes). Ether, the stablecoins and the other tokens are not included: their exchange flows have no split by counterparty exchange or in-house transfer per exchange. Each coin's 7-day sums and balance are valued at that day's close (BTC: the admitted end-of-day price of our pricebook; the open day its latest hourly price), so each coin weighs in proportion to its US-dollar balance at the exchange. Daily only. Transfers between exchanges are the part of a transaction one covered exchange funded that lands at another covered exchange's addresses, so they cover direct transfers only: coins routed through an address we do not know arrive as an ordinary deposit. Computed by CryptoKeyhole from every block of its own Bitcoin node, from the same per-transaction exchange flows as the Exchange Balance and In-House Exchange Volume charts: each transaction is split by the share of its inputs each exchange funded. Periods are UTC hours and days by block header time; the latest day is a partial that updates every hour, and a period is final once six blocks follow it. Exchanges covered: those that publish their own reserve addresses (Binance, OKX, Bybit, HTX, KuCoin, Bitfinex, Crypto.com, Deribit, and BitMEX until it closed on 23 September 2026), extended with addresses our own clustering ties to them when they are spent together in consolidation transactions. Exchanges that publish no addresses, such as Coinbase and Kraken, are not covered, and customer deposit addresses are not identified, so these ratios describe the covered exchanges' known wallets rather than every exchange. Labels apply to each address's whole history, so history can change when an address list is refreshed.