BTC: Exchange Reliance Ratio
Shown as its 2019–2022 sample; the latest readings and full history are included with Pro.
How much of the covered exchanges' BTC moved, on balance, between them over the past 7 days, as a share of their balance.
Why use it. Exchanges that lean on each other for liquidity move reserves across venues; a sustained one-way flow from one exchange to others can mark stress at the sender or a venue drawing liquidity in. How to read it. From 0 to 1: higher values mean more of the reserves moved between exchanges, net, in a week. Quiet markets sit near zero; read spikes with the breakdown to see which exchange sent and which received.
Calculation. For each covered exchange: transfers in from the other covered exchanges minus transfers out to them over the window. The chart sums the absolute value of each exchange's net and divides by their summed balance, capped at 1 (signed values per exchange are in the breakdown). The window is 7 days: hourly values sum the 168 hours to the hour, daily values the 7 UTC days to the day, against the balance at the end of the period. 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.