BTC: Exchange Reliance Ratio Breakdown
Shown as its 2019–2022 sample; the latest readings and full history are included with Pro.
Each covered exchange's net BTC transfers with the other covered exchanges over the past 7 days, as a share of its balance.
Why use it. Shows which exchange is drawing liquidity from other venues and which is sending its reserves to them. How to read it. Between -1 and 1: positive means the exchange received more from other exchanges than it sent; sustained negative values mean its reserves were moving to other exchanges.
Calculation. (Transfers in from the other covered exchanges - transfers out to them) over the window / the exchange's balance at the end of the period, between -1 and 1. 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.