BTC: Exchange Whales Outflow - Covered Exchanges
Shown as its 2019–2022 sample; the latest readings and full history are included with Pro.
BTC withdrawn from the covered exchanges to whale addresses over the past 7 days, as a share of the exchanges' balance.
Why use it. Large holders taking coins off exchanges is accumulation into custody; a rising share of reserves leaving to whales has often accompanied supply tightening on exchanges. How to read it. A value of 0.01 means whales withdrew coins worth 1% of the covered exchanges' balance in a week. Read spikes against the exchange balance and outflow charts: one very large withdrawal can dominate a week.
Calculation. Whale withdrawals of all covered exchanges over the window / their summed balance at the end of the period. 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. A whale is an address holding at least 1,000 BTC at the end of the block that pays it, the withdrawal included, that is not a covered exchange's or a miner's address (coinbase-paid addresses). Balances are per address, computed from every block since the genesis block: one owner's coins spread over several addresses are not added together, and an address holding the coins of many people, such as a custodian's, counts as one whale. Payments back to one of the transaction's own input addresses are not withdrawals. Each withdrawal counts the exchange's share of the transaction's inputs, the rule of Exchange Outflow Volume. 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.