BTC: Exchange Risk
How much the market relies on exchanges and how their coins move: the share of trading coins held on exchanges against their derivatives exposure, how often coins move between exchanges, and how much whales take out. Each panel is one of our published charts, from exchange addresses the exchanges themselves publish or that our node data identifies.
Exchange Risk
An exchange that holds few coins against the leverage it runs, or whose coins mostly move to other exchanges, carries more risk for its users than one whose reserves are deep and settled.
The reliance ratio sets each exchange’s derivatives open interest against its coin reserves; the reshuffling ratio is the share of its flows that go to other exchanges; the whale outflow follows large withdrawals.
Read the totals first, then the breakdowns by exchange. Coverage depends on the exchange addresses we can identify; each panel’s info says which exchanges are included.
BTC: Exchange Aggregated Reliance Ratio
Each covered exchange's reliance ratio across the coins we follow on our own nodes, weighted by their US-dollar balances. An exchange can draw one coin from other venues while sending another; the aggregate shows its overall dependence on other exchanges. 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.
BTC: Exchange Reliance Ratio
How much of the covered exchanges' BTC moved, on balance, between them over the past 7 days, as a share of their balance. 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. 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.
BTC: Reliance Ratio Breakdown
Each covered exchange's net BTC transfers with the other covered exchanges over the past 7 days, as a share of its balance. Shows which exchange is drawing liquidity from other venues and which is sending its reserves to them. 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.
BTC: Exchange Aggregated Reshuffling Ratio
Each covered exchange's reshuffling ratio across the coins we follow on our own nodes, weighted by their US-dollar balances. Shows platform-wide internal reallocation rather than one coin's: a jump across coins at once points to an exchange restructuring its wallets. From 0 to 1: values near 1 mean as much as the exchange's whole balance, in US dollars, moved internally in a week.
BTC: Exchange Reshuffling Ratio
How much of the covered exchanges' BTC balance moved between their own addresses over the past 7 days. Heavy internal reshuffling relative to reserves can mark wallet restructuring, cold-storage rotation or stress inside an exchange. From 0 to 1: values near 1 mean as much as the whole balance moved internally in a week. A steady base level is normal deposit sweeping; read jumps with the breakdown to see which exchange is moving.
BTC: Reshuffling Ratio Breakdown
Each covered exchange's in-house BTC volume over the past 7 days, as a share of its balance. Shows which exchange is moving its reserves internally, so an outlier stands out against the others. From 0 to 1: sustained values near 1 at one exchange stand out; exchanges differ in how often they sweep deposits, so compare each line with its own history.
BTC: Exchange Whales Outflow
BTC withdrawn from the covered exchanges to whale addresses over the past 7 days, as a share of the exchanges' balance. 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. 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.
BTC: Exchange Whale Ratio
The share of the BTC deposited into the covered exchanges that arrived in the ten largest single deposits of the period. When a few very large deposits make up most of what reaches exchanges, large holders are the ones moving coins there, which has often come before heavy selling. Values near 1 mean a handful of whale deposits dominate exchange inflow; low values mean inflow is spread across many smaller deposits. Read it with Exchange Inflow Volume: a high ratio on a busy day carries more weight than on a quiet one.
BTC: Whale Deposits to Exchanges (Volume)
BTC arriving at the covered exchanges in single deposits of at least 1,000 BTC. Measures the size of whale deposits. Rising values mean more coins arriving in large blocks.
BTC: Exchange Balance (Total)
BTC held in the covered exchanges' wallets. Coins on exchanges are available to sell; a falling exchange balance means coins are moving into self-custody. Watch the trend: sustained declines mean net withdrawals, rises mean net deposits.