The routes on one map
The 30 days 4 Oct to 2 Nov 2026. This free view runs a week behind; the last 24 hours, 7 days and 30 days to the latest hour are part of Pro. Compare plans.
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The busiest routes
- Binance to OKX9,169 BTC1,244 transactions, 87.3% of the total
- Bitfinex to OKX543 BTC30 transactions, 5.2% of the total
- Bybit to OKX347 BTC171 transactions, 3.3% of the total
- KuCoin to OKX169 BTC41 transactions, 1.6% of the total
- BTC.com to Binance107 BTC26 transactions, 1.0% of the total
- OCEAN to KuCoin72.0 BTC31 transactions, 0.7% of the total
- OKX to OCEAN37.0 BTC4 transactions, 0.4% of the total
- Binance to OCEAN20.0 BTC2 transactions, 0.2% of the total
- Braiins Pool to MARA Pool9.8 BTC17 transactions, 0.1% of the total
- Binance to Bybit9.3 BTC24 transactions, 0.1% of the total
- OCEAN to Bitfinex9.1 BTC102 transactions, 0.1% of the total
- Braiins Pool to OCEAN8.7 BTC29 transactions, 0.1% of the total
Every route, sender by receiver
| From / to | OKX | Binance | KuCoin | OCEAN | MARA Pool | Bybit | Bitfinex | Unattributed miners | Other pools | Crypto.com | BitMEX | Sent |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Binance | 9,169 | 20.0 | 9.3 | <0.01 | <0.01 | 9,198 | ||||||
| Bitfinex | 543 | 0.07 | 543 | |||||||||
| Bybit | 347 | <0.01 | 0.05 | 347 | ||||||||
| KuCoin | 169 | <0.01 | 0.02 | 169 | ||||||||
| BTC.com | 107 | 107 | ||||||||||
| OCEAN | 0.25 | 0.15 | 72.0 | 9.1 | <0.01 | 81.5 | ||||||
| OKX | <0.01 | 37.0 | <0.01 | 37.0 | ||||||||
| Braiins Pool | 0.15 | 8.7 | 9.8 | 18.6 | ||||||||
| BitMEX | 2.7 | 2.7 | ||||||||||
| Other pools | 2.0 | 2.0 | ||||||||||
| Foundry USA | 0.18 | 0.18 | ||||||||||
| HTX | 0.03 | 0.03 | ||||||||||
| Unattributed miners | <0.01 | <0.01 | 0.01 | |||||||||
| Received | 10,232 | 107 | 72.0 | 65.8 | 9.9 | 9.4 | 9.1 | 0.05 | <0.01 | <0.01 | <0.01 | 10,506 |
Bitcoin sent from each organisation (rows) to each other (columns), 30 days 4 Oct to 2 Nov 2026.
Mining pools paying exchanges
191 BTC went straight from mining pools to exchanges and custodians, on 9 routes. A pool paying a miner whose payout address is at an exchange counts here too.
- BTC.com to Binance107 BTC26 transactions
- OCEAN to KuCoin72.0 BTC31 transactions
- OCEAN to Bitfinex9.1 BTC102 transactions
- Other pools to OKX2.0 BTC1 transaction
- OCEAN to OKX0.25 BTC14 transactions
- OCEAN to Binance0.15 BTC11 transactions
- Braiins Pool to OKX0.15 BTC13 transactions
- Unattributed miners to Bybit<0.01 BTC7 transactions
Routes over time
Each route's daily history, from its first day, is part of Pro, with the live windows above and the routes in the API (/api/v1/exchanges?view=pairs). Compare plans.
How we count
Each Bitcoin transaction is read from our own node. Its inputs belong to the organisations whose labelled addresses fund them and its outputs to the organisations whose labelled addresses receive them. An organisation's share of the inputs, times the share of the outputs paid to another organisation, counts as flowing from the first to the second; its own change stays its own. Exchanges are labelled from the addresses they publish plus our clustering of them, mining pools from our coinbase records, custodians from their published reserve addresses. Only direct transfers count: coins that pass through an unlabelled address on the way are not followed. Hours are by block time, and the hour still open is left out.
- Only organisations are labelled, and only totals are published: no address appears here.
- A transfer that goes from one exchange to a customer's own wallet and on to another exchange is two transfers through an unlabelled address, so it is not a route here. The figures are the direct part only.
- Coverage follows our labels. Exchanges that publish no addresses, and those our clustering has not reached, are missing, so the totals understate all the bitcoin that moves between exchanges.
- Pairs are counted from 3 Jan 2009, every block of our own Bitcoin node since, and refreshed about every ten minutes.
The routes as data: /api/v1/exchanges?view=pairs. The free view is reusable under CC BY 4.0, crediting CryptoKeyhole with a link to this page.
Questions
Which exchange sends the most bitcoin to other exchanges?
What are exchange-to-exchange flows?
Bitcoin that leaves one exchange's addresses and lands straight at another's in the same transaction. Each exchange's inflows and outflows count every counterparty; this page splits out the part that comes from, or goes to, another organisation we label.
Why do exchanges send bitcoin to each other?
The chain shows the transfer, not the reason. Exchanges settle with other venues, move coins for large clients and rebalance between platforms they run; a steady route between two exchanges is often one of those.
Are transfers through other wallets counted?
No. Only direct transfers count: coins that stop at an address we have not labelled on the way are not followed.
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Figures are calculated by CryptoKeyhole from its own Bitcoin node and its organisation labels. Nothing here is investment advice.