Exchange Exchange Balances USD Exchange Balances USD
Bitcoin
Exchange Balances track the total amount of Bitcoin held in identified exchange wallets over time.
Why it matters
They serve as a proxy for potential sell-side supply: coins on exchanges are more readily available to be sold than coins in self-custody.
How it is built
On-chain clustering attributes addresses to exchanges, and their aggregate holdings are summed into a running balance, tracked alongside net inflows and outflows.
What to watch
A sustained decline in exchange balances signals accumulation and reduced sell pressure (coins moving to cold storage), while rising balances can precede distribution and heightened selling risk.