Total BTC held on exchange addresses. It is the previous day's reserve plus the day's netflow.

Calculated by BGeometrics from our own Bitcoin full node, using a set of addresses labelled as belonging to exchanges. Inflow is the BTC received by those addresses during the day; outflow is the BTC spent from them.

A falling reserve means coins are leaving exchanges for self-custody and less supply is immediately available to sell, which is usually read as bullish. A rising reserve means more coins are ready to be sold.

Address labelling never covers every exchange wallet, so absolute levels are an estimate; trends and large moves are more reliable than the exact figure.

API (subscription): Reserve BTC