Share of the circulating BTC supply held on exchanges: exchange reserve / circulating supply, shown as a percentage.

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.

Unlike the raw reserve, it accounts for new coins being mined. A falling ratio means a smaller part of all bitcoin is available on exchanges.

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): Supply ratio