BTC received by exchange addresses in transactions where at least one input also comes from an exchange address: coins that move between exchanges without leaving them.

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.

These transfers are counted in both inflow and outflow but barely change the total held on exchanges. They explain why inflow and outflow are so large and so close to each other; spikes often reflect arbitrage or rebalancing between platforms.

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): Exchange to exchange