Number of distinct transactions sending BTC to exchange addresses (inflow, red) and spending from them (outflow, green) each day.

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 rise in inflow transactions points to many users depositing at once, for example during sharp price moves. Exchanges batch their withdrawals, so outflow transactions are usually fewer and larger.

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): Inflow tx count · Outflow tx count