Exchanges Charts
2 charts. Part of the chart reference.
Supply Held By Exchanges
Coins held on exchange addresses that Coin Metrics tracks, for BTC and ETH.
Coins on exchanges are sellable inventory; coins withdrawn to self-custody are, statistically, being shelved. The multi-year decline in exchange balances since 2020 is one of the strongest structural bull arguments on-chain analysts cite.
Caveats matter here: this counts only exchanges Coin Metrics identifies (coverage grows over time, inflating early-history comparisons), and custody arrangements (ETFs!) blur the self-custody signal. Directional trends over months are meaningful; day wiggles are not.
Supply Flow To Exchanges
Daily USD value flowing into and out of tracked exchanges, with the net.
Inflows are potential sell pressure arriving; outflows are coins leaving to custody. The net line below zero means more value left exchanges than arrived — the accumulation signature.
Big single-day inflow spikes have preceded several violent sell-offs (they're visible before the June 2022 and FTX-era cascades), which is why exchange-flow alerts are a staple of on-chain trading desks. As with exchange supply, tracked-exchange coverage shapes the absolute numbers.