Definition. This chart presents the BTC-denominated inflow and outflow volumes to exchanges associated with Whale entities (entities with a 1k+ BTC aggregate on-chain balance), together with the rolling average prices at which this cohort has withdrawn coins. The flow traces are:

• 🟢 Whale Inflow Volume to Exchanges [BTC] (positive columns)
• 🔴 Whale Outflow Volume from Exchanges [BTC] (displayed as negative columns for visual symmetry)
• ⚫ Whale Netflow Volume to/from Exchanges [BTC] (black line)

Technical. The netflow is calculated as Deposits - Withdrawals, positive when Whales are net depositors to exchanges. Also shown are the rolling average withdrawal prices for this cohort across a series of starting dates aligned with significant market lows and events, each computed as cumsum(Price x Withdrawal Volume, since) / cumsum(Withdrawal Volume, since):

• 🟡 5-Jul-2017+ (shortly before Binance began trading)
• 🔴 16-Dec-2018+ (2018 Bear market low)
• 🔵 12-Mar-2020+ (March 2020 low)

Interpretation. Whale flows to and from exchanges explicitly capture the buying and selling behavior of the largest BTC holders. Sustained net inflows (deposits dominating) indicate whales positioning coins for potential distribution, while sustained net outflows indicate accumulation and withdrawal to custody. The withdrawal-price lines act as cost basis estimates for coins this cohort has taken off exchanges since each anchor date — price trading above these levels means the average whale withdrawal since that era is in unrealized profit, and these levels have historically served as reference zones for cohort profitability.

Notes. Built from Whale Deposits to Exchanges and Whale Withdrawals from Exchanges. See also Whale Volume To/From Exchanges Net Position Change for the cumulative view of these flows, and Exchange Average Withdrawal Price (by Year) for the same cost basis technique applied to all market participants.

Disclaimer: Exchange balances presented are derived from Glassnode’s comprehensive database of address labels, which are amassed through both officially published exchange information and proprietary clustering algorithms. While we strive to ensure the utmost accuracy in representing exchange balances, it is important to note that these figures might not always encapsulate the entirety of an exchange’s reserves, particularly when exchanges refrain from disclosing their official addresses. We urge users to exercise caution and discretion when utilizing these metrics. Glassnode shall not be held responsible for any discrepancies or potential inaccuracies.

Please read our Transparency Notice when using exchange data