Definition. The number of unique addresses that appeared as a receiver in a transaction receiving funds from an exchange. Number of Addresses Depositing to Exchanges is the deposit counterpart.

Technical. Transfers between exchanges are excluded. For ETH, only top-level transactions with a non-zero ETH value are counted; internal transfers are ignored. Exchange metrics are based on Glassnode's continually updated set of labeled exchange addresses, together with statistical and data-science methods that are refined over time. The series is therefore mutable: its established history is stable, but recent data points may revise as labels update. For methodology and limitations, see our article on exchange metrics and Exchange Data Transparency Notice.