Definition. This chart presents the relative dominance of exchange-related deposits and withdrawals with respect to all confirmed Bitcoin transactions. It presents the following traces:

• 🟠 Total Transaction Count
• 🟢 Total Deposit Transactions
• 🔴 Total Withdrawal Transactions
• ⚫ Exchange Transaction Dominance (%) (grey columns)

Technical. Exchange Transaction Dominance (%) is calculated as follows:

• Exchange Transaction Dominance (%) = (Deposits + Withdrawals) / Total Transaction Count

Interpretation. Where volume-based dominance measures the share of value moved, this transaction-count view measures the share of network events that interact with exchanges. High dominance indicates that a large fraction of daily on-chain activity consists of exchange deposits and withdrawals, characteristic of trading-driven usage of blockspace. Falling dominance signals a rising share of transactions settling between non-exchange participants — peer-to-peer transfers, consolidation, or other organic usage. Divergence against the volume-based dominance can be informative: many small deposit transactions with modest volume dominance points to broad retail participation, while few transactions carrying heavy volume dominance points to larger players.

Notes. Built from Exchange Deposits, Exchange Withdrawals and Transaction Count. See also the entity-adjusted variant Exchange Transaction Dominance (Entity-Adjusted), the value-based counterpart Exchange Volume Dominance, and the equivalent chart for Ethereum Exchange Transaction Dominance.

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