Definition. This chart presents the relative dominance of exchange inflow and outflow volumes with respect to Bitcoin's global transfer volume, measured on an entity-adjusted basis. It presents the following traces:

• 🟠 Total Entity-Adjusted Transfer Volume [USD]
• 🟢 Exchange Inflow Volume [USD]
• 🔴 Exchange Outflow Volume [USD]
• ⚫ Exchange Volume Dominance (%) (grey columns)

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

• Exchange Volume Dominance (%) = (Inflows + Outflows) / Entity-Adjusted Transfer Volume

The denominator uses entity-adjusted transfer volume, which discounts transfers between addresses belonging to the same entity, so the dominance ratio is taken against economically meaningful settlement volume rather than raw on-chain churn.

Interpretation. This ratio measures how much of Bitcoin's economic throughput is directly bound to or from exchanges. Elevated dominance indicates flow regimes centered on trading activity — coins moving to exchanges for sale, or being withdrawn after purchase — which is characteristic of speculative phases and periods of elevated market activity. Declining dominance indicates a growing share of transfer volume settling outside exchanges, consistent with self-custody, holding behavior, or non-exchange use of the network. Comparing the green (inflow) and red (outflow) legs shows which direction dominates the exchange-related share of volume.

Notes. Built from Exchange Inflow Volume, Exchange Outflow Volume and Entity-Adjusted Transfer Volume. See also the raw-volume counterpart Exchange Volume Dominance and the transaction-count analog Exchange Transaction Dominance (Entity-Adjusted).

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