Definition. This chart monitors the average price at which coins are withdrawn from exchanges, as a tool to estimate a market-wide cost basis. We consider the average withdrawal prices for cohorts withdrawing from the largest exchanges by balance, with all traces starting on 5-July-2017 (the launch date of Binance):

• 🟠 All Exchanges
• 🔵 Coinbase
• 🟡 Binance
• 🔴 Bitfinex

Technical. Each trace is a volume-weighted running average of price over that venue's outflows:

• Withdrawal Realized Price = cumsum(Price x Outflow Volume, "2017-07-05") / cumsum(Outflow Volume, "2017-07-05")

using the exchange-specific outflow volume for each venue, and the aggregate across all exchanges for the orange trace.

Interpretation. Coins withdrawn from an exchange approximate coins purchased and taken into custody by that venue's clientele, so each line estimates the average acquisition price of that exchange's withdrawing users. Persistent spreads between venues reflect differences in when and at what prices their user bases accumulated — exchanges dominated by institutional or US-based flows can carry a distinctly different cost basis than globally retail-oriented venues. Comparing spot price against a venue's line indicates whether that venue's average withdrawal since mid-2017 sits in profit, and convergence or divergence between the lines tracks how acquisition behavior differs across market segments over time.

Notes. Built from Exchange Outflow Volume using per-exchange filters. See also the time-cohort view Exchange Average Withdrawal Price (by Year) and the equivalent Ethereum chart Exchange Average Withdrawal Price (by Exchange).

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