Definition. Exchange Whales Outflow tracks the rolling volume of withdrawals from an exchange to large non-exchange entities, normalized by the exchange's balance.

Technical. Whale entities are non-exchange, non-miner clusters holding at least 1k coins. 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.

Interpretation. Higher values reflect increased whale-driven outflows, which may indicate active large-client withdrawal behavior. Concentrated single-exchange activity can result from internal wallet management under typical circumstances, but in extreme cases may signal declining client confidence or even a potential security breach.

Notes. Introduced by CryptoVizArt. For further details, see his introductory article.