The Whales Outflow metric tracks the rolling volume of withdrawals from an exchange to large non-exchange entities, normalized by the exchange’s balance. A higher value reflects increased whale-driven outflows, which may indicate active large-client withdrawal behavior. If such activity is concentrated on a single exchange, it warrants further assessment — under typical circumstances, it could result from internal wallet management operations; however, in extreme cases, it may signal declining client confidence or even a potential security breach.

This metric was introduced by CryptoVizArt. For further details, please refer to his introductory article.