Definition. The total count of transfers from exchange addresses, i.e. the number of on-chain withdrawals from exchanges. Number of Transfers to Exchanges is the inflow counterpart.

Technical. A transfer between two different exchanges counts as one withdrawal from the sending exchange. Transfers within the same exchange are not counted. For ETH tokens, transfers sent to another exchange are not counted. For BTC, only non-zero outflows are counted. 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.