This metric takes the ratio between the total USD denominated volume flowing in and out of exchanges for (BTC + ETH), and Stablecoins. This can give an indication of the relative market preference, balance of supply and demand, and capital rotation trends between the two largest digital assets, and the stablecoin market.

Exchange Flow Dominance = (Inflow+Outflow)_[BTC+ETH] / (Inflow+Outflow)_[BTC+ETH+Stablecoins]

• Higher values indicates that BTC+ETH represents a greater proportion of USD volume flowing in/out of exchanges.

• Lower values indicates that Stablecoins represent a greater proportion of USD volume flowing in/out of exchanges.

• A Value of 50% indicates an equal dominance between BTC+ETH and Stablecoins with respect to USD volume flowing in/out of exchanges.

Transparency Notice regarding Exchange Metrics

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