Metrics
Exchange Whale Ratio
Share of exchange inflows coming from the ten largest deposits of the day
What is Exchange Whale Ratio?
The ten largest deposits to exchanges in a day, divided by all deposits that day. High = a few very large holders dominate what arrives at venues; low = inflow is spread across many mid-size wallets. We compute it on whale-sized deposits only.
What is the Exchange Whale Ratio right now?
| Latest complete day | 0.62 |
|---|---|
| 7-day average | 0.55 |
| 30-day range | 0.40 – 0.77 |
| Whale deposits counted (30 days) | 2,097 |
| Deposit threshold | ≥ 50 BTC |
| Data as of | 2026-10-08 |
How to read this. The ratio answers one question: how much of today's whale inflow came from just ten deposits? Near 1.0, a handful of very large holders made up almost everything that arrived at exchanges. Around 0.4–0.5, the inflow was spread across many mid-size whales. It measures concentration, not volume and not intent — a high reading says a few big wallets moved, not that anyone sold. Read today's value against the 30-day range above, not against a fixed threshold.
How we calculate it. For each UTC day we take every transaction on our Bitcoin node classified as to exchange — sender unlabelled, recipient carrying an exchange label — sort by size, sum the ten largest and divide by the sum of all of them. The 7-day average and 30-day range are computed over complete days only; the current, still-running day is excluded because a half day with few deposits always reads near 1.0.
Where this differs from the textbook version. The common definition of this metric uses all exchange deposits as the denominator, down to fractions of a coin. We only record whale-sized transactions, so our denominator is whale inflow alone. That makes our ratio structurally different from a chart built on every deposit, and the two must not be compared one to one. As with every flow metric here, only exchanges with labelled addresses are visible — unlabelled venues do not count.
Complete UTC days only · latest 2026-10-08 · source: our own Bitcoin node