
Intra-Exchange Transfer Volume totals the BTC moved on-chain between addresses attributed to the same exchange each day, summed across tracked exchanges. The unit is BTC, and the series records wallet movement rather than customer trading volume or transfers between separate exchanges.
Sharp increases identify intensive movement within exchange wallet systems, such as consolidating addresses or moving funds between hot and cold storage. Low readings indicate less recorded internal BTC movement. The largest daily value was about 13.023 million BTC on June 15, 2022, illustrating how operational transfers can dwarf ordinary deposit flows.
The same coins may move repeatedly, so total volume need not equal the amount of distinct reserves handled. Attribution errors can move transfers between internal and external categories; a spike alone says nothing conclusive about customer withdrawals, exchange solvency or executed trades.
Intra-exchange transfers stay between addresses assigned to one exchange. Inter-exchange transfers move between addresses assigned to different exchanges.
If both ends are correctly identified within the same exchange, moving BTC between them does not by itself change that exchange's combined balance. It changes where the coins are stored.
Coins can be moved through multiple wallets or repeatedly consolidated during the same day. This counts transferred BTC rather than unique coins, so it should not be read as new deposits or market turnover.