Exchange Reserves as % of Circulating Supply
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About this metric
What it measures
Exchange Reserves as % of Circulating Supply divides BTC held in tracked exchange addresses by Bitcoin’s circulating supply. The stored series is a fraction, displayed as a percentage: 0.167 means 16.7% of circulating BTC.
How to read it
A higher percentage means a larger share of existing coins sits within identified exchange wallets; a lower share means more supply is held elsewhere. The series peaked at about 18.40% on September 29, 2022, and stood at 16.7% on October 17, 2026, placing the later reading below that historical concentration peak.
The denominator grows with new issuance, so the share can decline even when exchange BTC balances are unchanged. Custody migrations and address-label updates also alter coverage. Exchange-held coins may serve as collateral or custody assets, so the percentage is not the share necessarily offered for sale.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- Institutions & Exchanges
- Type
- Single value
- Data since
- 2011-08-17
- Latest data
- 2026-10-27
- Data points
- 5,551
FAQ
Why does a raw reading of 0.167 display as 16.7%?
The data stores the ratio on a zero-to-one scale. Multiplying it by 100 converts the fraction to a percentage; it should not be read as 0.167%.
How is this different from Total Exchange Reserves?
Total Exchange Reserves measures an absolute BTC balance. This metric divides that balance by circulating supply, making the exchange share comparable as Bitcoin’s issued supply grows.
Can the percentage fall without exchange withdrawals?
Yes. If circulating supply increases while the exchange balance stays the same, the denominator grows and the percentage falls. Check the absolute reserve series to separate supply growth from balance changes.
