Exchange Withdrawing Addresses
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Exchange Withdrawing Addresses counts the unique Bitcoin addresses receiving BTC withdrawn from tracked exchange wallets each day. It is measured in recipient addresses per day, rather than withdrawal transactions or BTC withdrawn.
How to read it
More recipients mean withdrawals reach a broader set of destinations; fewer recipients mean narrower participation, even if a large amount leaves. The count recorded 104,499 on November 14, 2022 and 105,330 on June 6, 2023, showing that large spikes have occurred outside price peaks. Compare withdrawal volume to distinguish many small recipients from fewer large ones.
Withdrawing may mean self-custody, a transfer to another service or routine operational movement, not a new purchase. Batching separates transaction count from recipient count, and exchange-address labels determine coverage. The series begins in 2009 with zero values; non-zero activity appears in the 2011 data.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- Addresses
- Type
- Single value
FAQ
Does this count exchange wallets or withdrawal recipients?
The measure tracks recipient addresses associated with withdrawals from exchange wallets. It should not be interpreted as the number of exchange hot wallets sending transactions.
Do more withdrawal addresses mean exchange reserves must fall?
No. Deposits may exceed withdrawals in BTC terms even when many addresses receive withdrawals. Reserves and net flow describe amounts, while this series describes recipient breadth.
Why are the earliest years zero?
The stored history starts in 2009, but the 2009 and 2010 values are zero and the 2011 data contains non-zero observations. That early span is not evidence that exchanges already had measurable withdrawal participation in 2009.
