
Whale Exchange Deposit Count counts the daily on-chain deposit events from entities classified as large holders into tracked exchange addresses. It is a count of transfers, not BTC volume or the number of distinct whales; one entity can contribute multiple deposits.
An expanding count means more deposit events originate from the identified cohort, while a declining count means fewer. The record was 35,619 deposits on April 16, 2024; the recorded count on the April 20 halving date was 12,575, showing how sharply activity can vary over a few days. Compare volume to see whether frequency and BTC amounts move together.
Splitting a transfer across multiple deposits raises the count without requiring more coins or more participants. Wallet routing, batching and entity labels affect the series, and even a large-holder deposit may be small; frequency cannot establish market selling or the number of active investors.
No. It counts deposit events, so repeated transfers from the same entity can all contribute. A distinct-entity count would require a different calculation.
The cohort may send more deposits with smaller BTC amounts. Transfer frequency and the total amount are separate dimensions of activity.
The large-holder label describes the source entity, rather than making every transfer large. A small deposit from a classified entity can still contribute to the count.