# Bitcoin Exchange Reserves and Netflows

> Bitcoin exchange reserves by exchange: BTC held in labelled exchange wallets, the share of supply they hold and daily inflows, outflows and netflow.

Markdown copy of https://voltfincrypto.com/apps/bitcoin-exchange-reserves

**Question:** How much bitcoin is held on exchanges today, and is it flowing in or out?

- Kind: Dashboard in Voltfin Vantage
- Topic: [Markets and trading](https://voltfincrypto.com/topics/trading)
- Chains: Bitcoin
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Exchange reserves are the bitcoin held in wallets that exchanges control: the coins customers have deposited and the exchanges' own holdings. When more bitcoin moves into those wallets than out, more coins sit where they can be traded; when more leaves, coins are moving into self-custody, to funds or to other venues.

This dashboard reads the balances of exchange wallets straight from the Bitcoin chain at each day's last block. It starts from the address lists that exchanges publish for proof of reserves, adds the deposit addresses that sweep into them and removes transfers between one exchange's own wallets so they never count as flows.

Coverage is only as complete as the address lists behind it, so each exchange shows how many of its addresses are labelled and where its list came from. Custodians that hold coins for funds, such as spot ETFs, are labelled apart from trading venues.

## Blueprint

### Overview

Bitcoin on exchanges today and the latest day's flows.

- **BTC on exchanges** (BTC): Bitcoin held by all labelled exchange addresses at the latest day's last block.
- **Netflow, latest day** (BTC): Bitcoin sent into exchange addresses minus bitcoin sent out of them on the latest complete day.
- **30-day change** (BTC): Change in BTC on exchanges against the balance 30 days earlier, on the same address list version.
- **Share of supply on exchanges** (%): BTC on exchanges as a share of bitcoin issued through the same block.
- **Reserves over time** (BTC): BTC held by all labelled exchange addresses at each day's last block over the selected period.
- **Daily netflow** (BTC): Daily inflows minus outflows across all exchanges, with each day's inflows and outflows on hover.

### By exchange

Reserves and flows exchange by exchange.

- **Exchanges covered** (count): Exchanges with a published or reconstructed address list in the latest version.
- **Largest exchange's share** (%): Share of all exchange-held BTC that sits with the exchange holding the most.
- **Reserves by exchange** (BTC): BTC held by each exchange's labelled addresses at the latest day's last block.
- **Largest flows**: The largest deposits to and withdrawals from exchange addresses in the period, with transaction, exchange and direction.

Filters: Exchange (Every exchange with a labelled address list, or all together); Period (Last 30 or 90 days, or 1 year).

## How it will be measured

- Balances are the sum of unspent outputs held by each exchange's labelled addresses at the day's last block, from the UTXO set rebuilt from Bitcoin blocks.
- Addresses come from exchange-published proof-of-reserve lists, versioned by publication date, plus deposit addresses that sweep into those wallets.
- Inflows and outflows are the value of transaction outputs entering or leaving an exchange's address set; spends between addresses of the same exchange are internal and removed.
- Every balance and flow opens to its block, its transactions and the version of the address list behind it.

## Data it needs

- `exchange_balances_daily` (to build): Balances held in labelled exchange wallets per asset, chain and exchange at day end, and net flows in and out.
- `address_labels` (to build): Labels for known addresses: exchanges, bridges, protocols, funds, treasuries, sanctioned addresses and known attackers.
- `whale_transfers` (to build): Transfers above a size threshold per token and chain, with sender and receiver labels (exchange, fund, bridge, unknown).
- `bitcoin_supply_daily` (to build): Bitcoin issued, supply by coin age band and by output script type (including coins whose public keys are already exposed), supply last moved long ago, and cost-basis measures.
- Source: Bitcoin UTXO balances at the daily block height for exchange-published proof-of-reserve address lists
- Source: Bitcoin transaction inputs and outputs touching those addresses per block, with internal transfers removed
- Source: Exchange-published proof-of-reserve address lists, versioned by publication date (off-chain attribution)
- Source: Deposit-address clustering from sweeps into known exchange wallets

## Questions

### What are bitcoin exchange reserves?

Exchange reserves are the bitcoin held in wallets controlled by exchanges, both customer deposits and the exchange's own coins. They are read here as balances of labelled addresses on the Bitcoin chain.

### What does bitcoin leaving exchanges mean?

When outflows exceed inflows, coins are moving from exchange wallets to addresses outside them: self-custody wallets, funds, custodians or other venues. It means fewer coins sit on trading venues, not that anyone in particular bought them.

### How are exchange wallets identified?

Most addresses come from lists that exchanges publish to prove their reserves. Deposit addresses are added when they sweep into those wallets, which marks them as the exchange's. Each label records its source.

### Why do exchange reserve figures differ between sources?

Each source labels a different set of addresses, and a missing cold wallet or a custodian counted as an exchange changes the total. This dashboard publishes its address lists and their sources, so its coverage can be checked.

### Do spot ETF holdings count as exchange reserves?

No. Coins held by custodians for funds are labelled as custody, not as exchange reserves, even when the custodian also runs an exchange. They are shown separately so that ETF flows do not distort exchange netflows.

## Glossary

- **Proof of reserves**: An exchange's published evidence that it holds customer assets, often a list of its wallet addresses whose balances anyone can read.
- **Netflow**: Coins sent into a set of addresses minus coins sent out of it over a period.
- **UTXO**: An unspent transaction output: a piece of bitcoin that an address can spend. An address's balance is the sum of its UTXOs.

## Related apps

- [Proof of Reserves Tracker: Exchange Wallet Balances](https://voltfincrypto.com/apps/proof-of-reserves-tracker)
- [Bitcoin Whale Tracker: Large Transactions and Coin Age](https://voltfincrypto.com/apps/bitcoin-whale-transactions)
- [Bitcoin ETF Holdings by Issuer and Fund](https://voltfincrypto.com/apps/bitcoin-etf-holdings-by-issuer)
- [Bitcoin Rich List: Largest Addresses by Balance](https://voltfincrypto.com/apps/bitcoin-rich-list)
- [Crypto Whale Transactions: Large Transfers Today](https://voltfincrypto.com/apps/crypto-whale-transactions)
- [Crypto Market Cap Rankings with On-Chain Supply](https://voltfincrypto.com/apps/crypto-market-cap-rankings)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F