How is the number of coins on exchanges ascertained?

In most positive articles about BTC / ETH you can find numbers explaining how many coins are drawn from exchanges (to fit a bullish narrative). They did this even right before the crash in december and they did it yesterday. I really wonder how they find these numbers: first there’s no offical data from the exchange itself (or is there?). Second you can’t be sure which adresses on the chain are used from exchanges like Binance or Coinbase. So “onchain analysis” won’t be a secure bet.

What do you guys think? I just think we need to be sure about where all these numbers come from before we use them for hopium / as an argument.

Example (from

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2 thoughts on “How is the number of coins on exchanges ascertained?”

  1. ??? There is official data from the exchange it’s called the Blockchain.
    All activity is there to view. In and outflows.
    Yes on chain data does show that.
    Exchange wallets are known.
    And coins leaving an exchange has nothing to do with price right away.
    You’re worried about immediate price action… Which makes you think like this ..
    Maybe follow willy woo for good on chain data.


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