HHI decomposition of labeled exchange activity — HHI contribution of each venue's gross-flow share; the stack height is total concentration.
Each venue's 10,000 × squared gross-flow share stacked into the Herfindahl–Hirschman Index (HHI), with Bitcoin price for market context.
A higher total stack means observed activity is concentrating in fewer exchanges. The colored contributions show which venues are driving the concentration.
HHI is calculated only across the nine labeled venues on its standard 0–10,000 scale. It measures concentration of on-chain boundary flow, not exchange solvency, reserves or trading-volume market share.