Dollar value of exchange reserves — USD value of BTC on labeled exchange wallets — deposits AND price effects; read next to the coin-denominated reserve
Exchange reserve (USD) follows the movement or balance of Bitcoin at labeled market participants: Dollar value of exchange reserves. It helps put exchange, whale, miner and custody activity into context.
Rises can come from deposits OR price appreciation. Compare with the coin-denominated reserve: USD up while BTC reserve flat = pure price effect.
Entity labels are probabilistic and wallets are often reorganized. A flow is evidence of movement, not proof of an investor's intent or a future price move.