Top-10 deposits ÷ total inflow — Top-10 exchange deposits ÷ total exchange inflow (per-tx netted) — >0.85 = whale-dominated deposits
Exchange whale ratio follows the movement or balance of Bitcoin at labeled market participants: Top-10 deposits ÷ total inflow. It helps put exchange, whale, miner and custody activity into context.
Above 0.85, the top-10 deposits dominate all inflow — whales are positioning to sell. Persistent high readings during rallies have preceded local tops.
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.