# Chart of The Week: Exchange Reshuffling Ratio Breakdown

## Метаданные

- **Канал:** glassnode
- **YouTube:** https://www.youtube.com/watch?v=DXbSDlsgiwk
- **Дата:** 14.05.2026
- **Длительность:** 4:44
- **Просмотры:** 887

## Описание

Welcome to "Chart of the Week" by Glassnode. This series offers bitesize insights into the market via different charts each week.

Exchange Reshuffling Ratio Breakdown Chart: https://glassno.de/4uNgsFJ

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Disclaimer:
This video does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions.

## Содержание

### [0:00](https://www.youtube.com/watch?v=DXbSDlsgiwk) Segment 1 (00:00 - 04:00)

Hey guys, welcome back to chart of the week with Glassnode, where we run you through some of the most important charts in crypto. Today we'll be taking a closer look at the exchange reshuffling ratio breakdown, as well as the exchange reliance ratio breakdown. So, these are two brand new metrics that we've just released this week at Glassnode. And um originally these are actually introduced by our lead analyst uh Crypto VizArt, as you'll know him on X, after the FTX collapse as an exchange risk framework. What's new here is the breakdown. So, instead of one exchange at a time, you now see every venue simultaneously. So, each row is an exchange, each column a point in time, and the color tells the story. So, the reshuffling ratio effectively measures what percentage of an exchange's balance is being moved internally, wallet-to-wallet in-house. So, a reading near 0% as we see here means funds are sitting still, which is the healthy norm, and you see this in red and pink. A reading near 100% means constant internal cycling, which is unusual behavior that should warrant attention. Now, if we switch to the reliance ratio um uh metric, so firstly the reliance ratio measures net flows, which is inflows minus outflows, relative to total balance. So, positive means net inflows, and negative means uh deeply negative means funds are leaving faster than they are arriving. So, if we look at these two together, the reliance ratio and the reshuffling ratio, they form a dual lens on exchange health. So, let's look at a historical example, and for this we're going to look at 2021 to 2022 specifically, and FTX. Uh Uh, of course we are. So, if we see here that from March 2021 um, onwards, so over a year and a half before the public knew anything was wrong at FTX, it had already been running at maximum reshuffling reading of 100% continuously. So, this happened and then all the way obviously into 2022. So, for example, a healthy exchange uh, show shows low internal reshuffling, which FTX never did. And now, if we look at reliance ratio uh, the reliance ratio chart, and we also look at the same time, so I'm going to go into 2022, and we are also going to look at FTX. Um, it actually spiked to maximum positives. So, if we look at the day out, so from base if you look at the 11th, which is the day that the collapse happened, um, that deep blue, right? Right at the point of the collapse, and it showed maximum positives. And uh, the reason for this was that there was nothing leaving. So, the reliance ratio flipped to its maximum reading. And uh, basically that's the on-chain signature of a frozen exchange. Meanwhile, if we look at exchanges like Gates, um, Gates was showing a negative reliance. And uh, if we also look at exchanges, for example, like Huobi, it is also showing negative values as well as Bybit's. And uh, so these uh, these negative reliance shows that capital is fleeing elsewhere. And now, if we go back to the reshuffling ratio, and we actually look at the current markets, uh, we can see that, for example, today in our current market cycle, the picture is quite calm. So, let's look at the two uh, two really big exchanges, right? So, if we look at Binance, we can see that Binance is currently sitting at about 2. 2% and Coinbase at about a 4. 5%. So, this is both These are both well within normal range. And now, if we just look at two exchanges that are a little bit higher, so if we look at or quite a bit higher, shall I say? So, if we look at Luno, they're currently at about 31% and crypto. com is at 47%. So, these are worth monitoring, but neither is approaching the kind of extremes we saw at FTX. So, if we zoom out now again and just look at it we look at the full heat map. What we basically want to watch for is a calm exchange suddenly developing a sharp reshuffling spike combined with an abnormal reliance shift. That's the contagion signal and as 2022 showed, it appeared in the data before the headlines. Um but that's all for today, folks. So, thank you so much for watching this chart of the week. Please leave a like, a comment, and subscribe if you haven't already and we'll see you next week. Bye for now.

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*Источник: https://ekstraktznaniy.ru/video/53144*