How to read CEX Analytics

Compare exchanges first

The Exchanges view combines a leaderboard, daily net-flow history, asset net flow and a live whale tape. Compare absolute USD flow with the direction and the selected period. A large venue will naturally print larger totals, so open the exchange drill-down before comparing accumulation or distribution across different-sized markets.

• Leaderboard Ranks tracked venues by visible flow in the selected window.
• Asset net flow Shows which coins explain the venue-level total.
• Whale tape Keeps the large underlying transfers one click away.

Read stablecoin dominance as a regime

Stablecoin Dominance asks what share of exchange flow comes from stables versus risk assets. A rising share can indicate de-risking or capital waiting on venues; a falling share can indicate deployment into risk. Give more weight to a shift that arrives with heavy volume. The Z-score view highlights unusual deviations from the rolling baseline, while cumulative net stable flow shows whether the move persists.

Use the heatmap to find when and where

The seven-day heatmap makes bursts visible by exchange and day. Tap a cell or venue to move from the overview into a focused CEX read. In the drill-down, switch between percentage of circulating supply and USD value: supply percentage makes different-sized assets comparable, while USD shows the actual inventory at stake.

A practical three-step workflow

First identify the regime in Stablecoins. Second find the venue and day in Exchanges or Heatmap. Third open the asset and whale tape to inspect the transactions behind the aggregate. This order prevents one dramatic transfer from overriding the broader context.