Bitcoin exchange flows, block by block

How do I read this chart?

Every column is one Bitcoin block, found about every ten minutes. The bar above the line is coins that went into exchanges in that block; the bar below is coins that came out. The dotted column on the right is the block being built right now. Under it, the line adds up the difference from the left side, so you can see whether more has been going in or coming out over the last hours.

What counts as going into or out of an exchange?

A payment of 10 Bitcoin or more that lands in a wallet we know belongs to an exchange counts as going in. A payment of 10 Bitcoin or more sent from an exchange's wallet counts as coming out. Coins moved from one exchange to another, or inside one exchange, are left out of both sides.

Is this every coin that moved to an exchange?

No. It is the exchanges Maketo recognises and payments of 10 Bitcoin or more, so the real figure is higher. Coinbase is seen through its customers' own deposits, the others only through the wallets we know they use. Treat the numbers as a floor and watch the shape, not the exact total.

What is the block being built?

Payments wait in a line until a miner includes them, and the ones paying higher fees go first. The dotted column counts the waiting exchange payments that pay enough to get into the next block right now. It can grow, and it can shrink when a better-paying payment pushes one out. The rest of the waiting exchange payments are shown as waiting for later blocks.

Why do I need to sign in for the live column?

The mined blocks are open to everyone. The block being built changes every few seconds, so its live column is for signed-in readers. Signing in uses an email code and takes a moment.

Does this say where the price is going?

No. It shows where coins went. Coins sent to an exchange may be sold, used as a deposit for a bet, or just moved for safekeeping, and coins leaving may go to a customer, a fund or another wallet of the same exchange we do not know. Busy blocks and quiet ones are both normal.