Binance Exchange-Supply Figures Revised Upward
Analysts and firms using exchange-supply metrics on Binance will see historical balances change as new addresses are added.
Updated on Nov. 7, 2026 in Inflation
Coin Metrics revised its Binance exchange-address data after disclosing additional addresses, a change that affects how reported exchange supply figures read. A separate CryptoQuant analyst observed more aggressive spot selling than buying on Binance and Coinbase, and the U.S. October CPI report is scheduled for Nov. 10.
Why it matters
Exchange-supply metrics are widely used by traders and analysts to read market positioning, so a methodology change that alters the counted balances changes the picture operators and market participants rely on. The revision reflects broader address coverage rather than a shift in actual exchange holdings.
Coin Metrics' revision followed its Nov. 4 notice, with significant changes expected in hourly supply metrics on Nov. 4 and daily metrics on Nov. 5. Bitcoin was quoted at $75,871 on Nov. 7, rounded to $76,000 in coverage.
The players
Coin Metrics
Crypto market data provider that publishes exchange-supply and on-chain analytics used by institutional and retail market participants.
Binance
Large global cryptocurrency exchange whose wallet balances are tracked in exchange-supply metrics.
Coinbase
U.S.-listed cryptocurrency exchange whose spot trading flows were compared with Binance in the observed selling imbalance.
CryptoQuant
On-chain analytics firm that publishes exchange flow and market-positioning research for crypto traders and investors.
Bureau of Labor Statistics
U.S. federal agency that publishes the Consumer Price Index, the main gauge of consumer inflation used in monetary policy decisions.
The details
Coin Metrics calculates exchange supply by summing coin balances across identified hot and cold wallets at the end of each interval, then multiplies the balance by the USD price to produce dollar-denominated supply. When new addresses are discovered, standard exchange histories can be revised, and Coin Metrics' documentation says so explicitly. Its trade records include time, price, amount, and the taker's side where known, which is the basis for the directional selling observations cited by CryptoQuant analyst Darkfost on Binance and Coinbase.
Timeline
Nov. 4: Coin Metrics issued notice of its planned exchange-address data update.
Nov. 5: Expected daily supply metric changes from the data update.
Nov. 7: CryptoSlate reported Darkfost's spot selling observation.
Nov. 10, 8:30 a.m. ET (13:30 UTC): U.S. October CPI inflation release.
Market Landscape
Coin Metrics' point-in-time documentation explicitly allows exchange histories to be revised when new addresses surface, so this update follows its published methodology rather than departing from it. The revision sits alongside a separate CryptoQuant observation of more aggressive spot selling than buying on Binance and Coinbase, two venues whose flows are closely watched by market participants.
Operators who use exchange-flow or supply metrics in treasury or investment reporting should note that historical figures may be revised and reconcile any dashboards against the updated series. Anyone with exposure to crypto asset values should treat the Nov. 10 CPI release as a near-term factor and consult a qualified accountant or advisor on how to account for valuation changes.
The takeaway
Treat published exchange-supply figures as revisable and check whether your reporting tools have ingested the Coin Metrics update. Calendar the Nov. 10 CPI release at 8:30 a.m. ET, since inflation data can move both Treasury yields and risk assets.
What happens next
The U.S. Bureau of Labor Statistics releases October CPI data on Tuesday, Nov. 10 at 8:30 a.m. Eastern Time, which may shift inflation expectations and risk appetite across markets.
Further reading
For broader context on how price-level data feeds into economic policy, see our coverage under Inflation.
