Sell pressure Where it goes Per exchange Top movers Recent flows Balance trend

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Exchanges · Sell pressure

Jun 08 to Jul 20 · weekly · live from the indexer

Sell-intent proxy, not confirmed sales

Net sell pressureJun 08 to Jul 20

Over Jun 08 to Jul 20, 39.27M ATOM was deposited onto exchanges, but 39.59M ATOM was withdrawn back off, leaving a net outflow of 319.0k ATOM (1% of gross). ATOM deposited and then withdrawn was demonstrably not sold, so the net figure is the honest read on distribution, not the dramatic gross number. Deposits came from 8,911 addresses; the top 10 drove 38%, so what pressure there is stays concentrated, not broad-based.

Gross · all senders included

Net to exchanges

−319.0kATOM

deposits − withdrawals · true pressure

Gross deposits

39.27MATOM

weighted 38.58M · sell-intent

Withdrawals

39.59MATOM

ATOM taken back off exchanges

Top-10 share

38%of flow

8,911 senders · top 50 78%

Sell routes · weighted modelroute weight × raw flow = weighted sell pressure

Route	Weight	Raw ATOM	Weighted ATOM	Transfers
Direct exchange depositstrongest on-chain sell signal	0.95	39.27M	37.31M	28,826
IBC out, no swap memoambiguous: custody, routing, LP	0.25	5.10M	1.28M	27,253
IBC out with swap memoexplicit swap instruction	1.00	27	27	5

Net exchange flow · weekly

Deposits (sell-intent) against withdrawals (accumulation). Net −319.0k ATOM off exchanges over Jun 08 to Jul 20, net accumulation.

Deposits (in)

Withdrawals (out)

ATOM price over the window · daily

Did the deposit bursts move price? ATOM/USD across the same dates, −16.0% over the window. Compare the spikes above against the line below; concentrated bursts that don’t dent price suggest the market absorbed them. Price from CoinGecko.

ATOM / USD

Exchange deposits by transfer size · weekly

Each line is a deposit-size tier in ATOM. If the large tiers spike in isolated weeks while small tiers stay flat, selling is bursty and concentrated.

< 100

100-1k

1k-10k

10k-100k

100k +

Exchange deposits by sender · weekly

Senders grouped by their on-chain label. Most depositors are unlabeled wallets (only a fraction of the address space is named), so read this as a floor on identified actors, not a full attribution.

Unlabeled wallet

Exchange → exchange

Exchange ops

Cex_custody

Inflation is not the seller · weekly

Rewards actually claimed by stakers (6.33M ATOM over the window) against exchange deposits. If inflation drove selling, the two would track. Deposits spike independently of claims. Sell-through 6.2×: exchange deposits were 6.2× the rewards claimed, so more ATOM hit exchanges than inflation minted (principal is being sold, not just emissions).

Exchange deposits

Rewards claimed

Biggest sellers · top depositors to exchanges

#	ATOM	Deposits	% of flow
1	3.51M	843	8.9%
2	2.06M	1386	5.2%
3	1.84M	234	4.7%
4	1.25M	5	3.2%
5	1.22M	171	3.1%
6	1.17M	178	3.0%
7	1.17M	88	3.0%
8	1.00M	4	2.5%
9	952.7k	339	2.4%
10	934.4k	199	2.4%
11	850.5k	244	2.2%
12	765.5k	335	1.9%
13	736.1k	338	1.9%
14	721.9k	339	1.8%
15	717.8k	318	1.8%

Tap any address to open its account card. These are the wallets behind the concentration figure above.

Where it lands · by exchange

Binance16.01M · 41%

Unknown (memo deposit)12.59M · 32%

Coinbase7.91M · 20%

MEXC1.14M · 3%

Bithumb1.09M · 3%

Kraken495.1k · 1%

Upbit33.0k · 0%

Coinone0 · 0%

The bursts · largest single exchange deposits

#	ATOM	To exchange	When
1	1.25M	Coinbase	Jun 26
2	500.0k	Binance	Jul 16
3	450.0k	Binance	Jun 24
4	336.9k	Coinbase	Jul 15
5	272.5k	Binance	Jul 01
6	250.0k	Binance	Jun 26
7	250.0k	Binance	Jun 29
8	250.0k	Binance	Jun 30
9	250.0k	Binance	Jun 29
10	230.0k	Binance	Jun 15
11	200.0k	Unknown (memo deposit)	Jul 22
12	200.0k	Unknown (memo deposit)	Jul 06
13	200.0k	Unknown (memo deposit)	Jun 23
14	152.2k	Kraken	Jul 01
15	150.1k	Coinbase	Jul 05

Tap any sender to open its account card. “Cohorts” here are transfer-size bands, not holder wealth tiers. Bedrock does not track per-address balances, so a single large deposit is classified by its size, not the depositor’s holdings. Deposits to a labeled exchange from a non-exchange, non-protocol address; protocol inflows (staking rewards) are excluded. The window reflects the period continuously indexed so far (the live tip-follower’s run, shown above); it widens toward a full quarter as the historical backfill closes the gap.

How this is measured

Sell-intent proxy

A deposit to a labeled exchange is the on-chain act before a sale. We count transfers into a verified CEX address from a non-exchange, non-protocol sender. Exchange-to-exchange hops and protocol inflows (staking rewards, fee sweeps) are excluded, so this is not the same as raw exchange volume.

Size bands, not wealth tiers

The “cohorts” are transfer-size bands(the size of each deposit), not holder-wealth classes. Bedrock does not track per-address balance history, so we never claim a depositor is a “whale” by holdings. A 100k deposit is classified as 100k, full stop.

Concentration

Top-10 / top-50 share is each sender’s summed deposits over the window, ranked. “Biggest sellers” names those wallets; tap any to see its account.

Labels

Exchange and protocol labels are verified (self-disclosed/corroborated for CEX; derived on-chain for protocol and IBC escrow accounts). Unconfirmed candidates are never used to classify flows, so a wallet shows as cosmos1… rather than a guessed brand.

Inflation overlay

“Rewards claimed” is the volume of withdraw_rewards events. Sell-through is deposits divided by claimed rewards: above 1x means more ATOM hit exchanges than inflation minted.

Window & price

The window is what the live tip-follower has indexed continuously so far; it widens toward a full quarter as the historical backfill closes the gap. Price is daily ATOM/USD from CoinGecko, shown for context only.