The size of each bubble represents the trading volume, while the color indicates the rate of change in volume.
A decrease in volume is labeled as Cooling, little change as Neutral, an increase as Overheating, and a sharp increase as Highly Overheating.
In the later stages of a bull market, when trading volume remains very high but price performance is weak, it may signal the Distribution Phase of the asset.
This is when new investors enter the market, leading to a transfer of holdings.
Exchanges used to calculate this metric(Assets not listed on the exchanges below are excluded from the calculation):
Binance, Binance.US, Kraken, Coinbase, OKX, Bithumb Korea, Coinone, Gopax, Korbit, Upbit, HTX, Bybit, Hyperliquid, MEXC, Crypto.com, Kucoin, Bullish, Bittrex, Coincheck, Okcoin, Bitflyer, Poloniex, Bitget, Bitstamp, Gate.com, BTSE, Bitmex, Bitfinex, Bitflyer, Gemini, FTX
Hyperliquid data has been included in our indicator calculations since April 23, 2025 (UTC).
