# Exchanges accumulated little of the extra float

Net exchange custody rose by 15.6 million CRV—4.6% of the liquid-float increase.

Large amounts moved into exchanges and back out. Most of that traffic cancelled in the net balance.

Exchange receipts are a busy route through the market. Their gross size should not be read as a lasting increase in exchange holdings.

## Only a small part of the extra float accumulated at exchanges

Opening-to-closing changes in the final exchange-flow release’s daily supply panel. Exchange custody includes labelled wallets and qualified deposit candidates. These are net stock changes over the study window. They do not measure gross deposits.

[Figure](../charts/float_bridge.svg) · [Data](../data/float_bridge.csv)

| Observation | CRV (million CRV) |
| --- | --- |
| Increase in liquid float | 340.0417 |
| Net increase in exchange custody | 15.6119 |

## Measurement

The expanded custody boundary adds token-specific deposit candidates to labelled exchange wallets. Candidates are selected from repeated sweep behaviour; ownership is not independently established. Strict labelled-wallet results are retained in the source release. A former small-wallet subset overstated CRV custody growth by omitting large outflows elsewhere.