Terminal Reasons Explained
Every terminal address carries a reason code — a label that explains why the trace stopped following funds at that address. These codes are not failures. They describe the nature of each endpoint, which is often the most important information in the trace.
Reason Code Reference
| Reason | Plain-Language Meaning | What It Signals |
|---|---|---|
| Max Depth | The trace reached its configured hop limit | Funds may continue beyond this address. Try a deeper trace to explore further. |
| No Transactions | No further relevant outgoing transactions were found | Funds appear to have settled here. The address had no outgoing activity matching the trace direction within the trace scope. |
| CEX Detected | The address is a known centralized exchange | A clear, identifiable endpoint. Funds deposited into an exchange are commingled — the individual trail ends here by design. |
| Mixer Detected | The address is a known privacy protocol | Funds passed through a protocol that intentionally obscures the on-chain link between sender and receiver. |
| Bridge Detected | The address is a cross-chain bridge contract | Funds moved to another blockchain. The trace cannot follow across chains. |
| Already Visited | This address was already encountered earlier in the trace | The trace detected a loop and stopped to avoid revisiting the same address. |
| Timeout | The trace ran out of processing time on this branch | This branch was not fully explored. Re-running the trace may produce a more complete result on this path. |
| Error | An error occurred while processing this address | This branch could not be completed. The rest of the trace is not affected. |
| Labeled Sink | The address is in the known labeled-destination database | A confirmed, named destination. The trace stops here because the address identity is established. |
Interpreting the Distribution
The Why Trace Ended sub-tab in the Terminals tab groups all terminal addresses by reason and shows how many addresses fall into each category.
Mostly CEX Detected — the majority of traced funds reached exchanges. This is a common, traceable outcome.
Mostly Max Depth — the fund flow continues beyond what was captured. Consider re-running with a higher hop count.
Mixer Detected or Bridge Detected present — funds passed through a privacy or cross-chain boundary. These are structurally significant interruptions in the trail, not gaps in the platform.
Traces Show Patterns, Not Guarantees
Terminal reasons describe where the trace could and could not follow. A CEX endpoint is a clear signal. A Max Depth endpoint is a boundary, not a conclusion. Traces record on-chain activity and identify likely routes — they are a starting point for investigation, not a definitive record of intent.