What it shows
Exchange netflow is the difference between the BTC sent to exchange wallets and the BTC sent out of them. The value is net inflow minus net outflow, measured in BTC per day. A positive value means more BTC entered exchanges than left them. A negative value means more BTC left than entered. The chart draws the daily netflow as bars with a zero line and the BTC price on a second axis. You can filter the view by all exchanges, spot exchanges, derivative exchanges, or a single exchange such as Binance, Bitfinex or Kraken.
- Daily netflow bars
- Exchange filter menu
- BTC price on second axis
How to read it
Read the latest bar and note its sign. A bar above zero is a net inflow. A bar below zero is a net outflow. The app marks bars beyond 1,000 BTC in either direction as large. Look at runs of several bars in one direction, not at a single bar. Many traders see inflows as coins that may be sold and outflows as coins moved to storage. Neither reading is certain. Compare the bars with the BTC price line and with the chosen exchange filter.
- Pick an exchange filter: all, spot, derivatives or one venue.
- Read the sign of the latest bar and its size in BTC.
- Compare runs of bars in one direction with the BTC price.
What to keep in mind
Netflow shows movement between known exchange wallets and outside wallets. A coin that leaves an exchange may go to a custodian, a fund or another exchange. A coin that enters may serve as collateral and not be sold. Exchanges also move coins between their own wallets. Labels of wallets can be incomplete. Netflow alone cannot show intent. The 1,000 BTC cut-offs are fixed values chosen by the app.
A missing value is not zero. Check the source and time under each data block before you compare numbers.
Questions
What is exchange netflow?
Exchange netflow is the BTC that flowed into exchanges minus the BTC that flowed out, in a given period. The result is in BTC. A positive number is a net inflow. A negative number is a net outflow. The page shows it per day.
What does negative exchange netflow mean?
It means more BTC left exchanges than entered them that day. The coins may have moved to self-custody, to a custodian or to another venue. The data does not show the reason. Treat it as a fact about movement, not as a forecast.
Do exchange inflows mean people will sell?
Not always. Coins sent to an exchange can be sold, traded, used as collateral or moved between wallets of one owner. A large inflow shows that coins are closer to the market. It does not prove that selling will follow.