Insights
Exchange Netflow
Shows the daily difference between how much Bitcoin moved into exchanges and how much moved out.
Red marks days when more Bitcoin flowed into exchanges, green marks days when more flowed out. Coins moving to exchanges usually means people are getting ready to sell.
How to read this chart
Inflows to exchanges can be read as supply waiting to be sold, outflows as a holding signal. Strong net-outflow periods have historically been favorable, but the differences between periods are not large.
New to this metric?
What is exchange net flow? Exchanges are the marketplace where Bitcoin gets sold. Bitcoin moving into exchanges (inflow) is read as sell supply piling up, while Bitcoin moving out (outflow) is read as a signal of holding for the long term.
Why is moving to an exchange a sell signal?
To sell Bitcoin you first have to move it to an exchange wallet. So rising exchange inflows are read as supply getting ready to be sold. Outflows, on the other hand, have tended to be read as a sign there is no intention to sell right now.
Where does withdrawn Bitcoin go?
Usually to personal wallets for long-term storage. Bitcoin held outside exchanges is hard to sell immediately, so steady outflows are read as shrinking the supply that could hit the market.
Does the price always fall when inflows rise?
Not necessarily. Moving coins to an exchange doesn't mean they'll all be sold, and transfers between exchanges or wallet housekeeping also get counted. Treat this as one input alongside price action and other indicators rather than a verdict on its own.