Exchange Net Flow
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Exchange Net Flow is the BTC sent into tracked exchange addresses minus the BTC sent out of them each day. Positive values mean net inflow, negative values net outflow, and their running total tracks the change in exchange reserves.
How to read it
Sustained positive readings mean coins are concentrating on exchanges, possibly for sale or as derivatives collateral, and large net inflows often show up during sharp sell-offs. Sustained negative readings mean coins are being withdrawn to self-custody or long-term storage, which has historically accompanied accumulation phases.
Daily values are noisy: cold-wallet reshuffles, address relabeling and custodian migrations can produce extremes unrelated to trading, so multi-day sums and trends are more reliable than single days. An inflow is not the same as a sale, since deposited coins may only serve as collateral, market-making inventory or OTC settlement.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- Transfers & Transactions
- Type
- Single value
- Unit
- BTC
- Data since
- 2011-08-17
- Latest data
- 2026-10-27
- Data points
- 5,551
FAQ
What does a positive exchange net flow mean?
More BTC was deposited to exchanges than withdrawn that day, so exchange reserves grew. The coins may be sold, or simply used as collateral or market-making inventory, so a positive reading alone does not confirm selling.
Why are there extreme single-day net flows?
Single-day net inflows and net outflows have each reached roughly 100,000 BTC in the past. Such extremes often reflect cold-wallet reorganizations, address re-identification or large custody transfers rather than concentrated trading, so check the surrounding days.
Do transfers between exchanges count in exchange net flow?
Across all exchanges combined, one exchange's outflow and another's inflow cancel out, so such transfers barely affect the total. They only show up as net inflow or outflow when one side is not identified as an exchange.
