Exchange netflow is the BTC entering exchanges minus the BTC leaving them each day: netflow = inflow - outflow.

Calculated by BGeometrics from our own Bitcoin full node, using a set of addresses labelled as belonging to exchanges. Inflow is the BTC received by those addresses during the day; outflow is the BTC spent from them.

Positive values (red) mean coins are moving onto exchanges, usually to be sold, so they point to selling pressure. Negative values (green) mean coins are being withdrawn to self-custody, a sign of accumulation. The 30-day moving average smooths out single large transfers. When the range is long the bars show weekly sums.

Address labelling never covers every exchange wallet, so absolute levels are an estimate; trends and large moves are more reliable than the exact figure.

API (subscription): Netflow