Net Exchange Flow

What it measures

BTC moving onto exchanges (inflow) minus BTC moving off exchanges (outflow) on a given day.

Formula

Net Flow = Exchange Inflow (BTC) - Exchange Outflow (BTC)

Normal range

Fluctuates day to day around zero; a sustained multi-day trend in one direction is more informative than any single day's reading.

How it fails

A single day's flow is noisy and can be dominated by one large transfer (an exchange consolidating its own wallets, for instance) that has nothing to do with retail buying or selling intent - this is exactly why the dashboard's own read on this metric emphasizes the trend, not the daily print.

Related metrics

Exchange Reserve, MVRV

Bull read

Sustained net outflow (more leaving exchanges than arriving) has historically coincided with accumulation phases - coins moving toward storage rather than a readily-sellable venue.

Bear read

Outflow doesn't guarantee those coins are being held with conviction - some outflow is coins moving to another venue entirely, not necessarily off the market.