This metric represents the BTC denominated exchange inflow volumes for Short-Term Holders, broken down into volume in profit and loss.

• 🟢 STH Volume to Exchanges in Profit
• 🔴 STH Volume to Exchanges in Loss
• 🟠 Cumulative STH Net Exchange Bias

From this, we can calculate the Short-Term Holder Cumulative Exchange Bias. This metric is the cumulative sum of STH Coins in profit minus in Loss sent to exchanges. Uptrends indicate that STHs have a net bias towards sending profitable BTC volume into exchanges, and vice-versa for downtrends.

Transparency Notice regarding Exchange Metrics

Disclaimer: Exchange balances presented are derived from Glassnode’s comprehensive database of address labels, which are amassed through both officially published exchange information and proprietary clustering algorithms. While we strive to ensure the utmost accuracy in representing exchange balances, it is important to note that these figures might not always encapsulate the entirety of an exchange’s reserves, particularly when exchanges refrain from disclosing their official addresses. We urge users to exercise caution and discretion when utilizing these metrics. Glassnode shall not be held responsible for any discrepancies or potential inaccuracies.

Please read our Transparency Notice when using exchange data