Definition. A breakdown of the net flow of coins into and out of exchanges, segmented by the USD value of the underlying transactions. Net Transfer Volume from/to Exchanges is the related base variant without segmentation.

Technical. A transfer between two different exchanges counts as a withdrawal for the sender and a deposit for the receiver. The two cancel out in the aggregated netflow over all exchanges. Transfers within the same exchange are not included. Exchange metrics are based on Glassnode's continually updated set of labeled exchange addresses, together with statistical and data-science methods that are refined over time. The series is therefore mutable: its established history is stable, but recent data points may revise as labels update. For methodology and limitations, see our article on exchange metrics and Exchange Data Transparency Notice.