Definition. The net flow of coins into and out of exchanges, computed as the difference between volume flowing into exchanges and volume flowing out. Total Transfer Volume to Exchanges and Total Transfer Volume from Exchanges are the inflow and outflow components.

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.