This metric seeks to identify shifts in capital depending on the preference with respect to exchange inflow volumes. It assumes a simple model whereby:

• BTC + ETH Exchange Inflows (USD denominated) are assumed to be sell-side pressure.

• Stablecoin Inflows are assumed to be buy-side pressure.

This metric then subtracts BTC/ETH Sell-side from Stablecoin buy-side to obtain an aggregate delta of exchange inflows.

Buy-vs-Sell-side Inflows = ema(Total Stablecoin Inflows - (BTC + ETH Inflows),7)

• Values near zero suggest an neutral regime, where buy-side inflows are of the same magnitude as BTC+ETH sell-side inflows.

• 🟢 Positive values suggest a net buy-side regime, where buy-side inflows of stablecoins exceed BTC+ETH sell-side inflows.

• 🔴 Negative values suggest a net sell-side regime, where buy-side inflows of stablecoins are less than BTC+ETH sell-side inflows.

Note: It is important to note that this metric makes the assumption of buy-vs-sell-side. However, both stablecoins and digital assets can flow into exchanges for reason other than trade, such as for custody, collateral, or position margin.

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