This chart seeks to identify macro trend shifts in exchange related volumes, by comparing the Monthly Average 🔴 of combined Exchange Inflows and Outflows, to the Yearly Average 🔵:

• When 🔴 is Above 🔵 indicates an expansion in exchange related on-chain activity, typical of higher investor interest in the asset, and growing network utilization.

• When 🔴 is Below 🔵 indicates a contraction in exchange related on-chain activity, typical of lower investor interest in the asset, and declining network utilization.

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