This metric captures the net flow of BTC in and out of exchanges domiciled on-chore and off-shore relative to the US. It can be used to monitor relative fund flows and investor sentiment in different geographies.

• 🔵 Onshore US Exchanges = Coinbase, Kraken, and Gemini

• 🔴 Off-shore Exchanges = Binance, Huobi, and OKX

This metric was initially developed in The Week On-chain (WoC 26-2023) for more information.