On-chain Metrics 1 min read
Exchange Flows
Also known as: Exchange Netflow, Inflows, Outflows
Net coins moving onto or off centralized exchanges. Big inflows = potential sell pressure, big outflows = accumulation.
How to read it
- Negative netflow (outflows) → coins leaving exchanges, usually to cold storage. Supply off the market.
- Positive netflow (inflows) → coins arriving on exchanges, typically to be sold.
- Stablecoin netflow flips the logic — incoming stables = buy-side fuel.
Practical use
Pair exchange flows with SOPR and price action. Outflows + SOPR recovery above 1 is a textbook accumulation-to-markup signature.
Frequently asked
Why do inflows often precede sell-offs?
Traders usually move coins to exchanges before selling them. Large, unusual inflows from known whale wallets are a classic early-warning.
Are stablecoin inflows bullish?
Stablecoin inflows to exchanges are often bullish — fresh dry powder ready to buy. Coin inflows are usually bearish.