Exchange Netflow
The net movement of coins onto or off exchanges — a widely-watched (if imperfect) proxy for buying and selling pressure.
Exchange netflow tracks coins flowing into exchanges minus coins flowing out. The common interpretation: inflows suggest intent to sell (coins moved to where they can be traded), while outflows suggest accumulation into self-custody and reduced near-term sell pressure.
Sustained large outflows have historically accompanied accumulation phases; inflow spikes sometimes precede volatility. But the signal is noisier than it looks — much movement is internal exchange wallet reshuffling, and the rise of ETFs moved significant flow off traditional exchange addresses entirely. Treat netflow as one input, cross-checked against other data, not a standalone buy/sell trigger. A caveat that applies to most on-chain metrics.