CYCLESCOPE · REAL DEMAND
Exchange Netflow
Net Bitcoin movement relative to recognized exchange addresses. Inflow raises readily sellable supply; outflow moves coins away from exchanges.
The balance of exchange transfers
The metric compares BTC sent to recognized centralized-exchange addresses with BTC withdrawn from those addresses.
Inflows minus outflows
BTC sent to exchanges − BTC withdrawnA positive result is a net exchange inflow; a negative result is a net outflow.
Readily available supply changes
- > 0 BTCMore readily sellable Bitcoin reached recognized exchanges.
- < 0 BTCBitcoin left exchanges, consistent with self-custody or accumulation.
- TrendPersistent direction matters more than one day and needs price context.
Confirm with old-coin behavior
Exchange inflow combined with falling LTH Supply and rising CDD is stronger evidence of distribution.
Address labels are incomplete
Internal exchange transfers and label changes create noise. Outflow does not prove buying and inflow does not prove selling.
This material is for market research and is not investment advice.