Exchange metrics group:

1️⃣Exchange Netflow Volume

The difference between the volumes entering exchanges and exiting exchanges, i.e., the net flow of coins to/from exchanges.

Exchange metrics are based on tagged exchange address data, which is continuously updated by Glassnode developers, as well as data science methods and statistical information that change over time.

Due to this, these metrics are variable — the data is stable, but especially the latest data points are subject to minor fluctuations over time. Hence, we use the 90-day EMA to smooth out unnecessary noise on the graph.

Current situation: Since June 2023, there has been a global outflow of BTC from exchanges.

On February 1, 2024, the Exchange Netflow Volume turned negative and has been decreasing steadily.

The 90-day average value is -761 BTC (compared to -1,932 BTC last month). This means that on average, participants withdrew 761 BTC more from exchanges than they deposited each day in April, including the first week of May, indicating a prevailing outflow of BTC from exchanges.

Rating: 6/10 in favor of buyers.

The Exchange metrics group indicates a continuing trend of BTC outflow from exchanges since June 2023.

The Exchange Netflow Volume metric turned negative on February 1, 2024, and has been decreasing steadily.

The 90-day average shows that more BTC is being withdrawn from exchanges than deposited, with an average daily net outflow of 761 BTC in April and the first week of May.

This persistent outflow suggests that holders are moving their BTC off exchanges, potentially indicating a positive long-term sentiment towards holding rather than selling.