Flows

Stablecoin exchange netflow (USD/day)

The same stablecoin dollars, but looking at wallets labeled as exchanges rather than as trading desks.

Why it matters

Its interpretation is the OPPOSITE of bitcoin flowing to exchanges, and mixing the two up is the easy mistake. Bitcoin entering an exchange is potential sell pressure: somebody moved there what they may want to sell. Stablecoins entering an exchange is potential BUY pressure: somebody moved there the money they may want to buy with. Both series measure the same thing — what is being put in position to trade — but they point at opposite sides of the book.

Build it yourself

Drag inflow and outflow, and notice that here the green is on the opposite side from the bitcoin flow.

Netflow = Stablecoins in − Stablecoins out
Stablecoin exchange netflow

Illustrative example numbers for practice — not real data.

How it's calculated, step by step

  1. Same stream of large Ethereum transfers as the desk indicator, matched against the same labels.
  2. Here only 'exchange'-category addresses count — 14 sets of centralized-exchange wallets.
  3. Netflow = stablecoin dollars in − stablecoin dollars out.
Coincident signal. Same labeling limitations as the rest of this category, plus one of its own: exchanges constantly shuffle stablecoins between hot and cold wallets for internal operations, so part of this flow represents no user buying or selling anything.

Chart

This is real Bitcoin data, computed from the blockchain — not the illustrative example above.

Data last updated on 2026-09-09.

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