Flows

Trading-desk netflow (USD/day)

How many stablecoin dollars entered known market-maker, OTC-desk and fund wallets today, minus how many left.

Why it matters

It's the project's most direct attempt at seeing "smart money" without buying paid data: instead of guessing who is behind a transfer, roughly 110 known addresses belonging to firms like Wintermute, Jump Trading, Cumberland, GSR, Galaxy Digital or FalconX are hand-labeled, and the net stablecoin balance flowing in and out of them is measured. Positive usually reads as those desks accumulating dry powder; negative, distributing. It's done on Ethereum because that's where USDT and USDC live in labelable volume, even though the reading is applied to BTC.

Build it yourself

Drag the dollars entering and leaving the desk-labeled wallets.

Netflow = Stablecoins in − Stablecoins out
Desk netflow

Illustrative example numbers for practice — not real data.

How it's calculated, step by step

  1. The connector collects large ('whale') transfers on the Ethereum network.
  2. Each transfer is matched against the labeled-address list; only those in the 'fund' category count (market makers, OTC desks, funds).
  3. Only stablecoin transfers are summed. Native-ETH transfers have no dollar value assigned in this project, so they fall out by construction: an implicit filter, not a separate decision.
  4. Netflow = dollars entering − dollars leaving that set of wallets.
Coincident signal. The limitation is the list: only what is labeled can be seen, labels age, and a desk using a fresh wallet drops off the radar without warning. A zero here doesn't mean "they didn't move", it can mean "we didn't see them". Coincident and for monitoring, not forecasting.

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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