What is Bitcoin exchange netflow?
Netflow is a derived series: the first difference of exchange reserve. It measures the balance of coins flowing in versus out over a day, so it oscillates around zero rather than trending like a level. Positive is net inflow, negative is net outflow.
How it is calculated
Because it is derived from the change in exchange reserve, netflow inherits the same on-chain source and wallet coverage. The page follows it as a daily series, and a thirty-day percentage change is suppressed because a flow oscillating around zero makes that figure misleading.
How to read it
Sustained net outflows are often read as accumulation and reduced sell-side availability; sustained net inflows can precede selling as coins arrive where they can be sold. Because netflow is noisy day to day, a run of same-sign days is more meaningful than any single print.
What it does not tell you
Netflow inherits exchange-wallet labelling limits and is noisy; a single day rarely means much. It shows movement, not intent. Live values are in the authenticated app.