What is Exchange Netflow?

交易所净流量是当天流入交易所的比特币总量（Inflow）与流出总量（Outflow）之差。公式很简单：BTC流入 − BTC流出 = 净流量。

该图是终极“供需”雷达：揭示巨鲸与机构是把币堆到交易所准备卖出，还是觉得便宜并锁进安全冷钱包。

如何解读 It? (Selling Pressure vs. Supply Shock)

• 🔴 Positive Values / Rising Bars (Inflows Dominant – Warning: Sell-Off): When the Netflow value rises above zero (becomes positive), it indicates that the amount of Bitcoin entering exchanges that day is much higher than the amount leaving. Whales are moving their coins to exchanges to sell (take profit) or use them as collateral in futures trading. Since the reserve of “coins for sale” on exchanges is rapidly increasing, this is the biggest red flag for immediate selling pressure (dump) or severe price volatility.
• 🟢 Negative Values / Falling Bars (Outflows Dominant – Supply Squeeze and HODL): When the Netflow value drops below zero (becomes negative), it shows that massive amounts of Bitcoin are being withdrawn from exchanges to cold wallets that day. This proves that investors are buying the dip and shifting to long-term HODL mode. Because it instantly drains the available BTC supply on exchanges (creating a supply shock), it is one of the strongest bullish signals supporting a rapid price increase.
• 💡 Pro Trader Tip (Spot vs. Derivative Exchanges): The type of exchange is crucial when reading Netflow data. If these massive inflows (positive netflow) are going directly to Spot exchanges, it signals a real and severe selling wave. However, if high inflows are directed to Derivative (Leveraged) exchanges, it indicates that rather than selling, a massive gamble (opening Long/Short positions) is about to take place, forecasting severe volatility with an uncertain price direction.