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Bitcoin liquidity & flows

Where coins and spot demand move.

Liquidity and flows describe transfers and demand at different venues. Exchange netflow measures coins entering or leaving exchanges; ETF net flows measure creations less redemptions; Coinbase premium compares spot quotes.

By Axel Adler Jr. · Updated

Today’s reading · data for (UTC)

Exchange Netflow

Coins to and from exchanges

−5.0K BTCNet outflow

BTC moving onto exchanges minus BTC leaving them, daily.

Open chart Coinbase Premium Index

US demand gap

−0.218%US discount

Price gap between Coinbase and Binance, a gauge of US spot demand.

Open chart US Spot ETF Flow Monitor

US Spot ETF Flow Monitor

−$49.9MNet outflow

Daily, weekly and cumulative net flows into US spot Bitcoin ETFs.

Open chart
Guide

How to read liquidity & flows

Transfers are not executions

An exchange inflow is not proof that coins were sold. Custody moves and wallet identification can affect the series.

Different units, different calendars

Netflow is BTC per UTC day. Coinbase premium is a percentage. ETF flows follow US trading sessions; weekends and market holidays are not missing sessions.

Read the context

Check holder profitability and funding alongside flows. Price can move against a single demand indicator.

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3 liquidity & flows charts

Exchange transfers

BTC moving onto and away from tracked exchanges.

US spot demand

Compare a percentage price gap with ETF capital flows.

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Latest liquidity & flows briefs

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FAQ

Liquidity & flows, explained

What does liquidity & flows cover?

Liquidity and flows describe transfers and demand at different venues. Exchange netflow measures coins entering or leaving exchanges; ETF net flows measure creations less redemptions; Coinbase premium compares spot quotes.

How should the liquidity & flows charts be read together?

Compare the dates and units first. The charts describe different aspects of the same market and are not interchangeable buy or sell signals.

How often are the liquidity & flows readings updated?

Once a day, from full UTC days. Each chart displays its own date and keeps its last verified version when new data fails validation.

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