Bitcoin Exchange Netflow, based on the 30 day moving average, remains deeply negative, indicating that more BTC has been leaving exchanges than entering them recently. Negative netflows should not be interpreted as a direct signal for price appreciation. However, persistent exchange outflows are an important fundamental metric. They suggest that a significant amount of Bitcoin is being moved away from exchanges, potentially into self custody or longer term holdings, reducing the amount of BTC readily available for trading. Even after significant market volatility, investors continue to withdraw Bitcoin from exchanges. This does not define short term price direction, but it remains an important sign of long term conviction in Bitcoin. $BTC