Bitcoin exchange activity continues to lean toward accumulation rather than distribution, according to the Exchange Net Flow Indicator (NFI), which measures exchange-level net flow behavior after excluding internal transfers.

The indicator currently sits at -0.77, while its 7-day average remains near -1.41. This is significantly below the metric's historical average of -0.55, indicating that Bitcoin withdrawals from exchanges continue to outweigh deposits by a meaningful margin.

More importantly, this is not an isolated event. The NFI has remained negative during 83% of the past 30 observations and nearly 88% of the past 180 observations, showing that the recent outflow trend has been persistent rather than driven by a single large transfer or short-term market event.

The composition of these flows is equally important. Bithumb has been the largest contributor to the negative reading, while OKX, Bybit, and Coinbase have also maintained net outflow pressure. Binance, however, remains an outlier, continuing to record positive net flow readings while much of the broader exchange cohort trends in the opposite direction.

This divergence suggests that exchange behavior is becoming increasingly fragmented. While some venues continue to absorb Bitcoin deposits, the majority of tracked exchanges are experiencing a sustained withdrawal bias. Historically, this type of environment is associated with reduced immediately available exchange supply and lower sell-side liquidity.

The key takeaway is that the current signal is not simply showing coins moving between exchanges. After removing internal transfer noise, the dominant trend remains net Bitcoin leaving exchange custody. As long as this imbalance persists, exchange flow data continues to support a constructive supply-side backdrop for Bitcoin.

Written by Crazzyblockk