Directional deposit/withdrawal balance normalized per venue — Netflow divided by gross flow per venue: +100% deposits, −100% withdrawals.
Netflow divided by gross flow for each labeled exchange, bounded from −100% withdrawals to +100% deposits, beside Bitcoin price.
Positive readings mean deposits dominated that venue's on-chain boundary flow; negative readings mean withdrawals dominated. Broad alignment across venues is stronger context than one isolated line.
The ratio describes direction, not size: a quiet venue can print ±100% on little BTC. Always compare the signal with gross flow before treating it as meaningful directional evidence.