Exchange share of on-chain volume — Share of ALL on-chain volume that touches exchange wallets — market participation intensity
Fund flow ratio follows the movement or balance of Bitcoin at labeled market participants: Exchange share of on-chain volume. It helps put exchange, whale, miner and custody activity into context.
High ratio = most on-chain volume touches exchanges (speculation-heavy regime). Low ratio = mostly peer-to-peer / self-custody movement.
Entity labels are probabilistic and wallets are often reorganized. A flow is evidence of movement, not proof of an investor's intent or a future price move.