ETF custody / treasury in/out + reserve — BTC in/out of labeled fund & custodian wallets (ETF custody, treasuries) + running reserve
Fund & custody flows follows the movement or balance of Bitcoin at labeled market participants: ETF custody / treasury in/out + reserve. It helps put exchange, whale, miner and custody activity into context.
Flows of labeled custody/treasury entities. Sustained inflows = institutional absorption; outflows = redemption pressure.
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.