Avg BTC per deposit/withdrawal — Average BTC per deposit / withdrawal tx — rising means = institutions/whales dominate the flow
Exchange flow means follows the movement or balance of Bitcoin at labeled market participants: Avg BTC per deposit/withdrawal. It helps put exchange, whale, miner and custody activity into context.
Rising mean deposit size = large holders dominate the flow (institutional/whale activity). Rising mean withdrawals = size moving to cold storage.
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.