Exchange flows is a specific Trading coordinate in the Bitcoin knowledge graph. In practical terms, it identifies the subject described here: Estimated transfers into and out of exchange-controlled address clusters, limited by attribution quality. This definition is narrower than promotional usage and should be read together with the implementation, date and evidence attached to the entry.
Exchange flows is best understood as part of a system rather than as an isolated definition. Its related coordinates show the mechanisms, incentives and historical records that give the term practical meaning.
Exchange flows describes how participants value, trade or obtain exposure to bitcoin. Market behavior can affect adoption and mining economics, but it does not rewrite consensus rules. Price evidence and protocol evidence answer different questions.
Understanding Exchange flows helps distinguish a verifiable Bitcoin mechanism or historical record from slogans, products and market narratives.
Primary or authoritative records make these details checkable: exchange-flow metrics classify on-chain transfers to and from address clusters attributed to exchanges, then aggregate value by time; interpretation depends on cluster coverage, internal-wallet handling and denomination. They should be verified before using the coordinate in analysis.
The practical limit is: an exchange deposit is not proof of intent to sell and a withdrawal is not necessarily long-term holding; internal reshuffles, custodian migrations, mislabeled addresses and off-chain balances can dominate the signal. A definition, office, chart pattern or published claim is not by itself a prediction or Bitcoin consensus rule.
For the clearest picture, read this entry together with On-chain analysis, Custodial Exchange, Trading liquidity, Chain Surveillance, Bitcoin. The reverse links also lead from On-chain analysis.