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It is based off a few core topics:\n\n1) The majority of capital in the market enters/exits via the two major assets BTC and ETH, or Stablecoins.\n\n2) Realized value is a valuable tool to gauge capital flows, as it requires coins to transact on-chain, and change-hands (filtering short-term day-to-day exchange trade volume).\n\n3) Relative flows of funds in, and out of exchanges provide a gauge for how capital is moving through the market, as well as sentiment (risk-on vs risk-off).\n\nMetrics in this dashboard considers the following assets:\n\n**Major Digital Assets:** Bitcoin (BTC) and Ethereum (ETH)\n\n**Stablecoins:** USDT, USDC, BUSD, TUSD\n"},"uuid":"89b8db8f-90ba-4843-a529-eebae1d793e8","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## Aggregate Net Position Change\n\n---\n\nThis metric shows the 30-day change in capital within the digital asset market. Positive values indicate net capital inflows, whilst outflows will be negative.\n\nIt contains the following traces:\n\n- 🟢 / 🔴 **Aggregate Capital** indicating the combined Realized Cap of BTC and ETH, plus the circulating supply of the largest stablecoins USDT, USDC, and BUSD.\n\n- 🟠 **Major Digital Asset BTC + ETH** reflecting the change in the aggregate Realized Cap of these market leaders.\n\n- 🔵 **Major Stablecoins** reflecting the combined change in aggregate stablecoin supply for USDT, USDC, and BUSD."},"uuid":"fe0dfc02-d7cb-4f61-b01a-0963ac5c8eaf","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## Exchange Buying Power\n\n---\n\nThis chart presents a measure of the 30-day change in stablecoin buying power on exchanges. It takes the 30-day change in the exchange balances of the ten largest USD stablecoins with on-chain coverage (USDT, USDC, USDS, DAI, USDe, USDG, PYUSD, RLUSD, USDD and USDF) and subtracts the USD-denominated 30-day change in BTC and ETH exchange balances.\n\n`Buying Power Net Position Change = 30-day Change in Stablecoins on Exchanges [USD] - (30-day Change in BTC + ETH on Exchanges [USD])`\n\n- **Positive values 🟢 and Uptrends** indicate that a larger or increasing USD volume of stablecoins is flowing into exchanges relative to BTC + ETH over the last 30 days. It generally suggests there is more stablecoin-denominated buying power available on exchanges relative to the two major assets.\n\n- **Negative values 🔴 and Downtrends** indicate that there is less or declining USD volume of stablecoins flowing into exchanges relative to BTC + ETH over the last 30 days. It generally suggests there is less stablecoin-denominated buying power available on exchanges relative to the two major assets.\n\n\u003e *Stablecoin exchange balances are measured on Ethereum (Solana for USDG) and only for the exchanges we monitor. The full basket exists from mid-2025, so the chart starts there.*\n"},"uuid":"5ea690b6-3674-45d5-bce3-a79f66ec01d7","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"date":1681948800000,"asset":"BTC","since":1316131200000,"until":1681948800000,"currency":"usd","metricCode":"distribution.ExchangeNetPositionChange","resolution":"24h"},"uuid":"1c051a67-48ad-43da-bb79-c1ebc9be9d21","extra":{"zoom":"2y","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1681948800000,"asset":"ETH","since":1316131200000,"until":1681948800000,"currency":"usd","metricCode":"distribution.ExchangeNetPositionChange","resolution":"24h"},"uuid":"ddeaa557-52d0-428f-af08-94885991b763","extra":{"zoom":"2y","price":true,"scale":"lin","lineColor":"#627eea","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1681948800000,"asset":"USDT","since":1316131200000,"until":1681948800000,"currency":"native","metricCode":"distribution.ExchangeNetPositionChange","resolution":"24h"},"uuid":"26edb0ae-dee3-49d5-9d8f-ad156455bac9","extra":{"zoom":"2y","price":true,"scale":"lin","lineColor":"#26a17b","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1681948800000,"asset":"USDC","since":1316131200000,"until":1681948800000,"currency":"native","metricCode":"distribution.ExchangeNetPositionChange","resolution":"24h"},"uuid":"28da5f22-b2dd-4ef1-a594-a83036b0a8b2","extra":{"zoom":"2y","price":true,"scale":"lin","lineColor":"#3e73c4","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1681948800000,"asset":"TUSD","since":1316131200000,"until":1681948800000,"currency":"native","metricCode":"distribution.ExchangeNetPositionChange","resolution":"24h"},"uuid":"c3ec74b0-13bc-49b4-a4a3-479d802a9f50","extra":{"zoom":"2y","price":true,"scale":"lin","lineColor":"#2b2e7f","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1681948800000,"asset":"BUSD","since":1316131200000,"until":1681948800000,"currency":"native","metricCode":"distribution.ExchangeNetPositionChange","resolution":"24h"},"uuid":"cd6202b9-9b59-4b81-94e3-1ec1356240d4","extra":{"zoom":"2y","price":true,"scale":"lin","lineColor":"#f0b90b","chartStyle":"line"},"configType":"metric"},{"meta":{"content":"## Exchange Buy-Side vs Sell-side Inflows\n\n---\n\nThis metric seeks to identify shifts in capital depending on the preference with respect to exchange inflow volumes.\n\nIt assumes a simple model whereby:\n\n- BTC + ETH Exchange Inflows (USD denominated) are assumed to be sell-side pressure.\n\n- Stablecoin Inflows are assumed to be buy-side pressure.\n\nThis metric then subtracts BTC/ETH Sell-side from Stablecoin buy-side to obtain an aggregate delta of exchange inflows.\n\n`Buy-vs-Sell-side Inflows = ema(Total Stablecoin Inflows - (BTC + ETH Inflows),7)`\n\n- **Values near zero suggest an neutral regime**, where buy-side inflows are of the same magnitude as BTC+ETH sell-side inflows.\n\n- 🟢 **Positive values suggest a net buy-side regime**, where buy-side inflows of stablecoins exceed BTC+ETH sell-side inflows.\n\n- 🔴 **Negative values suggest a net sell-side regime**, where buy-side inflows of stablecoins are less than BTC+ETH sell-side inflows.\n\n\u003e Note: It is important to note that this metric makes the assumption of buy-vs-sell-side. However, both stablecoins and digital assets can flow into exchanges for reason other than trade, such as for custody, collateral, or position margin."},"uuid":"bc767f55-9cce-4016-bc52-a95f4d224b03","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### Disclaimer\n\n---\n\n*This dashboard and associated content does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions. For for details, please refer to our [Terms and Conditions](https://studio.glassnode.com/terms-and-conditions).*"},"uuid":"155d82d6-aca8-4948-a950-72a7bbe40621","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## Exchange Total Flow Dominance\n\n---\n\nThis metric takes the ratio between BTC and ETH total volume flowing in and out of exchanges (USD denominated). This can give an indication of the relative market preference, balance of supply and demand, and capital rotation trends between the two largest digital assets. \n\n`Exchange Flow Dominance = (Inflow+Outflow)_[BTC] / (Inflow+Outflow)_[BTC+ETH]`\n\n- **Higher values** indicates that BTC represents a greater proportion of USD volume flowing in/out of exchanges.\n\n- **Lower values** indicates that ETH represents a greater proportion of USD volume flowing in/out of exchanges.\n\n- **A Value of 50%** indicates an equal dominance between BTC and ETH with respect to USD volume flowing in/out of exchanges.\n\n---\n\n## BTC+ETH vs Stablecoin Exchange Dominance\n\nThe chart below is a variant of the chart above, which considers total BTC+ETH exchange flows in the numerator, compared to total exchange flows of the largest stablecoins in the denominator.\n\n`Exchange Flow Dominance = (Inflow+Outflow)_[BTC+ETH] / 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