Update on Exchange flows: Top gainers and losers

I could not resist the urge to get a 7-day test trial of the Nansen Pro to monitor the exchange flows with multiple service providers (first DefiLlama, and now Nansen).

The good thing about Nansen is that it also tracks Coinbase flows, which Defillama does not. The problematic part though is that it only tracks exchange netflows excluding Bitcoin (tracking ETH, BNB, Poly, and Avalanche chains).

Still, using multiple services with different methods of gathering data will allow us to do better research and see a fuller picture.

Top gainers

Looking at the data, we can observe that HTX(?), Bybit, OKX, MEXC and Crypto.com are among top exchanges benefiting from a large positive inflow following the Binance settlement this week. I would argue that it is perhaps better that we discount the HTX data, for now, following the hack and irregular flows. KuCoin would then also make the top 5.

Top losers

A little bit more concerning, it seems that Coinbase has been bleeding significantly (excluding BTC flows) for whatever reason. Coinbase seems to have negative netflows on par with Binance. The top losers are Coinbase, Binance, Kraken, and Bitfinex.