> For the complete documentation index, see [llms.txt](https://docs.candelacharts.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.candelacharts.com/investing/macro-and-liquidity/bitcoin-etf-flows/usage.md).
# Usage
Bitcoin ETF Flows Usage
The Bitcoin ETF Flows indicator is best used to determine the underlying institutional bias in the market, providing structural context for both swing trading and long-term investing.
### How it works
The indicator pulls end-of-day balance data for the selected ETFs using Glassnode metrics. Depending on your selected "Plot Mode", it either calculates the net change in balances (Inflows/Outflows) or calculates the percentage share of a specific ETF relative to the total group (Dominance). This raw data is then smoothed using a configurable SMA (Mean Length) and can be statistically normalized using a rolling Z-Score to highlight statistically significant accumulation or distribution events.
### Interpreting the Data
* **Inflows & Outflows**: Consistent net inflows indicate strong institutional accumulation, providing a bullish backdrop for Bitcoin price action. Large, sudden outflows often precede or confirm market corrections as institutions de-risk. Pay attention to Z-Scores above +2.0 or below -2.0 for highly significant flow events.
* **Dominance Mode**: Monitoring ETF Dominance (e.g., BlackRock's IBIT vs Grayscale's GBTC) helps identify the "leaders" of the ETF space. A rising dominance in newer ETFs alongside a declining dominance in legacy funds (like GBTC) often highlights a structural rotation of capital rather than outright market distribution.
* **Using the Dashboard**: The built-in dashboard provides a quick snapshot across multiple horizons (7D to 365D). Green highlights indicate positive flows/growth, while red indicates negative flows/contraction. Aligning short-term flows (7D/14D) with long-term trends (90D+) provides the highest probability context.
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