Expanded Exchange Flow Coverage for Stablecoins

Talos has expanded Coin Metrics Network Data with Exchange Flow and Supply metrics for major Ethereum-based stablecoins and added new data frequencies for both Exchange Flow and ETF Flow metrics.

This release introduces Exchange Flow metrics for:

• USDC on Ethereum [usdc_eth]
• USDT on Ethereum [usdt_eth]
• PYUSD on Ethereum [pyusd_eth]

In addition, Exchange Flow and ETF Flow metrics are now available at the hourly frequency, and Exchange Flow metrics for the newly added assets are available at block-by-block granularity.

These updates provide market participants with deeper visibility into stablecoin liquidity dynamics and more timely insight into exchange and ETF activity.

New Exchange Flow coverage for USDC, USDT and PYUSD on Ethereum

Stablecoins play a central role in crypto market structure, acting as settlement assets, liquidity bridges, and trading collateral. With this release, Coin Metrics Network Data now includes full Exchange Flow metric coverage for:

• USD Coin on Ethereum (usdc_eth)
• Tether on Ethereum (usdt_eth)
• PayPal USD on Ethereum (pyusd_eth)

Supported metrics include:

• Exchange inflows
• Exchange outflows
• Net exchange flows
• Exchange supply
• Transfer counts associated with exchange activity
  
  

These metrics enable detailed analysis of stablecoin liquidity movements into and out of exchanges, offering insight into capital deployment, leverage build-up, risk-off positioning, and broader market sentiment shifts.

Expanded intraday and block-level frequencies

To support more granular analysis, Talos has introduced hourly frequency support for Exchange Flow and ETF Flow metrics.

For usdc_eth, usdt_eth, and pyusd_eth, Exchange Flow metrics are also available at the block-by-block frequency.

Together, these enhancements enable:

• Intraday monitoring of exchange liquidity shifts
• Real-time visibility into ETF subscription and redemption dynamics
• Detection of large stablecoin transfers and liquidity migrations
• Microstructure analysis during periods of market volatility

This increased frequency support reflects the growing importance of stablecoins and institutional flow monitoring in modern crypto market structure.

Use cases

These enhancements unlock several key analytical workflows:

• ‍Stablecoin liquidity monitoring. Track capital entering or leaving exchanges via USDC, USDT, and PYUSD to assess directional positioning and market leverage.‍
• Intraday risk surveillance. Use hourly and block-level flows to identify rapid liquidity withdrawals or surges during volatility events.‍
• ETF demand tracking. Monitor hourly ETF flows to evaluate institutional participation trends and short-term demand shifts.‍
• Market structure research. Combine exchange and ETF flows with pricing and derivatives data to study capital rotation and liquidity regimes.

Accessing the data

All newly supported assets and frequency enhancements are available through the Coin Metrics Network Data API, via the /timeseries/asset-metrics endpoint.

Users can query:

• Assets: usdc_eth, usdt_eth, pyusd_eth
• Frequencies: daily, hourly, and block-by-block where supported

For a complete list of supported metrics and frequencies, please refer to the Network Data documentation, change log and coverage page.