Arepo,

One thing I am not sure how TA can address is off-exchange transactions.

What I mean by this is that you provided a lot of great info in your newsletter about historical money flow.

However, if we were to make the assumption that larger buyers and institutional buyers are making a historically high amount of bitcoin purchases off exchange, how would we account for this in money flow?

It seems theoretically that lack of money flow could be offset by lack of bitcoin available on exchanges.

I guess we would have to measure historical ask sums to try to get a read on this?