net result when you add up withdrawals and deposits.

Got it.

"withdrawal" here is someone sending value from their personal account to an exchange

Got it.

which would mean they are (most likely) intending to sell that value.

Yes…most likely…and…understandably

What I'm calling a "deposit" is when an account takes value off an exchange and puts it into their own account.

Got it.

from the standpoint of the exchanges, those terms are reversed.

This reply does a great job of clarifying everything in layman’s terms.

Much appreciated!

Peace.