Good point. KE is a good indicator, but doesn't tell all as you mention.
It would be good if HBD also would be included in this. I have been moving funds from HBD to Hive and back many times in the past.

KE also doesn't monitor to which accounts the funds are being transferred. For instance my topcomment account pays out liquid Hive to hivers, so the KE increases.
But the funds stay on Hive.
This is the case for more curation accounts, but maybe also for other Hivers that run projects.

It is interesting to see the accounts and amounts that are leaving Hive via exchanges.
@forkyishere has made a tool (https://hive-flow-visualizer--forkyishere.replit.app) that displays that, but it would be cool if we could see this in the front-ends while curating too.