An analyst has highlighted how the Bitcoin Inter-exchange Flow Pulse has been in a bearish phase lately, but its value has started to level off.
Bitcoin IFP could hit a low
In a new after on
When the value of this metric rises, it means more cryptocurrency is flowing from spot to derivatives platforms. Such a trend implies that speculative interest in BTC is increasing.
On the other hand, the indicator witnessing a decline indicates that traders may be taking a lower risk approach as they limit their trades to derivatives exchanges.
Here is the chart shared by Maartunn showing the trend in the Bitcoin IFP and its 90-day moving average (MA) over the past ten years:
As shown in the chart above, Bitcoin IFP was on the rise for the last few months of 2024, but in 2025 a reversal occurred in the indicator. Flows into derivatives exchanges began to decline and soon the benchmark fell below the 90-day MA.
A cross below this MA is considered the beginning of a bear market or a correction phase for the cryptocurrency. Over the course of 2025, the signal held as the IFP continued to decline, failing to find a break above its 90-day MA. Interestingly, Bitcoin still rose to a new all-time high (ATH) in the second half of the year.
In 2021, a similar pattern emerged as BTC observed a new part of the bull run in the second half of that year, alongside a bearish signal on the IFP. The chart shows that this previous bearish transition on the IFP persisted until the bottom of the 2022 bear market, where it leveled off before moving back up.
A similar pattern was also observed during the 2018 bear market. As such, given its historical precedence, it is possible that Bitcoin will also find a bottom this time alongside a reversal in the IFP.
The first signs of such a reversal may even be manifesting as the indicator has recently switched to a sideways trajectory. “The Inter-Exchange Flow Pulse is still in a bearish phase but is starting to level off,” the analyst noted.
Of course, it is still too early to say whether derivatives flows are witnessing a real trend shift, so it remains to be seen how the IFP will develop in the near future. “A shift here could indicate changing capital flows,” Maartunn said. “Keep a close eye on this statistic in the coming weeks.”
BTC price
At the time of writing, Bitcoin is hovering around $67,300, up 1.3% from the past week.