
Jakarta, Pintu News – Recent observations on Bitcoin on-chain data show a significant change in the Bitcoin Inter-exchange Flow Pulse (IFP), indicating an increase in token flows to derivatives platforms.

An analyst at CryptoQuant Quicktake pointed out that the recent Bitcoin IFP seems to have bottomed out. IFP is an indicator that measures the amount of Bitcoin (BTC) flowing between spot and derivatives exchanges. When the value of this metric increases, it signals that investors are making more transactions from spot platforms to derivatives platforms, indicating increased speculative interest in the market.
However, the decline in this indicator signals that traders may be reducing risk as they send lower amounts of tokens to the derivatives market. Currently, although the IFP is showing early signs of change, the indicator is still well below its 90-day moving average (MA).
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The presented chart shows that Bitcoin IFP peaked in the first quarter of 2025 and then reversed direction, indicating a decrease in speculative activity. After this downward trend began, the metric dropped below the 90-day MA. CryptoQuant considers a crossover like this to be a bearish signal, which signals a bear market or correction.
Although Bitcoin (BTC) subsequently reached a new high in 2025, from IFP’s perspective, the market environment remained bearish with the value of the metric continuing to decline. However, early signs of change have emerged recently, as IFP points to increased flows into derivatives exchanges as Bitcoin (BTC) prices recover.

Bitcoin (BTC) has experienced a price drop in recent days, with prices falling from $95,000 to $91,200. Nonetheless, the recent increase in flows to derivatives exchanges may signal the potential for further recovery.
If the IFP manages to cross the 90-day MA, this usually leads to bullish price action for the cryptocurrency. Continued monitoring of the IFP and Bitcoin (BTC) price will provide further insight into whether speculative activity will increase enough to overcome this threshold.
With the Bitcoin IFP indicator showing early signs of change, market participants should pay attention to the next move. Whether this will be the start of a bullish trend or just a temporary uptick, only time will tell.
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