On-chain data shows the Bitcoin Inter-exchange Flow Pulse (IFP) has shown early signs of a turnaround recently, suggesting tokens have started moving into derivatives platforms.
Bitcoin IFP Is Turning Around, But Not Yet Inside Bull Market ZoneOn the other hand, the indicator witnessing a decline implies traders may be pulling back on risk as they are sending a lower number of tokens to derivatives markets.
Now, here is a chart that shows the trend in the Bitcoin IFP, as well as its 90-day moving average (MA), over the past decade:
As displayed in the above graph, the Bitcoin IFP hit a high in the first quarter of 2025 and reversed course, suggesting speculative activity began to decline. Soon after the start of this downtrend, the metric slipped under its 90-day MA. CryptoQuant considers such a crossover to be a bearish one, labeling periods with the indicator below the 90-day MA to correspond to bear markets or corrections.
Interestingly, while the cryptocurrency went on to see rejuvenation of bullish momentum and set a new all-time high (ATH) later in 2025, the market environment leaned bearish from the perspective of the IFP, with the metric’s value holding a steady downward trajectory.
Recently, however, the early signs of a shift may have finally emerged, as the IFP has shown a turnaround. This increase in derivatives exchange flows has come for Bitcoin as its price has gone through a recovery surge. For now, though, the indicator is still floating at a notable distance under its 90-day MA.
In the past, a break beyond this line has usually led to bullish price action for the cryptocurrency, so such a crossover could potentially be a positive sign this time as well. Whether speculative activity related to the asset will rise enough to overcome this threshold only remains to be seen.
Bitcoin has gone through a plunge over the last couple of days that has taken its price from $95,000 to $91,200.
