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 Zone
As pointed out by an analyst in a CryptoQuant Quicktake post, the Bitcoin IFP has seemingly hit a bottom recently. The “IFP” is an indicator that measures the amount of BTC that’s flowing between spot and derivatives exchanges. When the value of this metric is rising, it means the investors are making a higher amount of transactions from spot to derivatives platforms. Such a trend suggests speculative interest in the market is going up.
On 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:
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