An on-chain indicator from CryptoQuant is currently forming a pattern that could suggest a bearish turn might take place for Bitcoin.
Bitcoin Whales Seem To Be Going Risk-Off Mode Currently
As explained by CryptoQuant founder and CEO Ki Young Ju in a post on X, the BTC whales have appeared to have been shifting towards a risk-off mentality recently.
The indicator of interest here is the “Inter-exchange Flow Pulse” (IFP), which keeps track of the Bitcoin flows taking place between spot and derivative exchanges.
When the value of this metric goes up, it means that the amount of BTC going from spot to derivative platforms is rising right now. Such a trend can suggest that big players like the whales are showing an interest in opening up higher-risk positions on the derivative exchanges.
Historically, an uptrend in the indicator has coincided with bull runs for the cryptocurrency. “The strategy seeks to get exposure to Bitcoin when the IFP is trending upward,” explains the CryptoQu
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