Bitcoin Inter-Exchange Flow Trends
Analysts have noted that the Bitcoin Inter-Exchange Flow Pulse (IFP) has been in a bearish trend lately, but it appears to be stabilizing.
Potential Lowest Value for Bitcoin IFP
In a recent update on X, CryptoQuant analyst Maartunn discussed the evolving trends of the Bitcoin Interexchange Flow Pulse, which measures BTC movements between centralized spot exchanges and derivatives platforms.
An uptick in this metric indicates that more cryptocurrencies are transferring from spot exchanges to derivatives platforms. This can imply a growing speculative interest in Bitcoin.
Conversely, a drop in the value suggests that traders might be opting for a more cautious strategy, reducing their exposure to derivatives.
Maartunn shared a chart showing the IFP alongside its 90-day moving average (MA) over the last decade.
The displayed graph reveals that Bitcoin IFP was climbing in the final months of 2024, but then it reversed in 2025. There was a noticeable decline in flows to derivatives exchanges, causing the IFP to dip below its 90-day average.
A crossover below this MA typically signals the onset of a bear market or correction phase for cryptocurrencies. Throughout 2025, the IFP continued to fall, maintaining this trend even as the price of Bitcoin rose in the latter half of the year, reaching a new all-time high (ATH).
A comparable situation occurred in 2021, with Bitcoin experiencing a bullish shift alongside bearish IFP indicators later in the year. This IFP bear trend persisted until the 2022 bear market bottomed, from where it began to recover.
A similar behavior was seen during the 2018 bear market. Given these historical patterns, it’s possible that Bitcoin could find a bottom through an IFP reversal again.
There are indications that such a reversal may be forming, as the indicator has recently shifted to a sideways trend. “While the inter-exchange flow pulse remains in a bearish phase, it’s starting to flatten,” Maartunn commented.
Of course, the future development of the IFP remains uncertain. It’s still early to determine if there’s a genuine shift in derivatives flows. “Changes in this area could reflect changes in capital flows,” Maartunn remarked. “It’s worth monitoring this indicator in the upcoming weeks.”
Current BTC Price
As of this moment, Bitcoin is trading around $67,300, reflecting a 1.3% increase compared to last week.
