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 , the Bitcoin IFP has seemingly hit a bottom recently. The “” is an indicator that measures the amount of BTC that’s flowing between spot and . 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:

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.

Speaking of speculation, the Bitcoin, a measure of the amount of BTC positions open on all derivatives exchanges, has surged 3.2% alongside BTC’s pullback in the past day, as CryptoQuant community analyst Maartunn has highlighted in an X .

BTC Price

Bitcoin has gone through a plunge over the last couple of days that has taken its price from $95,000 to $91,200.