The $BTC Inter-exchange Flow Pulse (IFP) indicator is showing a short-term bearish trend.

Currently, the inflow of $BTC into derivatives exchanges is slightly below the 90-day average.

However, a key point is that the inflow of $BTC into derivatives exchanges is holding at a slight increase trend. While there is a slight upward trend, there is no significant surge.

A real rally occurs when upward pressure emerges across both derivatives and spot exchanges. Although $BTC inflows to derivatives exchanges are trending upward, the bullish momentum remains weak.

The bear market has ended and a bull market has begun, but the upward pressure is still relatively weak.

Written by CW8900