Bitcoin (BTC) has shown signs of risk, with the possibility of entering a “bearish phase” as investor sentiment shifts and risk exposure decreases at current price levels.
On February 15, on-chain data platform CryptoQuant highlighted a troubling trend of Bitcoin leaving derivatives exchanges, signaling a shift in market behavior.
Bitcoin flow shift sparks concern for bullish momentum
A notable concern for those hoping for continued Bitcoin price growth is the trend in Bitcoin flows between derivatives and spot exchanges.
CryptoQuant contributor J.A. Maartunn analyzed the Inter-Exchange Flow Pulse (IFP) metric, revealing a decrease in Bitcoin moving between these platforms.
Maartunn explained, “When Bitcoin moves toward derivatives exchanges, it’s usually a sign of a bullish period, as traders open long positions. But when Bitcoin begins leaving derivatives exchanges and entering spot markets, it typically signals a bearish trend. This is common when investors, particularly large ones, reduce their risk exposure by closing long positions.”
A chart from the analysis shows the IFP metric reversing, indicating a possible downturn in Bitcoin prices, traditionally linked with bearish market movements.
“With the indicator now turning bearish, it suggests a decline in risk appetite, potentially signaling the beginning of a bearish phase,” Maartunn added.
The IFP reached its highest levels in March 2021, just before Bitcoin’s price hit a record $58,000, which held steady for several months.
In January 2025, when Bitcoin achieved its current all-time high of $109,000, the IFP wasn’t as high as it was in 2021. Historical data indicates that each BTC price peak has been preceded by a new IFP high.
Optimism remains for future price growth
Despite these warnings, some analysts remain optimistic about Bitcoin’s future, with expectations of an eventual price rebound once global liquidity conditions improve, although this is largely influenced by U.S. macroeconomic policies.
Recent inflation reports indicate that the Federal Reserve is not expected to ease its stance on risk assets in 2025.
In the short term, Bitcoin whales are being closely monitored to identify reliable support levels for the asset’s price.
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