Bitcoin Whales Switching To Risk-Off Mode After $61,000 Crash
Bitcoin whales are reducing risk on derivatives exchanges after a cryptocurrency downturn. The Inter-Exchange Flow Pulse (IFP) indicator, tracking BTC movements between spot and derivatives exchanges, has turned red, signaling a decrease in cryptocurrency transfers to derivatives exchanges. This suggests a reduced appetite for risk positions in the sector. The IFP crossing below its 90-day SMA historically signifies a market sentiment shift, potentially leading to bearish momentum. Despite this, previous instances of such crossovers have resulted in temporary effects, with Bitcoin eventually experiencing breakouts and uptrends. The current bearish IFP crossover's impact on Bitcoin's future remains uncertain. BTC price has dropped to $61,200.
