On-chain data suggests that risk appetite may be returning to the Bitcoin market, as flows between spot and derivatives exchanges have surged recently.
Bitcoin Inter-Exchange Flow Pulse Has Risen Sharply
As highlighted by CryptoQuant analyst Axel Adler Jr. in an X post, the Bitcoin Inter-Exchange Flow Pulse has seen a sharp increase since the March lows. The “Inter-Exchange Flow Pulse” (IFP) is an indicator that tracks the total amount of Bitcoin moving between spot and derivatives exchanges.
When this metric rises, it means investors are increasing their activity on derivatives exchanges. This trend suggests a growing appetite for speculation in the market. On the other hand, a decline in the indicator implies that investors may be pulling back on risk, as they are moving less Bitcoin to derivatives platforms.
Here is the chart shared by Adler Jr., showing the 30-day and 90-day simple moving averages (SMAs) of the Bitcoin IFP over the past few years:
The chart shows that the Bitcoin Inter-Exchange Flow Pulse’s SMAs declined during 2025 and the first few months of 2026. This suggests that investors were taking a risk-off approach to the digital asset. Interestingly, this lack of interest in speculative activity continued even during the bull run that led to a new all-time high (ATH) last year.
Recently, however, the trend has reversed, with the IFP SMAs turning back up. “Bitcoin Inter-Exchange Flow Pulse is up 136% from March lows,” the analyst noted. This surge naturally indicates that derivatives inflows are now rising. “The flow regime is shifting back to risk-on,” said Adler Jr.
In the past, new bull cycles have often started when the market leaned into speculative activity. But it remains to be seen whether this IFP signal will hold or if it’s just a temporary shift.
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In other news, the digital asset sector as a whole has seen a change in capital netflows recently, as analyst Ali Martinez pointed out in an X post. The chart shows that combined monthly netflows into Bitcoin, Ethereum, and stablecoins have surged to a positive value of $3 billion. “This represents the first positive net capital inflow we have seen since December, marking a significant shift in market momentum,” Martinez explained.
BTC Price
Bitcoin has pulled back from its high above $79,000, dropping to $75,800.
Featured image from Dall-E, chart from TradingView.com
Frequently Asked Questions
Here is a list of FAQs about Bitcoin potentially shifting back to a riskon mode specifically referencing the 136 jump in the Flow Pulse from its March lows
BeginnerLevel Questions
1 What does riskon mode mean for Bitcoin
It means investors are feeling optimistic and willing to take more risks Instead of hiding in safe assets like gold or cash they are buying Bitcoin expecting its price to go up
2 What is the Flow Pulse you mentioned
Its a metric that tracks the flow of money moving into and out of Bitcoin Think of it like a heartbeat for Bitcoins liquidity A big jump means a lot of new money is suddenly rushing in
3 Why should I care that the Flow Pulse jumped 136
A huge jump in the Flow Pulse usually signals strong fresh demand When more people are buying than selling it often pushes the price higher Its a major bullish signal
4 Does this mean I should buy Bitcoin right now
Not necessarily A 136 jump is a very strong signal but it doesnt guarantee the price will go up forever It suggests the market is heating up but you should always do your own research and never invest more than you can afford to lose
5 What caused the Flow Pulse to jump so much
Its usually a combination of factors positive news a weaker US dollar or a general feeling that the economy is stable enough to take on riskier bets
AdvancedLevel Questions
6 How does the Flow Pulse differ from simple trading volume
Trading volume counts all trades The Flow Pulse focuses on the net difference between buying and selling pressure A high volume with a low Flow Pulse could mean a lot of backandforth trading A high Flow Pulse shows a clear dominant direction of money flow
7 Is a 136 jump in the Flow Pulse from March lows historically significant
Yes A move of this magnitude from a low point often marks the beginning of a new uptrend It suggests the smart money is aggressively accumulating turning a bearish or neutral market into a bullish one