According to external sources, the recent fall of Bitcoin has been accompanied by large inflows to the exchange, but this is changing. The latest chain and derivative data show that the exchange's sales pressure has eased compared to the previous period, although keeping up with spot purchases remains key to the sustainability of price repairs.

Exchange net flows turned negative

The report mentions that, at the time of the submission, the net flow from the Bitcoin Exchange had returned to negative, at -303.67 BTC, the cumulative net flow on 7 days was -1232 BTC. This change usually means that bitcoin, which is destined for sale on the exchange, is reduced and short-line voltage begins to cool.

Prior to this, the decline in bitcoin prices coincided with a large inflow of exchanges. The current fall in net flows is an indication that the willingness to sell in the market is less than in the previous period.

Derivative leverage significantly cooled.

Data on derivatives markets have also improved. The financial rate dropped significantly from 0.003985 to 0.000337, indicating that the multi-head positions were significantly compressed. At the same time, only a small increase in unstabilized contracts to approximately $12.24 billion indicates that the additional leverage is not strong.

  • Funding rate reduced to 0.000337
  • Unsettled contracts are estimated at $12.24 billion
  • 7 Cumulative net flows per day -1232 BTC

This set of data reflects a more stable mood in the market after a round of deleveraging. The rapid rise in unsettled contracts and the maintenance of high financial rates often mean a rise in speculative sentiment; the current situation is closer to the post-replacement consolidation phase.

Stable currency is still in the field.

The article also mentioned that the stable currency supply ratio was 10.46, which was significantly lower than in the earlier stages of the current cycle. By its interpretation, this means that stable currency liquidity remains in the market, while exchange sales pressure is declining, leaving space for subsequent buybacks.

However, the existence of liquidity does not mean that demand has shifted. If the spot market does not have a more explicit incremental buyout, a decline in sales pressure is usually not sufficient to drive a trend reversal.

IFP indicators near long-term average

The report also focuses on the IFP for the inter-exchange financial flow pulse. This indicator continued to be below the 90-day average for most of 2025 and early 2026, when bitcoin prices also fell from $120,000 above to around $60,000, and the market was generally weak.

In recent weeks, the IFP has begun to stabilize and gradually approach the long-term average. It is argued that a similar upward cross-section of history tends to correspond to a stronger uptake phase and a better market environment. However, this signal is still at an early stage and is not yet sufficient to confirm a full-scale transition alone.

Taken together, the decline in exchange balances, the decrease in leverage temperatures and the improvement of IFPs point to a weakening of pressure on sellers. According to external sources, Bitcoin has gradually moved to a steady phase in its previous distribution, but the demand for off-the-shelf goods needs to be further enhanced if it is to form a sustainable rehabilitation.