The Inter-Exchange Flow Pulse (IFP) for Bitcoin has turned bearish, indicating a decline in market sentiment as flows between spot and derivative exchanges decrease. This trend suggests that traders are showing hesitation, as a reduction in Bitcoin moving into derivative exchanges typically reflects a cautious approach among investors. While this shift is not seen as panic, it is viewed as a critical moment for market reassessment. Additionally, a report highlights that Bitcoin liquidity on U.S. exchanges has surged to levels not seen since the 2021 bull run, which could provide some bullish support despite the current bearish flow trend. The overall exchange flow data indicates that large investors are reducing their risk exposure, with more Bitcoin moving from derivative exchanges to spot markets.