According to their observations, the active transfer of bitcoins to derivative platforms typically indicates a bullish market, as traders utilize these funds to open long positions. However, the current situation may suggest a contrary trend, raising concerns about a potential decline in cryptocurrency prices.
“When Bitcoin starts moving from derivative exchanges to spot markets, it signals the onset of a bear market. This usually happens when long positions are closed, and large investors (whales) reduce their risk exposure,” noted analysts from CryptoQuant.
Analysts recorded a bearish signal from the indicator on February 17, 2025, indicating a decrease in market interest and potentially marking the beginning of a downward phase, experts noted.