The Inter-Exchange Flow Index (IFP) turned red, which indicates a clear slowdown in capital movement between exchanges.

While we rejoice that no one is holding BTC on exchanges, in reality, there is no liquidity in the market 😟.

This is a direct path to repeating the October 11 catastrophe – the threat of mass liquidations totaling tens of billions of dollars, just like on October 11!

It looks especially unpleasant 4 days before the Bank of Japan raises the interest rate to a record level since 1995 🫣.”

Summary / Meaning:

The IFP turning red signals low movement of BTC between exchanges → could mean low liquidity.

Low liquidity combined with potential market stress could trigger a major crash, similar to what happened on October 11.

The text also notes macro factors, like the upcoming interest rate hike in Japan, which may further stress the market.

Basically, it’s a crypto liquidity and market risk warning, highlighting that the market could see sudden liquidations like it did previously.