IFP goes red — Bitcoin enters a liquidity exhaustion phase. 📉⚠️

Despite calm surface price action, on-chain data from CryptoQuant reveals rising internal risks.

The Inter‑Exchange Flow Pulse (IFP) indicator has shifted to "red mode", signaling a slowdown in capital flows between exchanges.

IFP reflects the quality of market-internal liquidity.

High values mean capital circulates actively, arbitrage smooths imbalances, and order books stay thick.

The current drop in IFP tells the opposite story — flows are slowing, and market infrastructure is becoming fragile.

In essence, the market is entering a liquidity exhaustion phase.

With thin order books, even modest volumes can cause heavy slippage. Price becomes sensitive not to trend direction, but to amplitude of moves.

The situation is worsened by low liquidity combined with high leverage.

This creates conditions for sharp, unpredictable price spikes — both up and down.

We're in a "liquidity hole".

Low exchange balances are traditionally seen as bullish — but in this phase, they work against the market: supply is thin, but demand also cannot be efficiently absorbed.

Volatility is likely to return not gradually — but through a sudden, violent impulse.

Watch the on-chain pulse. When liquidity dries up, moves get wild.