The CEO of CryptoQuant, a blockchain analytics firm, has revealed that major Bitcoin traders are adopting a more cautious approach to risk. In a social media post, Ki Young Ju informed his followers that the interexchange-flow-pulse (IFP) indicator, which tracks the movement of BTC between spot and derivatives exchanges, is indicating that whales are currently in “risk-off mode.” Typically, traders deposit assets to derivatives exchanges and use them as collateral to take on more risks through leveraged positions. Ju highlighted that the IFP is currently below its 90-day moving average, signaling a shift in market sentiment.