According to CoinMeta, as the debate over the Bitcoin supply crisis intensifies, the IFP (from Inter to Exchange Flow Pulse) indicator has turned bullish. Data shows that approximately 81% of the Bitcoin supply has not been transferred in the past six months, and the IFP indicator has formed a golden cross with its 90-day moving average, indicating that the market may face a supply shock. Although the current supply level has not changed, the market still needs to pay attention to whether demand can rebound strongly enough to absorb the available supply. The shift in the IFP indicator, combined with the increase in capital inflows into derivatives exchanges, provides two important bullish signals for the market.