Bitcoin's cross-exchange flow pulse indicator has surged 136% from its March lows, according to CryptoQuant analyst Axel Adler Jr. The 7-day simple moving average (SMA) of this indicator has crossed above the 30-day SMA for the first time in months, suggesting a potential recovery in risk appetite among exchanges. However, Adler Jr. cautioned that another key indicator has yet to confirm this trend, indicating that the current signals require further validation.