Bitcoin futures have fallen below the spot price for the first time since March 2025, signaling potential de-risking among traders. This inversion, where futures are discounted compared to spot prices, often reflects short-term caution or expectations of a market downturn. Concurrently, internal exchange flows are increasing, suggesting traders are preparing to sell or hedge positions. Historically, such conditions have been precursors to price corrections or consolidation phases, indicating a reduced risk appetite in the market.