The Coinbase Bitcoin Premium Index has turned negative despite Bitcoin maintaining a price above $80,000, according to Coinglass data on May 7. This shift marks a departure from April, when the index remained positive, indicating a change in market dynamics. Additionally, the IFP index, which gauges market risk appetite and capital flow, has dropped below its 90-day moving average. This suggests a movement of Bitcoin from derivatives exchanges back to spot exchanges, reflecting reduced speculative interest and heightened risk aversion among investors.