Exchange inflows surged to 120k+, selling pressure hasn't dissipated, 59k may not be the bottom yet—but after loss-making positions are cleared, the rebound will be stronger.

Coin World News, according to CryptoQuant analyst Axel Adler Jr., the 30-day average inflow of Bitcoin to exchanges rose to 122,000 BTC, about 50% higher than the average during the sell-off in February, and is now approaching the 131,000 BTC upper-band range. During the same period, the Bitcoin price fell from $77,000–$78,000 to about $59,000. The 30-day average of SOPR dropped to 0.99, staying consistently below the key level of 1.0, with the market in a state of average realized losses. From May to July, the SOPR indicator was below 1.0 on 37 of 61 days.