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Analyst: Bitcoin exchange inflows are 50% higher than in February, and SOPR remains below 1.0

MeNews
ME News, July 1 (UTC+8), CryptoQuant analyst Axel Adler Jr. released a report pointing out that the current Bitcoin market correction is more severe than in February. The 30-day average inflow of Bitcoin into exchanges has risen to 122k BTC, far above the annual baseline of 82k BTC, about 50% higher than the average of approximately 80k BTC during the February sell-off, and is nearing the upper range of 131k BTC. During the same period, the price dropped from $77,000-$78,000 to the current level of around $59,000. Meanwhile, the 30-day average of SOPR (Spent Output Profit Ratio) has fallen to 0.99, staying below the critical level of 1.0, indicating that the market is, on average, realizing losses. From May to July, this indicator was below 1.0 on 37 out of 61 days. The combination of these two indicators shows that the current correction is more pronounced than in February due to the combination of sell-off volume and loss realization. Adler noted that this is not a brief stress event but an ongoing sell-off process. For the market to stabilize, two signals need to appear simultaneously: the SOPR rebounds above 1.0 (meaning sellers are no longer incurring losses), and exchange inflows return to annual normal levels. The main risk is that if the volume of coins continues to flood into exchanges, supply pressure will persist, and market sentiment will be hard to improve. (Source: PANews)
BTC3.56%
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