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

CryptoQuant analyst Axel Adler Jr. pointed out that the 30-day average Bitcoin inflow to exchanges has risen to 122,000 coins, about 50% higher than the average during the February sell-off period, and is approaching the upper limit of 131,000 coins. During the same period, Bitcoin price fell from $77,000–$78,000 to around $59,000. The 30-day average SOPR has dropped to 0.99, staying below the key level of 1.0, indicating that the market is in an overall state of realized losses. From May to July, the SOPR indicator was below 1.0 on 37 out of 61 days.