Bitcoin’s current market pullback is more severe than the decline seen in February, according to a report by CryptoQuant analyst Axel Adler Jr.
According to ChainCatcher, the 30-day average Bitcoin inflow to exchanges has risen to 122,000 BTC, well above the annual baseline of 82,000 BTC. Adler said this is about 50% higher than the roughly 80,000 BTC average recorded during the February sell-off and is approaching an upper-band level of 131,000 BTC. Over the same period, Bitcoin’s price fell from $77,000–$78,000 to about $59,000.
The report also noted that the 30-day average Spent Output Profit Ratio has dropped to 0.99 and has remained below the key level of 1, indicating that the market is, on average, realizing losses. From May to July, the indicator was below 1 on 37 of 61 days.
Adler said the combination of elevated exchange inflows and sustained loss realization suggests the current downturn reflects an ongoing selling process rather than a brief pressure event.
He added that for the market to stabilize, two signals would need to appear at the same time: the Spent Output Profit Ratio rising back above 1 and exchange inflows falling toward the annual normal level. The report warned that if large volumes of Bitcoin continue flowing into exchanges, supply pressure could persist and market sentiment may remain weak.
CryptoQuant Analyst Says Bitcoin Pullback Is Deeper Than February as Exchange Inflows Rise
2026-07-01 06:24:43
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