BTC market conditions worse than February correction, analyst says

The current market for Bitcoin is in a worse state than during the February correction, driven by a combination of surging exchange inflows and investors selling at a loss, according to on-chain analyst Axel Adler Jr. In a blog post, he noted that BTC deposits to exchanges have climbed to 122,000 BTC, well above the annual average of 82,000 BTC. This trend typically signals increased selling pressure that could push prices lower. Furthermore, the Spent Output Profit Ratio (SOPR) has dropped to 0.99, falling below the key 1.0 baseline, which indicates that holders are now selling their BTC for a loss. Adler Jr. added that risk-off sentiment remains widespread in the market. He suggested that for a rebound to occur, the SOPR must first recover above 1.0 and exchange inflows need to stabilize around their annual average.