He is losing, and may have miscalculated. This makes him more dangerous.
It appears Putin misunderstood a few things.
The resilience and courage of the Ukrainian military, antifascists and citizens.
The unanimity of world opinion that this is unprovoked aggression that constitutes war crimes.
The strength of NATO.
The vulnerability of his own military to insurgency.
The willingness of the Russian people to protest his war.
The immediate and devastating impact of sanctions on his oligarchs and citizens.