The recent wave of sell-offs in the cryptocurrency market has once again pushed Bitcoin’s price down, but the latest data shows that investors’ willingness to sell under pressure is significantly exhausted. According to analytics platform Glassnode, realized losses during the current June decline are almost half those of the February correction. While the market continues to go through a capitulation phase, healthy buy orders are beginning to accumulate beneath the surface in the spot market, and speculative leverage is gradually disappearing from the derivatives market.
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Less aggressive capitulation and slowing capital outflow
Statistics show that realized losses in June reached $1.4 billion and subsequently fell to approximately $558 million, while in February they climbed to $2.6 billion. Analyst Axel Adler Jr. describes the current situation as the second wave of panic this year, but notes that investors are no longer accepting losses as wildly as before. Although the thirty-day smoothed indicator of realized profits and losses dropped to 0.28, indicating a clear dominance of losing trades, the overall intensity of the panic is clearly weakening.
This scenario is also supported by the development of Bitcoin’s realized capitalization, which currently stands at $1.07 trillion. Over the past three months, it has recorded a slight decline of 1.45%, confirming a gradual capital outflow from the market, but the short-term view offers hope for a trend reversal. The seven-day change in realized capitalization has narrowed to just 0.18% in negative territory, proving that the outflow of funds has almost stopped compared to the dynamic first quarter.
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Emerging buyers on the spot and healthier market structure
A key reversal is currently taking place directly in the spot market, particularly on the Binance exchange, where order books have begun to fill significantly with buy orders. The spot book depth ratio reached 0.8, meaning that pending buy liquidity exceeds sell supply most significantly since December 2025. Buyers are therefore willing to absorb selling pressure directly during declines, which gives the market much firmer foundations than if it relied solely on speculative and short-term price bounces.
Simultaneously with the strengthening of the spot market, there is a welcome calming in the derivatives area, where open interest in Bitcoin on Binance has fallen sharply. Within just 24 hours, there was a massive reversal of nearly $878 million downward, effectively cleansing the market of risky speculative leverage that typically drives extreme volatility. Although Glassnode warns that the increase in buying liquidity alone does not yet definitively confirm a long-term bottom, participants’ willingness to defend current price levels is a clear positive signal.
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