The latest wave of panic selling in Bitcoin resulted in significantly lower realized losses compared to the major correction seen in February. According to data from Glassnode, Bitcoin’s realized losses peaked at $1.4 billion during the June decline, whereas February’s sharp downturn saw losses rise as high as $2.6 billion. At the same time, buying liquidity on Binance strengthened, climbing from its recent post-$60,000 lows.
Losses continue, but selling pressure eases
Bitcoin’s realized profit and loss ratio has slipped into the capitulation zone, highlighting that loss-making sales continue to outpace profitable exits in the market. The 30-day smoothed ratio currently sits around 0.28, marking one of the lowest levels for the year.
Despite ongoing losses, the scale is notably different from previous episodes. During the February panic sell-off, Bitcoin’s seven-day moving average for realized losses peaked at $2.6 billion. In the recent June drop, this figure reached $1.4 billion before coming down further to around $558 million.
Glassnode data shows that, while losses persisted in the latest selling wave, fewer investors exited their positions at a loss from lower levels compared to February.
The difference between the two periods points to a marked shift in investor behavior. Even as BTC faced pressure in similar price ranges, this time fewer investors opted to sell at a loss. Cryptocurrency analyst Axel Adler Jr. described the current climate as the second major panic phase leading into 2026, noting that realized losses during this phase were nearly half those of February’s capitulation.
Capital outflows slow sharply
Glassnode’s capital flow indicators have also signaled that the downward price pressure is easing. The realized market cap—which reflects the aggregate cost basis of all circulating Bitcoin—currently stands at $1.07 trillion. Over the past 90 days, this has slipped by 1.45%, indicating a steady, but waning, capital outflow.
However, the seven-day change rate for realized market cap has narrowed to minus 0.18%, showing that capital outflows have nearly ground to a halt compared to the year’s first quarter.
Glossary: Realized market cap refers to the total value of Bitcoins based on their last on-chain movement price, offering a more accurate measure of investors’ cost basis than the traditional market capitalization metric.
Buying demand ramps up on Binance
According to Glassnode, the depth imbalance on Binance’s spot order book has tilted strongly toward buy orders, with the buy-to-sell ratio rising to 0.8. This marks the widest spread in favor of buyers since December 2025, indicating that there is robust demand ready to absorb supply during price pullbacks, while selling activity during upward moves remains more muted compared to previous cycles.
Recent data confirms that the buy side on Binance’s spot market has substantially strengthened over the past few months, with demand becoming more resilient in the face of price drops.
Interest in derivatives subsides
Meanwhile, positioning in the derivatives market has become more cautious. The size of open interest for Bitcoin futures on Binance has seen one of the sharpest daily reversals since April, dropping from $258 million to negative $620 million in the last 24 hours—a net swing of about $878 million.
The most notable improvement appears in spot market liquidity, where price pressures have not disappeared completely but remain more contained compared to February. Buy-side activity now plays a more prominent role during market pullbacks.
