Bitcoin capitulation ‘twice as weak’ after spot liquidity turns supportive: Glassnode
Bitcoin’s latest sell-off produced much smaller realized losses than the February correction, suggesting less aggressive capitulation. Realized losses peaked near $1.4 billion in June versus $2.6 billion in February, and the market’s profit-to-loss ratio remains in capitulation territory around 0.28. Still, capital outflows appear to be slowing: realized cap is about $1.07 trillion, down 1.45% over 90 days, while its weekly change has nearly flattened. Spot market conditions are improving. Binance orderbook depth has shifted toward bids, with buy-side liquidity outweighing sell orders at its strongest level since December 2025, implying stronger demand to absorb dips. Derivatives positioning also turned less aggressive, with a sharp drop in open interest. Overall, the data points to easing sell pressure and better support near current BTC prices, though not yet a confirmed bottom.
