Bitcoin’s realized losses fell sharply in June, dropping 46% from February levels as stronger buy-side liquidity helped ease selling pressure. Losses totaled $1.4 billion this month, down from $2.6 billion earlier in the year, according to Glassnode data.
Despite the decline, the realized profit-to-loss ratio remains in capitulation territory at around 0.28 on a 30-day average, indicating losses still outweigh realized gains. However, the intensity of losses has cooled significantly, with the seven-day average falling from a February peak of $2.6 billion to about $558 million.
selling pressure eases as bitcoin losses decline
signs of reduced capitulation
The decline in realized losses suggests fewer traders are exiting positions at a loss, even as bitcoin trades near similar levels seen in February. Analyst Adler characterized the current phase as a second wave of capitulation in 2026, though notably less severe, with losses roughly نصف the intensity of earlier peaks.
At the same time, capital outflows are moderating. Bitcoin’s realized capitalization stands at $1.07 trillion, reflecting a 1.45% contraction over the past 90 days. The seven-day change has narrowed to -0.18%, signaling a slowdown in capital leaving the market.
stronger demand emerges in order books
Market depth indicators point to improving demand. On Binance, the spot order book depth ratio reached 0.8, its highest level since December 2025, showing buy orders outweigh sell orders at current price levels.
Derivatives markets, meanwhile, have undergone a sharp reset. Open interest swung from $258 million to -$620 million within 24 hours, marking a net shift of about $878 million—one of the largest daily changes since April. This suggests a rapid unwinding of leveraged positions.
liquidity supports market stabilization
Glassnode data indicates that stronger spot market liquidity is helping stabilize bitcoin’s price. Traders appear increasingly active in defending the $60,000 to $64,000 range, contributing to thicker buy-side depth.
Still, analysts caution that this support does not yet confirm a durable market bottom.
macro backdrop and etf flows remain cautious
Broader conditions also point to a cooling environment. Slowing inflation, reflected in a 3.3% year-over-year increase in the Consumer Price Index for May, alongside the Federal Reserve’s decision to hold interest rates steady, has provided some support for risk assets.
However, sentiment remains mixed. U.S. spot bitcoin ETFs recorded modest net inflows of $10.04 million on June 16 following prior outflows, signaling cautious re-engagement rather than strong conviction.
Overall, the market appears to be in a holding pattern, with selling pressure fading and buyers stepping in, but without the momentum needed to establish a sustained upward trend.
As Bitcoin stabilizes, explore key Bitcoin trading strategies to navigate shifting liquidity, reduced capitulation, and emerging buy-side strength effectively.
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