Bitcoin capitulation ‘twice as weak’ after spot liquidity turns supportive: Glassnode
Cointelegraph 2026-06-17 20:26:13
Context: Bitcoin has experienced a recent bout of panic selling, but the realized losses have been significantly smaller compared to a similar event in February. According to data from Glassnode, the realized losses peaked at $1.4 billion in June, down 46% from the $2.6 billion seen in February. This shift in market dynamics has been accompanied by an increase in buy-side liquidity on Binance.
Key Facts
- Bitcoin's realized losses during the June decline peaked at $1.4 billion, compared to $2.6 billion in February, indicating a notable decrease in the magnitude of losses despite another period of market stress.
- The 30-day smoothed realized profit-to-loss ratio has fallen to 0.28, signaling that loss-taking continues to outweigh profit-taking across the market, with one of the lowest readings of the year.
- Crypto analyst Axel Adler Jr. noted that the latest capitulation is "almost twice as low" as February's event, based on realized loss data, describing the current episode as the second wave of panic selling in 2024.
- Glassnode's data shows that Binance's spot orderbook depth imbalance has shifted decisively toward bids, with a ratio of 0.8, indicating a stronger demand to absorb supply during pullbacks rather than distribute into rallies.
- The realized cap, which measures the aggregate cost basis of all circulating Bitcoin, stands at $1.07 trillion, having declined by 1.45% over the past 90 days, indicating a steady withdrawal of capital.