Are Spot Buyers Coming Back?

Bitcoin’s (BTC) latest bout of panic selling produced significantly smaller realized losses than those seen during the February correction. Realized losses peaked at $1.4 billion during the June decline, compared to $2.6 billion in February, while the buy-side liquidity on Binance strengthened above recent lows at $60,000, according to Glassnode. 

BTC realized drop 46% from February highs

Bitcoin’s realized profit-to-loss ratio has fallen into capitulation territory, signaling that loss-taking continues to outweigh profit-taking across the market. The 30-day smoothed ratio currently sits near 0.28, one of the lowest readings of the year.

However, the magnitude of those losses tells a different story. Bitcoin’s seven-day moving average realized loss peaked at $2.6 billion during February’s sell-off. The June decline reached $1.4 billion before cooling to approximately $558 million.

Bitcoin Realized Loss. Source: CryptoQuant

The gap between the two events highlights a notable shift in traders’ behavior. Fewer investors are choosing to sell at a loss despite another period of market stress, where BTC prices range near identical levels.

Crypto analyst Axel Adler Jr. described the current episode as the second wave of panic selling in 2026. The analyst noted that realized loss data shows the latest capitulation is “almost twice as low” as February’s event.

Glassnode’s capital flow metrics also show pressure easing on the price. The realized cap, which measures the aggregate cost basis of all circulating Bitcoin, stands at $1.07 trillion. The metric has declined by 1.45% over the past 90 days, indicating a steady withdrawal of capital.

The realized cap’s seven-day change has narrowed to -0.18%, indicating that capital outflows have nearly stalled compared to Q1. 

Related: Bitcoin price sets $64.5K week-to-date low as Strategy selling worries return

Bitcoin spot orderbooks turn supportive

According to Glassnode, Binance’s spot orderbook depth imbalance has shifted decisively toward bids, with a ratio of 0.8, with buy-side liquidity exceeding resting sell orders by the widest margin since December 2025. The change signals a stronger demand to absorb supply during pullbacks rather than distribute into rallies.

BTC: spot orderbook depth imbalance. Source: Glassnode

At the same time, the derivatives positioning has become less aggressive. Bitcoin’s open interest (OI) on Binance recorded one of its largest daily reversals since April. Open interest shifted to -$620 million, from $258 million over the past 24 hours, marking a net reversal of nearly $878 million. 

For now, the strongest improvement is visible in spot liquidity. Glassnode added,

“Although this alone is insufficient to confirm a durable bottom, the emergence of strong buy-side depth suggests spot market participants are becoming more willing to defend current price levels.”

Related: Bitcoin is setting up ‘meaningful floors’ in $60K–$70K range: Analyst