The latest panic selling wave in Bitcoin resulted in more limited losses compared to the correction in February. According to Glassnode data, the loss in the June drop peaked at 1.4 billion dollars. In February’s sales, this figure reached 2.6 billion dollars. It was reported that during the same period, buy-side liquidity on Binance also gained strength compared to the recent low levels above 60 thousand dollars.
Loss continues, desire to sell weakens
Bitcoin’s realized profit-loss ratio has fallen into the surrender zone. This table indicates that sales at a loss continue to be more dominant than profitable exits in the market. The 30-day smoothed rate is currently around 0.28, which is among the lowest values of the year.
However, the magnitude of the loss reveals a different picture in market behavior. Bitcoin’s seven-day moving average realized loss peaked at $2.6 billion during the sales wave in February. In the decline in June, this value decreased to approximately 558 million dollars after reaching 1.4 billion dollars.
Glassnode data shows that losses continued in the last sales wave, but fewer investors exited with losses at low levels compared to February.
The difference between the two periods indicates a remarkable shift in investor behavior. Although BTC saw pressure in similar price ranges, this time fewer investors chose to sell at a loss. Crypto analyst Axel Adler Jr. He also defined the current process as the second wave of panic sales in 2026 and stated that the loss in the last surrender phase was almost half lower than in February.
Capital outflow slowed down
Glassnode’s capital flow indicators also pointed out that the pressure on the price has eased. The realized market capitalization, which measures the total cost base of all Bitcoins in circulation, stands at $1.07 trillion. The fact that this indicator decreased by 1.45% in the last 90 days showed that there was a regular capital outflow from the market.
However, the seven-day rate of change in realized market value narrowed to minus 0.18%. This indicates that capital outflows have almost come to a halt compared to the first quarter.
Mini dictionary: Realized market value refers to the total value of Bitcoins calculated according to the price at which they were last moved. This indicator, unlike the classic market value, is used to monitor the on-chain cost base of investors.
The buying wall came to the fore on the Binance side
According to Glassnode, the Binance spot order book depth imbalance has shifted significantly in favor of buy orders. The rate increased to 0.8. Thus, buy-side liquidity exceeded pending sell orders by the widest margin since December 2025. This change shows that the demand to meet the supply in retreats has strengthened and the sales distribution in upswings has been more limited compared to previous periods.
Data reveals that the buying side in the Binance spot market has strengthened significantly compared to recent months and demand has become more resilient in pullbacks.
Appetite decreased in futures transactions
At the same time, positioning in derivative markets took on a less aggressive outlook. Bitcoin open interest size on Binance recorded one of the sharpest daily returns since April. The indicator, which decreased from $ 258 million to minus $ 620 million in the last 24 hours, pointed out a net reversal of approximately $ 878 million.
In the current picture, the most significant improvement is seen in spot market liquidity. Data shows that price pressure has not completely disappeared, but sales remain more limited than in February and the buying side has become more active in retreats.
