Investors realised far fewer losses during Bitcoin’s latest downturn than during the February correction, data showed.

Cointelegraph reported on Tuesday that on-chain analytics firm Glassnode recently assessed that selling pressure is easing as spot Bitcoin liquidity has swung back in favour of buyers.

Glassnode data showed realised losses in Bitcoin’s June downturn totalled $1.4 billion. That was 46 percent lower than the $2.6 billion recorded during the February correction. The 30-day realised profit and loss ratio fell to about 0.28, putting the market in a so-called capitulation zone where loss-taking sells outweigh profit-taking across the market.

The absolute scale of losses showed a different pattern. On a seven-day moving average basis, realised losses surged to $2.6 billion during the February sell-off. In June, they hit $1.4 billion and then cooled to about $558 million. That means fewer investors sold at a loss even though Bitcoin prices wavered again around similar levels.

Crypto analyst Axel Adler Jr (악셀 애들러 주니어) defined the move as the second panic sell-off of 2026. Based on realised-loss data, he viewed this capitulation as nearly half the level seen in February.

Fund flows also eased. Glassnode said realised market capitalisation, which reflects the average purchase price of all Bitcoin in circulation, is $1.07 trillion. Over the past 90 days, the gauge fell 1.45 percent. That indicates funds have steadily left the market, but the seven-day rate of change narrowed to minus 0.18 percent, which is interpreted as outflows having nearly stopped compared with the first quarter.

In the spot market, buy orders waiting on the sidelines increased more clearly. Binance’s spot order-book depth imbalance ratio was measured at 0.8. That was the biggest margin since December 2025 by which buy-side liquidity exceeded resting sell orders. It signals stronger demand to absorb supply when prices slide and weaker selling into rebounds.

In derivatives markets, some excessive positioning has also been unwound. Binance’s Bitcoin open interest flipped over the past 24 hours from an increase of $258 million to a decrease of $620 million, a net reversal of about $878 million. It was one of the biggest daily reversals since April.

For now, the clearest improvement signal is seen in spot liquidity. Glassnode saw that stronger buy-side bids have increased the capacity to absorb supply during declines. The market is watching whether Bitcoin can reclaim $70,000 or confirm support around $60,000.