Bitcoin Sell Pressure Eases as Realized Losses Drop 46%
Glassnode data shows Bitcoin capitulation is weakening sharply as bid-side liquidity improves and realized losses fall nearly half.
Bitcoin's current wave of capitulation is running out of steam, according to new on-chain data from blockchain analytics firm Glassnode, which found that realized losses have dropped 46% as improving spot market liquidity absorbs sell pressure and stabilizes price action near key levels.
Glassnode described the capitulation as "twice as weak" compared to prior episodes, a signal that fewer holders are panic-selling at a loss — a dynamic that historically precedes meaningful price recoveries. The shift in bid-side liquidity, meaning buyers are stepping in more aggressively on spot exchanges, reinforces the view that the worst of the selling may be behind the market.
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The data puts renewed focus on whether Bitcoin bulls have enough momentum to reclaim the $70,000 level, a threshold that has served as a psychological and technical battleground for traders. A sustained move back above that price would likely validate the on-chain narrative that capitulation has reached an exhaustion point.
Analysts tracking spot liquidity conditions note that when realized losses compress while buyer depth increases simultaneously, it creates a constructive setup for upside continuation — though macro headwinds and broader risk-asset sentiment remain variables that could still weigh on Bitcoin's trajectory in the near term.
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