Glassnode: Bitcoin June capitulation half as severe

Glassnode reported that Bitcoin’s June capitulation produced roughly half the realized losses seen in February. Realized losses peaked at $1.4 billion in June compared with $2.6 billion during the February sell-off. Binance spot liquidity strengthened above recent lows near $60,000, and the buy-side orderbook depth imbalance on Binance reached 0.8.

The firm’s 30-day smoothed realized profit-to-loss ratio stood near 0.28. Glassnode’s seven-day moving average of realized losses hit $1.4 billion in June before easing to about $558 million; the seven-day peak in February was $2.6 billion.

Analyst Axel Adler Jr. described the June episode as a second wave of panic selling in 2026 and noted the realized loss data show the latest capitulation is ‘almost twice as low’ as February.

Glassnode’s capital flow metrics showed the realized cap at $1.07 trillion. The realized cap fell 1.45% over the past 90 days, and its seven-day change narrowed to -0.18%.

On exchanges, Binance’s spot orderbook depth imbalance tilted toward bids with a ratio of 0.8, meaning buy-side liquidity exceeded resting sell orders by the widest margin since December 2025.

Derivatives positioning shifted over 24 hours: open interest on Binance moved from net $258 million to -$620 million, a reversal of about $878 million.

Glassnode noted that stronger buy-side depth can absorb selling pressure during pullbacks. The firm 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.”

Realized losses measure the aggregate loss when coins move on-chain at a price below their purchase price. Realized cap sums the cost basis of coins currently in circulation and is used to track capital flows.

The data show investor selling continued in June but at a smaller scale than in February, and that orderbook liquidity at Binance shifted toward larger bid-side depth.