BTC realized losses in the latest capitulation are nearly 50% lower than February’s event, signaling reduced investor panic.
Bitcoin’s latest capitulation saw realized losses nearly half those of February’s event, with $1.07 trillion in aggregate cost basis for circulating BTC. The decline in realized losses suggests fewer investors are selling at a loss despite market stress.
The realized cap fell 1.45% over the past 90 days, while the seven-day change narrowed to -0.18%, indicating capital outflows have slowed. Binance’s spot orderbook depth imbalance shifted to 0.8, favoring buy-side liquidity for the first time since December 2025.
Derivatives positioning also softened, with Bitcoin open interest on Binance reversing by $620 million from $258 million, marking one of the largest daily shifts since April.