Bitcoin capitulation weaker as liquidity improves

Bitcoin's realized losses peaked at $1.4 billion in June, down 46% from February's $2.6 billion, according to Glassnode. Buy-side liquidity on Binance strengthened above $60,000. The 30-day smoothed realized profit-to-loss ratio sits near 0.28, signaling ongoing loss-taking, but the reduced loss magnitude indicates easing sell pressure.