Bitcoin appears to be entering a phase characterized by reduced selling pressure, following a period of consolidation after hitting a low of approximately $60,000 on February 5. The cryptocurrency has gradually moved toward the $70,000 mark, coinciding with broader macroeconomic uncertainties, particularly related to rising oil prices amid geopolitical tensions in the Middle East.
Recent data from CheckonChain indicates a decline in realized losses, which currently average around $400 million per day. While this figure remains high compared to previous years, it has shown a downward trend in recent weeks. Notably, realized losses peaked at approximately $2 billion on both November 21 and February 5, levels that have not been seen in several years and which exceeded those recorded during the 2022 bear market.
“Spot markets are shifting from aggressive selling to net buy side pressure; realized profits and losses are both declining,” stated CheckonChain.
Further analysis from Glassnode supports this observation. The seven-day moving average for realized profits has fallen to around $300 million per day, marking a near twelve-month low. This suggests that investors who purchased Bitcoin at $60,000 are now experiencing marginal profits and are beginning to realize some gains.
Additionally, the realized profit-to-loss ratio has increased to 1.4, the highest level since January. This metric, which compares the value of coins sold at a profit to those sold at a loss, indicates that realized profits are currently outpacing losses.
These indicators collectively suggest a market environment where selling pressure is diminishing, potentially signaling that Bitcoin is nearing a state of seller exhaustion.
In related news, Arkham data reveals that SpaceX holds 8,285 Bitcoin, valued at approximately $603 million, in Coinbase Prime custody. This comes as the company reported a significant financial shift, moving from an $8 billion profit to a nearly $5 billion loss in 2025, despite an increase in revenue to $18.5 billion.
- SpaceX’s Bitcoin holdings are substantial, reflecting a strategic asset allocation amid fluctuating market conditions.
- The company’s financial performance highlights the volatility inherent in both the cryptocurrency and broader market landscapes.
Recent data suggests that Bitcoin is experiencing a reduction in selling pressure, with realized losses declining and market dynamics shifting towards net buying. This trend may indicate a phase of seller exhaustion as investors begin to realize profits.