Bitcoin Sellers Running on Empty: Realized Losses Cool From $2B Blaze to $400M Spark

Bitcoin might finally be catching a break. After hitting rock bottom near $60,000 on Feb. 5, the king crypto has been grinding higher for over two months, slowly inching toward the $70,000 mark. Not bad, considering the macro backdrop – Middle East tensions sent oil above $100/barrel, which normally would have crypto tanks sweating. It's almost like BTC decided to ignore the geopolitical noise and do its own thing, the stubborn bastard.

Here's the kicker: the selling pressure is actually easing. CheckonChain data shows realized losses sitting around $400 million per day. That's still higher than previous years, but it's been trending down recently. Remember when things got ugly? Realized losses spiked to $2 billion on Nov. 21 and Feb. 5 – levels not seen in years, even worse than the 2022 bear market nightmare. For context, that's the difference between getting your lunch money stolen and your entire lunch, including the snacks you hid in your locker.

CheckonChain put it simply: spot markets are shifting from aggressive selling to net buy side pressure, and both realized profits and losses are declining. Translation: the bears are running out of ammo while the bulls quietly accumulate in the corner, not making a fuss about it.

Glassnode data backs this up. The seven-day moving average for realized profits is around $300 million per day – near twelve-month lows. Translation: folks who bought at the $60,000 floor are finally in the green and starting to take some chips off the table. After months of staring at red PnL, degens can finally flex a green number without screenshotting their break-even point.

The profit-to-loss ratio clocks in at 1.4, its highest since January. That means realized profits are actually outweighing losses now. For the first time in what feels like forever, the market isn't just bleeding – it's actually clotting.

All signs point to fading sell pressure. Bitcoin might just be approaching full seller exhaustion. The dip buyers have been buying the dip, the holders are still holding, and the paper hands finally washed out. At this point, the only ones left selling are probably the ones who forgot their passwords in 2017.