CryptoQuant analyst Axel Adler Jr. said Bitcoin is experiencing its second wave of panic selling this year, with the 30-day average profit-and-loss ratio dropping to approximately 0.28, entering a zone of capitulation pressure. During the first panic in February, realized losses peaked at around $2.6 billion; the second peak in early June reached about $1.4 billion and has since declined to approximately $558 million.
Bitcoin's second panic sell-off was less intense than in February
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Summary
Bitcoin analysis from CryptoQuant shows that the second panic sell-off of 2024 is less severe than February’s. The 30-day average profit-loss ratio has fallen to 0.28, signaling capitulation. The first wave peaked at $2.6 billion in losses, while the June sell-off reached $1.4 billion and has since declined to $558 million. Bitcoin news continues to reflect market stress, but current pressure remains lower than earlier this year.
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