MarketPR
On-chain analytics firm Glassnode says $BTC capitulation — the wave of distressed selling that typically marks a market bottom — is running at roughly half the intensity of prior comparable episodes, with supportive spot liquidity absorbing the pressure.
The finding reframes recent price weakness as a seller-exhaustion signal rather than the start of a deeper unwind.
The Mechanism: What Changed on the Spot Side Glassnode's analysis centers on spot liquidity, the pool of genuine buy orders sitting in order books on exchanges where actual bitcoin changes hands.
When that liquidity firms up, it means real buyers are stepping in to meet sellers rather than bids evaporating as panic spreads.
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