Bitcoin edged closer to $70,000 on April 11, 2026, as on-chain analytics from CheckonChain and Glassnode signaled a notable shift: seller exhaustion is curbing downward pressure, with market dominance gradually shifting away from aggressive sellers.
According to CheckonChain, daily realized losses on Bitcoin now hover around $400 million—still elevated by historical standards but significantly lower than the spikes seen earlier this year. On November 21 and February 5, the market saw daily realized losses surge to $2 billion, setting records not seen even during the 2022 bear market. Such intense selling left deep marks on investor sentiment at the time.
Spot Market: Sellers Fade, Buyers Step In
CheckonChain analysts observe a transition in the spot market: aggressive selling by sellers is gradually giving way to stronger buying pressure. Both realized profits and realized losses are trending lower, further confirming this shift. The platform noted: “The dominance of sellers in spot markets is fading, while activity among both profitable and loss-making coins has diminished as well.” This implies that holders—whether in profit or loss—are less inclined to trade, reducing the incentive for large-scale sell-offs.
Glassnode Data: Profit-Taking Moderate, Ratio Hits 1.4
Data from Glassnode aligns closely. Using a seven-day moving average, daily realized profits stand at around $300 million—one of the lowest readings in the past twelve months. Investors who bought Bitcoin near $60,000 have begun locking in profits, albeit modestly. This profit realization is reflected in the realized profit-loss ratio, which has climbed to 1.4, the highest since January. A ratio above 1 signals that more coins are moving at a profit than at a loss, underscoring a broad return to positive momentum.
The profit-loss ratio measures whether circulating coins are changing hands at a profit or loss. The recent uptick indicates a rising share of Bitcoin moving in profit compared to loss-making transactions, pointing to healthier market dynamics.
These indicators collectively fuel speculation that Bitcoin is entering a phase of seller exhaustion. With market appetite for large-scale selling waning and bullish sentiment gaining the upper hand, short-term relief from heavy sell pressure may be on the horizon. As the original piece concluded: “all these indicators are fueling speculation that Bitcoin is entering a new period of seller exhaustion, with market appetite for large-scale selling waning as bullish sentiment gains the upper hand.”