Loss-taking selling pressure has diminished significantly compared to previous capitulation episodes, indicating that smaller holders are exhausted rather than in panic mode.

"CryptoQuant data shows Bitcoin's weekly average net realized profit and loss remains negative at about $368 million, meaning investors are collectively selling some coins below their acquisition prices. However, that remains far below the roughly $2 billion in net realized losses recorded during a February decline and the approximately $1.2 billion seen during another bout of capitulation in June."