Bitcoin Exits ‘Panic Zone,’ But Capital Inflows Remain Weak

On-chain data shows Bitcoin network conditions have improved recently, but net capital inflows are still of a relatively weak order.

Below is the chart shared by Adler Jr that shows how the 30-day moving average (MA) value of the metric has changed for Bitcoin over the past decade.

As is visible in the graph, the 30-day SMA of the Bitcoin Realized P/L Ratio shot up to significant levels during 2025, suggesting investors were using the bullish momentum to take profits. The trend shifted in the last quarter of the year as the sector as a whole observed a downturn.

After the drawdown extended in 2026, the indicator collapsed to a value that historically coincided with panic capitulation from investors. Since this loss-taking event, however, the market has found some stability, and the metric has slowly been making its way back up.

Right now, the Realized P/L Ratio is no longer signaling a panic phase for the network, meaning that market conditions have started to improve. Though, for now, the metric still has a relatively low value.

From the graph, it’s apparent that the Bitcoin Realized Cap shrank alongside the earlier bearish price action, with its 30-day change sinking to a notable negative value. The recent market recovery has meant, however, that the capital netflow has reversed course.

Currently, the 30-day change in the metric has a slight positive value, suggesting that some capital has flowed into BTC over the past month, although its scale has remained low when compared to past bullish periods.

Bitcoin has taken to sideways movement recently as its price is still floating around the $81,000 level.