Крипторынок показывает признаки стабилизации: аналитики отмечают исторические уровни убытков Translation: Cryptocurrency market shows signs of stabilization: analysts note historical loss levels

The cryptocurrency market is entering a stabilization phase due to a significant reduction in debt burden, the depletion of sellers, and the capitulation of short-term holders, according to analysts from Bitfinex.

The report indicates that this assertion is further supported by the trend of the SOPR indicator. During the recent correction, it fell below 1 for only the third time in the past 25 months.

A similar scenario was seen during previous cycle lows in August 2024 and April 2025.

However, the extent of the current downturn is emphasized by the adjusted realized losses of institutions, which surged to $403.4 million per day, significantly exceeding values from past major declines.

«Such a level of realized losses typically signals the approach of the end of capitulation rather than the onset of a deeper correction,» the analysts noted.

Data on derivatives also points to the beginning of a controlled reset: the total open interest in BTC futures dropped to $59.17 billion, well below the peak value of $94.12 billion. This reflects a systematic reduction in leverage.

The past week has shown a clear increase in institutional integration of Bitcoin, according to Bitfinex. Per BlackRock’s reporting, reserves in its strategic IBIT portfolio grew by 14%. The total number of acquired shares reached 2.39 million.

Experts indicate that even traditionally conservative bond funds are now utilizing Bitcoin ETFs as diversification tools.

Simultaneously, ARK Invest continued to invest in digital assets despite liquidity pressures in the sector. The firm purchased shares in crypto companies for $93 million over the past week.

«Reinforcing this institutional momentum, Texas became the first U.S. state to publicly invest in Bitcoin. While modest in scale, this move holds symbolic significance and marks the beginning of a shift toward direct Bitcoin custody once the appropriate infrastructure is in place,» the authors of the study emphasized.

Lastly, analysts from Glassnode observed a resemblance in the current dynamics of the crypto market to those in 2022.