Bitcoin's realized market capitalization has decreased by $12 billion over the past month, according to CryptoQuant analyst Axel Adler Jr. The 30-day change rate fell to -1.1%, marking significant capital outflows not seen since mid-March. From a peak of $1.087 trillion in mid-May, the realized market cap now stands at $1.075 trillion. This decline coincides with a 23% drop in Bitcoin's price, from $82,000 to $63,000. The 30-day moving average of the adjusted Spent Output Profit Ratio (aSOPR) has remained below 1 for 13 consecutive days, indicating persistent loss-making transactions. Currently at 0.987, this suggests an average loss of 1.3% per trade. The sustained aSOPR below 1 reflects weak market sentiment, with sellers dominating until recovery to 1.0. These indicators suggest a capitulation phase, characterized by capital outflows and loss-driven selling.