Bitcoin is experiencing its second wave of panic selling this year, but with significantly less intensity than in February, according to CryptoQuant analyst Axel Adler Jr. The 30-day average profit and loss ratio has dropped to approximately 0.28, indicating a period of capitulation pressure where realized losses have notably exceeded realized gains. In February, the peak realized losses reached about $2.6 billion, whereas the peak in early June was only around $1.4 billion, nearly half of February's figure, and has since decreased to approximately $558 million. This comparison suggests a weakening in the intensity of the current panic selling, indicating a reduction in sellers willing to exit at a loss, a characteristic of late-stage sell-offs. The analyst notes that if the 30-day moving average of the profit and loss ratio begins to rise and moves away from the capitulation pressure zone, it would signal the first positive sign of seller exhaustion. Conversely, if realized losses surpass February's peak again, it would indicate renewed capitulation pressure.