Bitcoin Endures Longest Capitulation Stretch Since FTX Collapse

Bitcoin has been in its longest stretch of market capitulation since the FTX collapse in November 2022, according to on-chain analytics firm Glassnode. The proprietary Bitcoin Cycle Position Heatmap has pointed to capitulation throughout this year.

Glassnode said that despite the long period of capitulation, the market has not weakened to the same extent as past cycle bottoms. This indicates that while conditions are severe, they are not yet at a critical point.

The firm's co-founder Yann Allemann noted that the market has entered its coldest phase since the FTX fallout but emphasized that this is still not a severe phase.