Bitcoin Price-Metric Basket Sees Longest Capitulation Since FTX Collapse

Bitcoin's price-metric basket has been in its longest 'capitulation' phase since the collapse of FTX in late 2022, according to onchain analytics platform Glassnode. This means that a majority of 45 Bitcoin price metrics tracked by Glassnode have been signaling capitulation throughout 2026.

Glassnode's co-founder Rafael Schultze-Kraft created the Bitcoin Cycle Position Heatmap, which combines data from these indicators to provide an overall picture of market health as Bitcoin price cycles repeat. The heatmap has flipped to blue for most of 2022 and now again in 2026, indicating a period of capitulation.

Schultze-Kraft noted that the current readings are 'its coldest stretch since FTX: late in the bear, but not yet the unanimous deep blue that previously marked a floor.' This suggests that Bitcoin's price has not yet reached a bottom and may continue to decline. In addition to basic price gauges like market cap, the heatmap also focuses on the profitability of the Bitcoin investor base, dividing it into short-term (STH) and long-term (LTH) holders.