Bitcoin Price-Metric Basket Sees Longest Capitulation Since FTX Collapse
The Bitcoin price-metric basket is experiencing its longest capitulation phase since the collapse of FTX in late 2022, according to onchain analytics platform Glassnode.
A majority blue heatmap on Glassnode's Bitcoin Cycle Position Heatmap indicates a period of 'capitulation' within the cycle. The tool combines data from 45 indicators to present an overall picture of market health as Bitcoin price cycles repeat.
The heatmap has signaled capitulation throughout 2026, with the current reading being its coldest stretch since FTX's collapse in late 2022. According to Rafael Schultze-Kraft, the tool's creator, it sits 'in its cold stretch, but not yet the unanimous deep blue that previously marked a floor'.
In addition to basic price gauges such as market cap, the heatmap puts a considerable focus on the profitability of the Bitcoin investor base. Certain metrics change their behavior over time, requiring a more nuanced reading when used for cycle signals.