Bitcoin Price Metric Basket Sees Longest Capitulation Since FTX Blow-Up

The Bitcoin price metric basket has entered its longest period of capitulation since the collapse of FTX in late 2022, according to onchain analytics platform Glassnode.

As reported by Glassnode on Monday, 45 key metrics tracked by the platform are currently in a 'capitulation' phase, which is defined as a period where market participants are selling and prices are low.

The Bitcoin Cycle Position Heatmap, created by Glassnode co-founder Rafael Schultze-Kraft, combines data from 45 indicators to present an overall picture of market health. This composite overview tool currently shows a majority blue heatmap, indicating capitulation within the cycle.

Schultze-Kraft noted that this 'capitulation' phase is not yet at its lowest point and does not match the areas that marked previous bear-market bottoms. In fact, it sits in its coldest stretch since FTX, but not yet the unanimous deep blue that previously marked a floor.