Bitcoin Price Sees Longest Capitulation Since FTX Collapse
The Bitcoin price has entered its longest period of 'capitulation' since the collapse of FTX in late 2022, according to onchain analytics platform Glassnode. A capitulation is a market phenomenon where prices drop and investor sentiment turns bearish.
Glassnode's co-founder, Rafael Schultze-Kraft, created a tool called the Bitcoin Cycle Position Heatmap, which 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 a majority blue indicating a period of 'capitulation'.
The current capitulation phase is similar to the one in late 2022, when FTX collapsed and Bitcoin's last bear-market bottom was reached at $15,600. However, it has not yet reached the deep blue that marked the floor of previous bear markets.