Bitcoin's Price-Metric Basket Hits Longest Capitulation Since FTX Collapse

Bitcoin's price-metric basket has entered its longest period of capitulation since the FTX exchange collapse, according to data analysts tracking on-chain and market indicators.

The composite index combines several Bitcoin valuation and momentum indicators, such as the Puell Multiple, MVRV ratio, and realized profit/loss margins. When these metrics collectively show capitulation, it typically indicates that sellers are exhausted or that prices have fallen below key cost-basis levels.

As of mid-2025, the basket has remained in capitulation territory for over 40 consecutive days, surpassing the previous longest stretch since the FTX collapse. This prolonged weakness signals persistent bearish pressure and suggests that traders remain under stress.