VanEck: Bitcoin Approaches Accumulation Phase as Capitulation Indicators Remain Active

The asset manager VanEck has released a report suggesting that Bitcoin may be approaching an accumulation phase. This is based on eight of its 12 capitulation indicators remaining active as of August 12.

VanEck's research found that eight out of 12 indicators were in the red zone, indicating late cycle stress. These indicators include price drawdown and institutional ownership, among others. The asset manager expects a shallower trough this cycle than previous ones, but acknowledges that this is an assumption rather than a confirmed market outcome.

The report also noted that long-term holder supply dropped 356,534 BTC over the past 30 days, leaving 11.84 million BTC untouched for over one year. This could be seen as a positive sign, as it suggests that some investors are holding onto their Bitcoin and not selling.