Bitcoin price-metric basket sees longest capitulation since FTX blow-up: Glassnode
Glassnode says Bitcoin is in its longest capitulation phase since the FTX collapse, with a composite heatmap of 45 price metrics staying in “capitulation” through 2026. The tool, which tracks market health and investor profitability, showed similar deep-blue readings during much of 2022 before the FTX-driven bottom near $15,600. Current readings are described as the coldest since FTX, but not yet the unanimous deep-blue pattern that previously marked a cycle low. Glassnode also reported stronger onchain activity, with daily active addresses and transfer volumes rising above normal ranges, suggesting higher network engagement and economic throughput. Capital outflows have remained relatively stable despite a reaction to a Coldcard hardware wallet exploit. CryptoQuant noted a surge in sub-1 BTC transactions, with activity levels resembling those seen after FTX’s failure.
