Bitcoin in Longest Capitulation Phase Since FTX Collapse, Analysis Finds

Bitcoin is enduring its longest capitulation phase since the collapse of FTX in 2022, according to a market analysis.

Cointelegraph reported on August 5 that on-chain analytics firm Glassnode said its Bitcoin Cycle Position Heatmap has pointed to a capitulation zone throughout this year.

The indicator has remained in capitulation for its longest stretch since FTX filed for bankruptcy in November 2022, Glassnode said.

Still, the firm said the market has not sunk to the same level of weakness seen at previous bottoms. Glassnode co-founder Yann Allemann said the market has entered its coldest period since the FTX fallout, but not the kind of severe phase that marked past cycle lows.