Bitcoin in Longest Capitulation Phase Since FTX Collapse, Glassnode Says
Uk Jin
Summary
- On-chain analytics firm Glassnode said its proprietary Bitcoin Cycle Position Heatmap has pointed to capitulation throughout this year.
- The indicator has remained in capitulation for its longest period since the FTX bankruptcy in November 2022, the firm said.
- Glassnode said the market has not weakened to the same extent as past cycle bottoms, adding that this is the coldest stretch since the FTX collapse but not yet a severe phase.
Forecast Trend Report by Period
Bitcoin is in its longest stretch of market capitulation since FTX's collapse in 2022, according to Glassnode.
Cointelegraph reported on August 5 that the on-chain analytics firm said its proprietary Bitcoin Cycle Position Heatmap has pointed to capitulation throughout this year.
The indicator has remained in capitulation for its longest period since FTX filed for bankruptcy in November 2022, Glassnode said.
The firm added that the market has not sunk to the same level of weakness seen at past cycle bottoms. Glassnode co-founder Yann Allemann said the market has entered its coldest phase since the FTX fallout, but not the severe conditions seen at earlier lows.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.