{
  "id": 168526,
  "title": "Bitcoin price-metric basket sees longest capitulation since FTX blow-up: Glassnode",
  "url": "https://urgent.news/2026/08/05/bitcoin-price-metric-basket-sees-longest-capitulation-since-ftx-blow",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-05T09:34:41.000Z",
  "source": {
    "name": "Cointelegraph",
    "slug": "cointelegraph",
    "url": "https://cointelegraph.com/markets/bitcoin-price-metric-basket-sees-longest-capitulation-since-ftx-blow-up-glassnode"
  },
  "original_language": "en",
  "account": "Onchain analytics firm Glassnode has reported that Bitcoin's price-metric basket is experiencing its longest period of capitulation since the FTX collapse in late 2022. The Bitcoin Cycle Position Heatmap, a composite tool created by the company's co-founder Rafael Schultze-Kraft, has signaled capitulation throughout 2026. This metric, which combines data from 45 indicators, presents an overall view of market health during Bitcoin price cycles. After a euphoric phase in November 2021, the heatmap shifted to a more cautious blue color for most of 2022. However, today it is in its coldest stretch since the end of 2022, according to Schultze-Kraft. The heatmap places significant emphasis on investor profitability, factoring in both short-term and long-term holders. One key metric the heatmap tracks is the dormancy of Bitcoin holdings, which refers to the number of days a unit of BTC remains idle in an onchain transaction. As more investors become aged, dormancy increases, creating a more complex signal for cycle analysis. In its latest Market Pulse report, Glassnode praised the resilience of market participants, noting that on-chain activity has strengthened, with daily active addresses and entity-adjusted transfer volumes moving above their upper statistical bands. This increase in network engagement and economic throughput came despite a temporary reaction from some investors following the bug exploit in Coldcard hardware wallets. CryptoQuant's data suggests that the uptick in onchain transactions of 1 BTC or less resembles the aftermath of the FTX implosion, with 39,600 BTC moving on July 31, compared to 39,900 on November 16, 2022.",
  "summary": "Glassnode confirmed that its aggregate BTC price cycle tool was in its coldest phase since the collapse of FTX in late 2022.",
  "key_points": [
    "Bitcoin price-metric basket in longest capitulation since FTX collapse",
    "Glassnode's Bitcoin Cycle Position Heatmap shows coldest stretch since 2022",
    "Increased onchain activity despite investor profitability challenges"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}