Bitcoin price-metric basket in longest capitulation since FTX collapse, Glassnode says
Glassnode's aggregate BTC price cycle tool has reached its coldest phase since the collapse of FTX in late 2022, the on-chain analytics firm confirmed. The composite draws on a basket of $BTC price metrics, and on Glassnode's reading, the current stretch is the longest capitulation episode since that exchange's blow-up. The next signal to track is whether the tool begins rotating out of that cold zone.
Key takeaways
- Glassnode's aggregate BTC price cycle tool has reached its coldest phase since the collapse of FTX in late 2022.
- The current stretch is the longest capitulation episode since the FTX collapse, based on Glassnode's reading.
- The tool is a composite that compresses multiple BTC price metrics into a single reading rather than tracking one indicator.
- Glassnode uses the capitulation readings from the late-2022 FTX collapse as its severity benchmark, and the current phase has exceeded those prior post-FTX stretches in duration.
- The key signal to watch is whether the tool begins rotating out of its cold zone, which requires the basket's underlying price metrics to shift collectively.
Glassnode's aggregate BTC price cycle tool has reached its coldest phase since the collapse of FTX in late 2022, the on-chain analytics firm confirmed. The composite draws on a basket of $BTC price metrics, and on Glassnode's reading, the current stretch is the longest capitulation episode since that exchange's blow-up. The next signal to track is whether the tool begins rotating out of that cold zone.
What the aggregate tool is measuring
The term "aggregate" is load-bearing. Glassnode's price cycle tool compresses multiple BTC price metrics into a single composite reading rather than tracking one indicator in isolation. When the firm labels the current phase the "coldest," it means the basket has collectively reached a floor-level reading across its inputs. That takes more aligned signals than a single oscillator touching oversold.
Capitulation, in on-chain analysis, refers to a phase where sustained selling pressure has pushed the market through a clearing point. Glassnode's composite is built to capture that dynamic across a range of price behavior inputs rather than from one data angle alone.
The FTX benchmark
The firm's reference point is the FTX collapse in late 2022. Glassnode is using the capitulation readings from that period as its severity benchmark, and the current phase has now exceeded those prior post-FTX stretches in duration. That is what the "longest" qualifier is measuring.
Keeping the two claims separate matters. A long capitulation reading describes the state of the composite. It is not a price forecast. Duration tells you how sustained the stress has been. It does not carry a directional call.
What to watch
The signal to track is whether Glassnode's aggregate price cycle tool begins rotating out of its cold zone. That requires the underlying price metrics in the basket to shift collectively. Until Glassnode logs that rotation, the reading stands.
Related reading
Filed by the digital assets desk of MarketPR on August 5, 2026. Source: cointelegraph.com. Indicative figures are not investment advice.