Bitcoin price-metric basket sees longest capitulation since FTX blow-up: Glassnode

cointelegraphPubblicato 2026-08-05Pubblicato ultima volta 2026-08-05

Introduzione

Glassnode reports that Bitcoin is experiencing its longest "capitulation" phase since the FTX collapse in late 2022, based on a basket of 45 on-chain price metrics. Their Bitcoin Cycle Position Heatmap, which aggregates these indicators, has shown a predominantly blue "capitulation" signal throughout 2026. According to co-founder Rafael Schultze-Kraft, while this is the coldest market stretch since the FTX-driven bear market bottom, aggregate readings have not yet reached the deep blue levels that historically marked cycle floors. The analysis highlights metrics related to investor profitability and notes increasing dormancy due to an aging investor base. Despite this capitulation, Glassnode's latest report notes a recent material strengthening in on-chain activity, including daily active addresses and transfer volumes. A spike in small transactions (1 BTC or less) was observed, linked to a recent Coldcard wallet exploit, with volumes comparable to those seen after the FTX implosion.

Bitcoin price-metric basket sees longest capitulation since FTX blow-up: Glassnode

Bitcoin (BTC) is seeing its longest capitulation since the end of the 2022 bear market, onchain analytics platform Glassnode reported on Monday.

Key points:

45 Bitcoin price metrics tracked by Glassnode are in their longest “capitulation” phase since the collapse of FTX in late 2022.
Aggregate readings still have to turn colder to match areas that marked previous bear-market bottoms, says creator Rafael Schultze-Kraft.

45 Bitcoin price metrics spend 2026 in “capitulation” zone

Glassnode’s Bitcoin Cycle Position Heatmap, a composite BTC price metric overview tool, has signaled capitulation throughout 2026.

The tool, created by the platform’s co-founder, Rafael Schultze-Kraft, combines data from 45 indicators to present an overall picture of market health as Bitcoin price cycles repeat. A majority blue heatmap indicates a period of “capitulation” within the cycle, with red pointing to the euphoria characteristic of momentum toward cycle peaks.

After a euphoric phase in November 2021, the heatmap flipped to blue for the majority of 2022. In November that year, cryptocurrency exchange FTX collapsed, an event that coincided with Bitcoin’s last bear-market bottom of $15,600.

“Today it sits in its coldest stretch since FTX: late in the bear, but not yet the unanimous deep blue that previously marked a floor,” Schultze-Kraft commented on the Heatmap’s latest readings.

Bitcoin Cycle Position Heatmap. Source: Rafael Schultze-Kraft on X.com

In addition to basic price gauges such as market cap, the heatmap puts a considerable focus on the profitability of the Bitcoin investor base, dividing it into short-term (STH) and long-term (LTH) holders.

Certain metrics, Schultze-Kraft notes, change their behavior over time, requiring a more nuanced reading when used for cycle signals. Among these is dormancy — the number of days a unit of BTC has spent idle when used in an onchain transaction. Here, the ageing investor base means that dormancy increases over time, differing between cycles.

Coldcard hack spikes sub-1 BTC transactions

In its latest Market Pulse report released on Monday, Glassnode was complimentary regarding the resilience of market participants.

Related: US yen intervention puts Bitcoin, risk assets on notice for liquidity flux

“On-chain activity strengthened materially. Daily active addresses and entity-adjusted transfer volumes moved above their upper statistical bands, indicating a notable increase in network engagement and economic throughput,” it reported.

Stabilization of capital outflows remained despite a knee-jerk reaction by certain investors in the wake of the low-entropy bug exploit in Coldcard hardware wallets.

Data from analytics platform CryptoQuant likened the uptick in onchain transactions of 1 BTC or less to the aftermath of the FTX implosion. On July 31, the daily tally reached 39,600 BTC, compared with 39,900 on Nov. 16, 2022.

Domande pertinenti

QAccording to Glassnode, how many Bitcoin price metrics are currently showing the longest 'capitulation' phase since the FTX collapse?

A45 Bitcoin price metrics tracked by Glassnode are in their longest 'capitulation' phase since the collapse of FTX in late 2022.

QWhat does a majority blue heatmap in Glassnode's Bitcoin Cycle Position Heatmap indicate?

AA majority blue heatmap indicates a period of 'capitulation' within the Bitcoin price cycle.

QAccording to Rafael Schultze-Kraft, is the current market condition as cold as it was at the previous bear-market bottom?

ANo. Rafael Schultze-Kraft notes that aggregate readings still have to turn colder to match the areas that marked previous bear-market bottoms.

QWhat recent event was associated with a significant increase in onchain transactions of 1 BTC or less, similar to the FTX implosion period?

AThe increase was associated with the low-entropy bug exploit in Coldcard hardware wallets.

QWhat does Glassnode's Market Pulse report say about on-chain activity based on daily active addresses and transfer volumes?

AThe report states that daily active addresses and entity-adjusted transfer volumes moved above their upper statistical bands, indicating a notable increase in network engagement and economic throughput.

Letture associate

Winner Takes All: First Bitcoin Spot ETF Liquidated, Survival of Smaller Players in Jeopardy

**Summary:** On August 3rd, asset manager Hashdex announced the closure and liquidation of its Hashdex Bitcoin ETF (DEFI), the first U.S. spot Bitcoin ETF to be wound down. With assets of only $14.7 million, DEFI's annual fee revenue (~$36,700) was insufficient to cover operational costs estimated at $500k-$1M+. Its exit highlights the "winner-takes-most" dynamic in the competitive U.S. spot Bitcoin ETF market, where giants like BlackRock's IBIT ($47.25B) dominate. Despite a cumulative return of ~166% since inception, DEFI's small size, combined with Hashdex's relative lack of brand recognition and established U.S. distribution channels compared to Wall Street incumbents, made the fund unsustainable. Other smaller ETFs like WisdomTree's BTCW ($143M) also operate near the profitability threshold. The market remains highly concentrated, with the top five funds holding nearly all assets, putting pressure on smaller players to achieve scale or risk a similar fate.

marsbit14 min fa

Winner Takes All: First Bitcoin Spot ETF Liquidated, Survival of Smaller Players in Jeopardy

marsbit14 min fa

U.S. Senate Could Vote on Cryptocurrency Transparency Bill Next Week

The U.S. Senate may vote next week on the Cryptocurrency Transparency Act, as announced by SEC Commissioner Hester Peirce. The bill, which has already passed the House of Representatives and cleared the Senate Banking Committee, requires 60 votes to pass the full Senate. This legislation aims to clarify regulatory jurisdiction over digital assets between the SEC and the Commodity Futures Trading Commission (CFTC), particularly regarding asset classification. However, its progress has been stalled by unresolved issues, including stablecoin yield rules and ethics provisions. While Peirce's statement has increased market expectations of the bill's passage, it remains speculative without high-level confirmation. Market estimates currently assign only a 16.5% probability of enactment in 2026. Key factors influencing the outcome include the Senate vote, potential presidential support, and statements from figures like Senate Majority Leader Chuck Schumer. If passed, the law could trigger significant changes in cryptocurrency markets.

cryptonews.ru44 min fa

U.S. Senate Could Vote on Cryptocurrency Transparency Bill Next Week

cryptonews.ru44 min fa

BlackRock brings tokenized money market funds to Europe via JPMorgan

BlackRock will launch tokenized versions of some of its European money market funds using JPMorgan's blockchain technology. The offering will include funds denominated in pounds, euros, and US dollars from its Institutional Cash Series, which oversees about $311 billion in total assets. Each token will represent a share in an underlying fund and allow for 24/7 transfers between approved digital wallets. JPMorgan's platform, Kinexys, will provide the tokenization infrastructure, with the bank also acting as the transfer agent. BlackRock executives noted strong interest from digital wallet providers, corporate treasurers, and capital markets participants looking for more efficient collateral and intracompany payment solutions. This move expands BlackRock's presence in the tokenized cash management space, following the 2024 launch of its BUIDL fund in the US, which has grown to $2.67 billion in assets.

cointelegraph1 h fa

BlackRock brings tokenized money market funds to Europe via JPMorgan

cointelegraph1 h fa

Kinexys Secures its First Qatari Islamic Bank: Dukhan Bank Joins the Network

On August 3, 2026, Qatar's Dukhan Bank became the first Islamic (Sharia-compliant) bank in the country to join JP Morgan's blockchain-based deposit token network, Kinexys. This integration provides the bank's corporate and institutional clients with 24/7 cross-border settlement capabilities, removing time zone constraints for treasury operations. The move is part of Dukhan Bank's broader digital transformation. The bank stated that Kinexys enhances the speed, transparency, and efficiency of cross-border payments while aligning with Islamic finance principles. JP Morgan's platform converts client cash deposits into tokens for near-instant settlement within the regulated banking system and handled over $4 trillion in transactions by June 2026, supporting eight currencies. Kinexys, formerly known as Onyx, now counts eight major Gulf banks among its users. JP Morgan's JPM Coin, a regulated deposit token, is central to the network and is also available on Coinbase's Base network, with planned integration into the Canton Network. In November 2025, Kinexys partnered with Singapore's DBS Bank to develop interoperability for transferring tokenized deposits across different blockchain systems.

cryptonews.ru1 h fa

Kinexys Secures its First Qatari Islamic Bank: Dukhan Bank Joins the Network

cryptonews.ru1 h fa

FBI Director Announces Seizure of $15 Billion in Crypto Assets as Part of Operation Blackout

FBI Director Kash Patel announced the results of "Operation Blackout," a campaign targeting global investment fraud networks. He stated that law enforcement seized over $15 billion in cryptocurrency, dismantled dozens of fraudulent centers, and shut down hundreds of fake investment platforms. Patel credited President Donald Trump with leading the initiative. The operation's reported results also included hundreds of arrests, the freeing of thousands of human trafficking victims, the deactivation of millions of fraud-related accounts, and the prevention of an estimated $500 million in losses by warning over 10,000 potential victims. Patel emphasized a shift from prosecuting individual scammers to destroying the profit-making networks. He did not provide details on the valuation method for the seized assets or the timeframe of these achievements. The announcement sparked mixed reactions online, with some praising the crackdown and others criticizing the FBI's priorities or perceived government hypocrisy. The FBI had previously announced an $8 billion crypto seizure as part of the same operation in May 2026.

cryptonews.ru1 h fa

FBI Director Announces Seizure of $15 Billion in Crypto Assets as Part of Operation Blackout

cryptonews.ru1 h fa

Trading

Spot