Glassnode data shows 45 Bitcoin price indicators have remained in capitulation territory for the longest stretch since late 2022.
Bitcoin’s on-chain metrics have entered their longest capitulation phase since the 2022 bear market, according to analytics platform Glassnode. A composite tool tracking 45 indicators has shown sustained weakness throughout 2026, signaling prolonged investor distress.
The last comparable capitulation period followed the November 2022 FTX collapse, which coincided with Bitcoin’s low of $15,600. While the current heatmap remains predominantly blue—indicating bearish sentiment—it has not yet reached the deep capitulation levels that historically marked market bottoms.
The tool assesses both short-term and long-term holder profitability, with some metrics requiring nuanced interpretation due to evolving market behavior. The data suggests Bitcoin remains late in its bear cycle but has not yet confirmed a definitive floor.