Bitcoin’s Coldest Period Since FTX: 41 Out of 45 Market Indicators Point to That Critical Zone

The Bitcoin (BTC) market is experiencing its coldest period since the FTX collapse, according to Glassnode data, with the vast majority of fundamental indicators pointing toward the capitulation zone where investors are nearing a breaking point.

Tracking cyclical movements in cryptocurrency markets holds strategic importance for investors. The latest heatmap shared by on-chain data analysis platform Glassnode categorizes periods of market euphoria in red and capitulation (giving up) phases in blue. Current data suggests the market is in the final stages of the bear season, yet it hasn’t fully reached that “deep blue” appearance that defined absolute bottom levels in the past.

Capitulation Signals Strengthening Across Bitcoin Indicators

Of the 45 different market indicators analyzed, 41 are currently situated in the lowest two tiers: capitulation and cooling zones. The decisive shift of the majority of indicators into these regions, particularly in the last quarter, proves that selling pressure and pessimism in the market are increasing. Technical data such as MVRV (Market Value to Realized Value) and NUPL (Net Unrealized Profit/Loss), which shows investors’ as-yet unrealized gains, reveal that prices are hovering at historically low levels.

On the side of supply metrics and investor behavior, some structural shifts are noteworthy. Changes in how assets are stored affect data like coin age, while some indicators have shown variations in signal strength over the years. Experts remind that for a definitive bottom to be established, all indicators must simultaneously reach the deep blue zone and achieve harmony. Although some data, such as the mobility of the Bitcoin supply, still retains some vibrancy in the current picture, the general trend indicates the market is in a significantly cold phase.