On-chain analytics platform Glassnode reported on Monday that Bitcoin is experiencing its longest capitulation period since the end of the 2022 bear market. The 45 Bitcoin price metrics analyzed are in the capitulation zone throughout 2026, according to the platform’s Cycle Position Heatmap. Bitcoin’s last bear-market bottom was reached in November 2022 at $15,600, during the collapse of crypto exchange FTX. Paradoxically, on-chain activity remains strong, with daily active addresses and transfer volumes exceeding their upper statistical bands. The exploitation of a bug in Coldcard hardware wallets triggered an increase in transactions of one bitcoin or less, peaking at 39,600 BTC on July 31, compared to 39,900 on November 16, 2022.
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