Glassnode: On-Chain Metric Remains in Capitulation Zone for Longest Post-FTX Stretch
An aggregate of 45 on-chain metrics is holding in the capitulation zone longer than at any time after the FTX collapse, according to Glassnode co-founder Rafael Schultze-Kraft. A heatmap indicates the market is still in the late bear phase without a confirmed bottom.
Rafael Schultze-Kraft, co-founder of on-chain analytics firm Glassnode, noted that a composite index tracking 45 on-chain signals has remained in the capitulation region for an extended period — surpassing the duration seen after the FTX debacle.
His heatmap visualization suggests the market is currently positioned in the late bear phase. However, the bottom has not yet been reached, hinting at further potential downside.
The analysis underscores the persistent strain in the crypto market, as on-chain metrics continue to flash warning signs.
Source: ForkLog