Bitcoin Enters Accumulation Zone as 41 of 45 On-Chain Indicators Hit Cycle Lows

Bitcoin (BTC) has entered a historical accumulation zone. Glassnode data shows 41 of 45 on-chain indicators sitting in the bottom two quintiles of their cycle ranges.

CryptoQuant's Adaptive Sell-side Risk Ratio tells the same story from a different angle. However, both data sources stop short of calling a confirmed bottom for the current bear market.

41 of 45 On-Chain Indicators Point to Capitulation Territory

Glassnode's Bitcoin Cycle Composite compresses 45 on-chain indicators into a single score from 0 to 100. The gauge currently reads 19.9, deep in the cold zone reserved for capitulation phases. It last visited this area in late 2022, after the FTX collapse.

The move happened fast. According to pseudonymous analyst n3ocortex, who published the dataset on X, the composite median stood near 33 three months ago. Today, it has slipped to roughly 20, and 41 of 45 indicators sit in the bottom two quintiles.

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