Glassnode and CryptoQuant data place Bitcoin in a historical accumulation zone, with most tracked on-chain indicators near cycle lows even as analysts say no definitive bottom has been confirmed.
Bitcoin remains in its longest stretch of capitulation since the end of the 2022 bear market, and fresh on-chain readings suggest the market has moved into a historical accumulation zone. Glassnode said 41 of 45 Bitcoin on-chain indicators are now in the bottom two quintiles of their cycle ranges, while its cycle composite fell to 19.9, the coldest reading since the FTX collapse. CryptoQuant's Adaptive Sell-side Risk Ratio also dropped to the 3rd percentile, pointing to subdued realized profit-taking and loss-taking conditions often associated with late-stage weakness. Even so, the data has not yet confirmed a market bottom.