Glassnode: Bitcoin Remains in "Capitulation Phase," Current Rebound May Be Local Bounce in Bottoming Process

August 20 news, Glassnode's latest weekly report noted that a weaker US dollar has failed to boost Bitcoin—the 10-year US Treasury yield has climbed to nearly 4.7%, financial conditions remain tight, and high real interest rates continue to be the primary macro factor suppressing prices. Gold has broken above $4,400 and oil prices have risen to the mid-$80s, yet Bitcoin has not participated in the broader rally in scarce assets, still trading as a liquidity-sensitive risk asset. On-chain, both the spot price and the short-term holder cost basis ($68,500) are below the true market mean ($75,800), confirming a capitulation phase, with tokens changing hands below the cost basis of recent buyers and the broader active investor base. The relative unrealized loss peak is around 0.25 (above 0.6 in previous cycles), indicating a shallower and more dispersed pullback.