$ZRO /USDT as price resolves to the upside post-breakout. With market structure shifting firmly bullish and momentum indicators expanding, we are anticipating a short-term continuation wave targeting overhead liquidity blocks.
$PENGU /USDT following a clean structural breakout. With overhead supply cleared and buyers taking control of price action, indicators favor a short-term momentum expansion targeting local liquidity zones.
Bitcoin is experiencing its longest capitulation phase since the FTX collapse in 2022, according to Glassnode. 👉 Heavy selling and investor losses suggest the market is going through a major de-risking period. Historically, extended capitulation can eventually create the conditions for a stronger recovery, but confirmation of a bottom is still needed. 📉
🔽Bitcoin lost -93.1% in 2011 bear market. Drawdowns that followed hit -88%, -83.5% and -76.6%. In the current run, we reached -53.2% from the peak. There is a pattern of decreasing drawdowns. It's normal volatility falls as the market matures.
📊 $BTC skew has softened sharply at the front end, with 1-week 25 skew falling toward ~7%. Longer tenors remain elevated near 10–12%, suggesting near-term fear is fading while structural demand for downside protection persists.
Le Bitcoin se négocie sous le coût de revient du détenteur à court terme (STH) — le prix d’acquisition moyen des pièces âgées de moins de 155 jours.
Au 8 août 2026, le Bitcoin s’échange à 64 952 $, tandis que le prix réalisé du STH s’établit à 67 523 $. Le comptant est inférieur de 3,8 % à ce niveau, soit un écart de 2 571 $. Il s’agit de l’écart le plus faible depuis le 21 juillet.
📈 On-Chain 5-Factor Cycle Score Bitcoin slightly reached the Undervalued region in 2026. The indicator’s current movement closely resembles that of previous bear market in 2022.
📊 This is the 4th time in Bitcoin's history that the hashrate has exceeded a 20% drawdown. On this chart, the hashrate is monthly averaged to smooth out the data and highlight an underlying dynamic rather than a one-off event. For comparison, in July 2021 the hashrate had suffered a drawdown of over 40%.
$BTC > $65k, and meanwhile, LTH SOPR has dropped below 1.
The indicator is now at 0.92 — long-term holders (LTH) continue to dump Bitcoin.
There is still room to fall before reaching the maximum pain of previous bear markets (0.5), especially since on average LTH are still up +30% from their TVL.
Historically, when the majority of LTH sold Bitcoin below their TVL, the cycle bottom was finalized = we await the continuation of capitulation.
$BTC options are now pricing a modest volatility premium, with implied volatility around 10% above realized volatility.
👉 After weeks of realized volatility staying higher, traders are now paying more for uncertainty again. However, the premium remains well below stressed levels, suggesting the options market is cautious but not fearful. 📊