The cryptocurrency market is nearing the final phase of capitulation, according to CryptoQuant., 2026/04/01 14:41:18

Conditions indicative of the “final stage of capitulation” have emerged in the cryptocurrency market, according to analysts from the on-chain platform CryptoQuant.

Analysts noted that the indicator reflecting whether moved coins are sold at a profit or loss, known as the Spent Output Profit Ratio, has fallen below one, indicating that even long-term investors have started to sell crypto assets at a loss.

Given that long-term holders are typically the least reactive to short-term volatility, this behavior may signal capitulation—an event where most short-term players have either realized losses or exited their positions, thereby intensifying selling pressure, CryptoQuant explained.

In previous cycles, such conditions have coincided with phases of sales exhaustion and price bottom formation. A potential trend reversal signal would be Bitcoin returning to the range above $85,000–86,000, along with the SOPR indicator stabilizing above one, experts believe.

However, even if the indicator recovers, analysts do not anticipate a swift trend reversal: during such phases, the market typically undergoes an accumulation stage characterized by increased asset volatility and alternating short-term periods of growth and decline. Only a consistent influx of capital and rising demand from new market participants can solidify a transition to an upward trend, according to CryptoQuant.

Earlier, David Grider, a senior executive at investment firm Finality Capital, stated that this year the cryptocurrency market may experience a reset that could culminate in the establishment of a prolonged bullish cycle.