Analyst: BTC implied volatility nears FTX collapse levels, capitulation signs intensify

Jamie Coutts, a crypto market analyst at Real Vision, warned on X that signs of capitulation are intensifying in the market. He noted that Bitcoin's Implied Volatility Index (BVIV) has reached 88.55, approaching the level of 105 seen during the FTX collapse. Coutts also pointed out that Coinbase recorded its eighth-largest daily trading volume in history at $3.34 billion (approximately 54,000 BTC), while the daily Relative Strength Index (RSI) has fallen to 15.64, a level below the March 2020 COVID-induced crash. "The current margin calls and forced liquidations are typical of a capitulation phase," he analyzed. However, Coutts added that capitulation can be a process lasting from days to weeks, not a single event, suggesting that more time may be needed to confirm a market bottom.