Bitcoin hit $60,000 because two different groups finally surrendered — on-chain data shows who blinked

Bitcoin’s February drop to about $60,000 was the kind of single-day panic people will remember as a bottom.

But the more accurate reading of this washout is harder and more useful: this cycle quit in stages, and the sellers rotated.

A Feb. 10 report from Checkonchain framed the move as a capitulation event that arrived fast, on heavy volume, with losses large enough to reset psychology.

It also argues that the market had already capitulated once before, in November 2025, and that the identity of the…