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

Bitcoin's sharp drop to around $60,000 in February is analyzed as a second, distinct capitulation event, following an earlier purge in November 2025, according to on-chain data from Checkonchain. The first capitulation in November 2025 primarily involved the "class of 2025" holders who surrendered due to exhaustion from a year of sideways trading, resulting in realized losses exceeding $2 billion per day. The second, more dramatic event in February saw realized losses also exceed $2 billion daily, but the sellers were split almost evenly between the exhausted 2025 cohort and the newer "class of 2026" buyers who capitulated after buying the dip near $80,000–$98,000. This dual surrender by both long-term exhausted holders and recent dip buyers explains the severity of the price drop and the massive realized loss spike, which was the largest in history in absolute dollar terms, signaling a mass exit by marginal sellers.

(Source：CryptoSlate)