Bitcoin's recent decline stems from a sustained de-risking cycle and forced liquidations, rather than any coordinated sell-off by a single institution. The sell-off began with gradual disposals by large holders, followed by an acceleration in February into a sharp decline with a surge in trading volume, a typical capitulation sell-off. Although various claims about specific institutions still exist, this decline aligns with mid-cycle resets in history. As selling pressure eases, market focus has shifted from assigning blame to stabilization.