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 accelerated shift in February into a sharp decline with surging trading volume, a typical capitulation sell-off. Although there are still various claims surrounding specific institutions, this decline aligns with mid-cycle resets in history. As selling pressure eases, market focus has shifted from assigning blame to stabilizing.