Miners surrender, retail investors cut losses—who is bottom-fishing Bitcoin at $60,000?

【Plain Language Guide】Bitcoin, which hit a record high of $126,000 in October 2025, plummeted over 52% in just four months to around $60,000. Single-day liquidations reached $2.65 billion, and the panic index hit a new low since FTX, signaling the arrival of a bear market.
However, on-chain data shows divergence: large-scale miner capitulation, hash rate dropping by 21%, and hash price falling below the survival line; spot ETF net outflows continue to exceed $6 billion; retail investors panic sell, while whales aggressively bought up 53,000 BTC in one week, and Strategy continues to add to positions against the trend.
Macroeconomic factors include yen arbitrage unwinding and hawkish Federal Reserve expectations increasing pressure, but high stablecoin holdings and multiple bottom indicators suggest this major shift in chips may be brewing the next opportunity. The bear market is here, and bottom-fishing battles are intensifying.
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