During the first sharp drop in November 2025, the market absorbed heavy selling very aggressively, similar to what we saw after the LUNA and FTX crashes. Buyers stepped in with strong conviction, and the rebound was fast and decisive.

In comparison, the recent move down to $60k did show some accumulation, but the reaction was clearly weaker. The bounce lacked urgency and strong follow through, suggesting that buyer confidence is not as strong as it was during previous capitulation phases.