The Bitcoin market has once again undergone a remarkable event. Data shows that from May 24 to June 25, 2025, the Bitcoin network experienced a second "miner capitulation" phenomenon, which stands in stark contrast to the similar situation that occurred a month ago. This rare occurrence happening consecutively evokes memories of the market turmoil in 2020.

After the massive market crash on March 12, 2020, Bitcoin experienced a similar situation. At that time, the "miner capitulation" phenomenon first appeared in April, which directly resulted from the market crash in March. Subsequently, the market experienced a round of crazy rebounds, but the following pullback led to a second "miner capitulation" in May.

It is worth noting that in October 2020, the Bitcoin network experienced another "miner capitulation" event. Interestingly, after this event, the Bitcoin market began a strong upward trend, ultimately evolving into a significant bull market.

The recurrence of this historical pattern has sparked widespread attention among market participants. Many analysts are closely monitoring the potential market impact of this "double capitulation" event. While history may not fully repeat itself, this pattern undoubtedly provides an interesting reference point for the future direction of the market.

As the Bitcoin ecosystem continues to evolve, miner behavior remains an important factor worth paying attention to in the market. This "miner capitulation" phenomenon not only reflects the health of the Bitcoin network but also provides valuable insights for understanding the dynamics of the entire cryptocurrency market.