Bitcoin has recently shed a lot of big holders because of the blocksize debate and perceived centralization, with most moving into ethereum rather than fiat as they would prefer to stay in a cryptocurrency. This can be seen as capitulation without having to crash the price of Bitcoin itself. The fact that the price has not collapsed in the face of this crisis shows these fundamentals do not have as much impact as most people think, suggesting market manipulation most likely by the hands of miners.
The chart above should be a self explanatory. We will move in a of the previous two cycles. the similarities in stages are obvious so I won't waste my time numbering them. If you want more analysis, check my related ideas.