PANews reported on February 25 that according to Cointelegraph, Juan Pellicer, senior research analyst at IntoTheBlock, said that the current market downturn may be a signal that the market is about to enter the "capitulation phase." He pointed out that the recent market adjustment, especially the situation accompanied by a large number of liquidations (such as Solana and other assets), indicates that as over-leveraged positions are gradually cleared, the market may usher in a capitulation-style sell-off.

In financial markets, "capitulation selling" refers to investors selling assets on a large scale due to panic, causing prices to fall sharply. This process is usually seen as a precursor to market bottoming out.