There are two scary facts: (1) Everything has already dropped 50%, yet the U.S. stock indices are still at high levels. Just now, the drop to $60K was linked to the U.S. stock market decline. If the U.S. stock market drops another 5%, where do you think BTC will go? (2) Whale wallets are reducing their holdings, while retail wallets are increasing theirs. This situation indicates that this isn’t the real bottom. As long as retail investors haven’t completely capitulated, institutions and big players will keep selling until the public completely loses confidence and exits the market. About the shutdown price, let me reiterate and update the impact of electricity costs! Current data (electricity cost $0.05/kWh, mining pool fee rate 5%, difficulty 141.67T): Based on the weighted average of most mining machines’ share of the total network hashrate, the weighted average pure electricity shutdown price is about $52K. If we factor in depreciation/maintenance (about 15%-20% of costs), the actual breakeven line needs to rise by about 20%, making the weighted average around $62K. Therefore, based on the above data and conclusions: Building BTC positions around $50K is a very safe zone, and this level is highly likely to be reached!