This data is pretty interesting—URPD divided by wallet size after entity adjustment clearly shows where the whale groups and retail investor groups are currently concentrated. 1. Super whales holding more than 100k coins have their costs mostly concentrated around 80k-85k. There are also some around 70k and 40k. So, at the current price, even the super whales are trapped. 2. From 65k to 120k, the main composition is whales holding 100-1k and 1k-10k coins, while the proportion of retail investors is very small. Below 60k down to 20k, the retail investor group holding 0.1-1 coins and 1-10 coins has a high proportion. 3. Below 20k, it's again dominated by large-wallet whale groups. In past cycles, big players would cash out at the top and distribute their chips to FOMO-driven retail investors chasing the highs. But the most incredible thing about this cycle is that the big players themselves got trapped at the peak. So, whether these trapped big players collectively "give up" will determine how deep the bear market goes. The retail investors between 60k and 20k are basically irrelevant now—those who wanted to sell have already sold, and those still holding at this point are unlikely to make any moves.