What percentage of their original capital has fallen off the chips that are now trapped in the hands of experienced players ──────────────────────── BTC Four Year Cycle Total Engraving Series (37) A new indicator for long-term Bitcoin holders, called aLTH UCL (Active Long Term Holder Underwater Capital Loss), has been developed Different LTH-NUPL and aLTH-UCL have directly shifted the analysis dimension from "the proportion of floating losses to current market value (pain index)" to "the proportion of floating losses to historical real costs (real loss rate)" In 2015, bear bottom: Old hands who were trapped fell by a minimum of 74.7% 2018 bear bottom: Old hands trapped in the market fell as low as 65.9% 2022 bear bottom: Experienced players who have been trapped have experienced a minimum drop of 66.3% The current wave of $59k has seen experienced a minimum drop of 38.3% for experienced players who have been trapped ┌── | On chain data details - The gray line in the figure represents the Bitcoin price line; The orange bar represents the percentage drawdown of the total floating loss amount of long-term Bitcoin holders' trapped chips compared to the original total cost of buying these floating loss chips (excluding Bitcoin that has not been moved on the chain for more than 10 years as long-term dormant or lost from the calculation)