PSIP is influenced by the attributes and structure of chips across different cycles, including the accumulation of low-price chips and the increase in lost chips, causing the lows to keep rising. In this cycle, when BTC dropped to $58,000, PSIP had already fallen to 46%. This figure is now infinitely close to the lowest point of the previous cycle. Based on the current structure, if BTC drops to 40k, PSIP: 39%; if it drops to 30k, PSIP: 36%. This would not only be far below the previous cycle but even lower than 2015. Personally, I think the likelihood of this happening is very, very small...