In the past 12 years, BTC has likely never seen such a bizarre and massive price movement. Perhaps this is the inevitable backlash after "capital influx and excessive concentration of shares." Under the relentless trampling of market confidence by some unseen force, the overall loss ratio (STH-PSIL) for new investors has been pushed to 73%! The first pullback after almost everyone believed the market had bottomed out nearly wiped out everyone. In the previous round, also under a rising interest rate environment coupled with the collapse of traditional banks, the first pullback saw an STH-PSIL of 51%, and the second only reached 67%. Therefore, I call this round: A Cataclysmic Start! A similar start has only been seen in 2019-2020. However, that year had the black swan event of a global pandemic, while this time there is no such event, only the added traces of "human intervention." The first pullback in 2019 sent STH-PSIL plummeting to 97%. I experienced this firsthand. I remember everyone thinking BTC was going to go to zero, and cryptocurrencies were a Ponzi scheme. I joined in the chorus of voices. Of course, I wouldn't blindly follow the crowd now. I still have unwavering confidence in BTC's near future. Although the price has now approached my cost basis after this rollercoaster ride, I have no intention of selling my holdings. If you're hoping for pessimistic comments, I'm sorry, you might be disappointed. Like yesterday, someone said I gave everyone "false confidence." Perhaps my education level is low, but this is the first time I've heard that "confidence" can be right or wrong. Having followed me for so long, you should know that I heavily invested in BTC from February to June. Position size reflects opinion! Since I'm holding firmly, my mindset is bullish. How can you expect me to hold while simultaneously spreading panic? Especially given the current difficult situation. Whether the data I share is objective enough cannot be judged by "effective" or "ineffective." If it failed this time, does that mean it's not objective? If it was effective last time, does that mean it was objective? Of course, my interpretation is subjective, and you need to have independent thinking skills. For example, how do you view this man-made sinkhole at the start of the market? I don't think there's any need to be overly pessimistic right now. However, this experience has damaged investor confidence, leaving an indelible shadow in their minds. Every step of future market development may be approached with extreme caution. Once bitten, twice shy... The epic amount of trapped capital above will continue to exert pressure on every rebound to key levels. Just like 2019, it took the market a full year to truly recover. This time, it may be even more difficult. But after the trough, there will be a peak. All the hardships you are enduring now will eventually be rewarded in the best way. Yes! I believe! — Let's cheer each other on!