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PSIP is affected by the chip attributes and structure across different cycles, including increasing accumulation and loss of low-priced chips, causing the lows to keep rising.
In this cycle, when BTC fell to $58,000, PSIP had already dropped to 46%. This figure is infinitely close to the lowest point of the previous cycle.
Based on the current structure, if BTC drops to 4w, PSIP would be 39%; if BTC drops to 3w, PSIP would be 36%. This would not only be far below the previous cycle, but even lower than in 2015.
I personally think this kind of possibility is very unlikely, very unlikely......