PSIP has long since exposed the whole situation, right down to the underwear.

The outcome of the game between chips across different timeframes directly pins down the direction of the market.
Low-price chips are piled up crazily, and the missing-chip ratio spikes.
So-called “the lows keep being raised” isn’t about bullish strength at all.
It’s simply an inevitable result built by the chip structure.
In this round, when BTC got smashed to 58,000, PSIP immediately jumped to 46%.
That’s already pinned to the historical bottom of the last cycle.
If this trend continues and BTC falls to 40,000, PSIP would directly reach 39%.
If it drops to 30,000, it would break 36%.
Not only does it grind through the bottom of the last cycle,
it can even pierce through the historical all-time low back in 2015.
Don’t listen to the market nonsense about how extreme conditions must be coming.
The probability of this kind of script playing out
is even higher than you placing an all-in bet on your contract and still being able to win ten rounds in a row with fewer losses.
Purely a ghost story invented by the shorts to scare retail traders away.