There are two alarming facts: (1) Bitcoin has already plummeted by 50%, while the US stock index remains high. The recent drop to 60,000 was directly linked to the US stock market decline. If the US stock market drops another 5%, where do you think BTC will go? (2) Whale wallets are reducing their holdings while retail wallets are increasing theirs. This indicates that the bottom hasn't been reached. As long as retail investors haven't completely surrendered, institutions and large investors will continue selling until the public completely loses confidence and leaves the market. Regarding the shutdown price, I want to reiterate the impact of updated electricity costs! Current data (electricity cost $0.05/kWh, mining pool fee rate 5%, difficulty 141.67T), weighted by the proportion of total network hashrate, shows that the weighted average pure electricity shutdown price for most mining machines is approximately $52,000. If depreciation/maintenance (approximately 15%-20% of costs) is included, the actual break-even point needs to be increased by about 20%, resulting in a weighted average of approximately $62,000. Therefore, based on the above data, it can be concluded that building a position around 50,000 BTC is a very safe area, and this is a position that is highly likely to be reached!

The biggest fear now is a US stock market crash.