Largest drawdown since the Bitcoin ETFs launched

The market looks scary right now, but this chart shows we’re just in a standard "health check." We are currently seeing the largest drawdown since the Bitcoin ETFs launched, with the price sitting about 30% below the October highs. The key is the grey line, which is the average cost basis for all the big institutional ETFs. As long as we stay above that line, the "Big Money" is still in the green. Historically, these deep red zones are where the market bottoms out before a major recovery.