#RelativeUnrealizedLoss stabilized above 15% of market cap over past two months — closely resembling Q2 2022 conditions 📉🔴. Sentiment reflects elevated fear, yet short of extreme capitulation seen during FTX collapse 💪.

Resolving this level of embedded loss requires time, further price depression or both. Sharp #VShapedRecovery remains possible but would demand extraordinary fresh capital influx in a compressed timeframe ⚡️🎯👀