The first time that bitcoin crossed this price level (~$34k-ish) to the upside was on 01/02/21. That means that anyone that bought any bitcoin for the first time in the last 17 months and held it is likely underwater, all the while inflation jumped another +15% or so.

That sucks big time. Psychologically, 17 months is a long time for weak hands. (Of course that means that they are still winning vs. stonks with relative losses > 15% during the same period)

I just hope that they have the balls of steel to weather this storm. The tide will turn, and then none of them will be underwater.