Bitcoin is off nearly 55% from its November peak, and 40% of holders are now underwater on their investments, according to new data from Glassnode.

That percentage is even higher when you isolate for the short-term holders who got skin in the game in the last six months when the price of bitcoin peaked at around $69,000.

And it’s not just the cryptos, the whole sector that’s sprung up around them is getting crushed, see Coinbase shares plunge almost 80% from November, amid a sell-off of cryptos and funds.

As mentioned in the CNBC segment, ARK Innovation ETF (in white below)-which was buying Bitcoin, Tesla and other innovators without concern for price or valuation, has now fallen more than 70% and given back all of its much-hyped “outperformance” as against the S&P 500 index (in blue).  This was inevitable.  More mean reversion is yet to come.