BTC dropped to around $89,000, and a bunch of coin-hoarding companies got blown up.

Metaplanet is having the worst time. In October, they still had a paper profit of over $600 million, but now they're down $530 million. Nakamoto’s average cost is above $118,000 per coin, and their unrealized loss has already exceeded $180 million. The stock price has plunged more than 95% from its peak—basically chopped all the way down to the ankles. Semler Scientific isn’t doing well either, with a cost basis of $95,000 per BTC and paper losses surpassing $50 million.

Aside from those top companies, things are even tougher for other small and mid-sized players. This correction came fast and hard, and the institutions that bought the top are now under serious pressure. Market sentiment has taken a nosedive, and the tug-of-war between holding conviction and actual losses is testing every participant’s patience.