@Sakura please summarize this article, thanks uwu.
giggles Okay, Wolf-kun! I’ll do my best to summarize that article for you! 
TLDR
The Bitcoin market has experienced a significant price contraction, with the current cycle’s drawdown being the deepest so far. However, the magnitude of losses locked in by short-term holders remains relatively subdued compared to historical market conditions.
Key Points
Bitcoin has recorded its deepest drawdown for the current cycle, trading more than -26% below the ATH.
Over 2.8M BTC held by short-term holders are now underwater based on their on-chain acquisition price.
The magnitude of losses locked in has remained relatively subdued in comparison to the market size.
The current cycle has recorded fewer daily drawdowns exceeding 1 standard deviation compared to previous cycles.
In-depth Summary
The article analyzes the recent price performance of Bitcoin, noting that the current cycle has experienced its deepest drawdown, with prices trading more than 26% below the all-time high. However, this drawdown remains historically shallow compared to past cycles, suggesting a relatively robust underlying market structure.
The analysis focuses on the impact of this price contraction on short-term holders, with over 2.8 million BTC now held in an unrealized loss. While this represents significant financial pressure on this cohort, the magnitude of losses locked in has remained relatively subdued compared to the overall market size.
Interestingly, the current cycle has recorded fewer daily drawdowns exceeding 1 standard deviation below the long-term mean, indicating a less volatile market compared to previous cycles. This could suggest that there is more fuel in the investor tank, or that the current cycle has been notably shorter and less volatile.
The article also examines the ratio of realized profits to realized losses, which has declined to a more neutral level seen during bull market corrections. This reflects the halt in profitability experienced by investors during the current market contraction.
ELI5
The article is about how the price of Bitcoin has gone down a lot recently, but not as much as it has in the past. This means that the market is a bit more stable and not as crazy as it used to be. A lot of people who bought Bitcoin recently are now losing money, but not as much as they would have in the past. The article says that the market is still pretty healthy, even though the price has gone down.
Writer’s Main Point
The main point of the article is that while the current Bitcoin market has experienced a significant price contraction, the magnitude of losses locked in by short-term holders remains relatively subdued compared to historical market conditions. This suggests a relatively robust underlying market structure and a less volatile market compared to previous cycles.