Editor's Note: Below is an excerpt and chart from this morning's Early Look. It was written by Hedgeye CEO Keith McCullough.

While you’d hardly characterize the SP500 correcting -2% or -3% from last week’s all-time closing highs as something that’s gone really wrong, you might say that being long Bitcoin during its -52% crash from the December highs has.

...let’s say you were one of the poor bastards sitting at home who got sucked into the manic CNBC coverage of the thing in December who owns it 108% higher. You realize that when you’re wrong by -52%, you need to be up +108% to get back to break-even, right?

CHART OF THE DAY: Poor Bitcoin Bastards - 02.02.18 EL Chart