+1, some thoughts: 1. Past crypto cycles elevated many people that should have never been given the outsized voice that they received. It took time to make clear who deserved it and who didn't, but now it's all known. 2. We had too many fast money capital providers, and too few slow money capital providers. The funds that were in a position to move this space forward largely used their position to extract value at the expense of others via negative sum games 3. While the game was shrinking, many of the remaining participants were holding out hope for some last ditch exit opportunity (think dats + 4 year cycle mentality) For a longer read on the subject, here's an article I wrote about the history of crypto funds and market participants about a year ago ( We are now in a position where crypto either dies, or we build something of value. The uncertainty of its death is necessary to dissuade unethical participants from staying in the space, and we need to churn a larger % of "crypto traders" relative to long-term participants so that price action doesn't lead to incorrect conclusions or negative fundamental outcomes. I'd like to think that the probability of death is low, but I'm aware that it exists.