Yeah a lot of leverage blew up in '22 which was satisfying demand in '21. It took the momentum out of the bull and made the bear pretty brutal.

3AC, Terra Luna, Celcius, Blockfi, Axie Infinity & FTX all contributed to the total shitshow.

I was a bit surprised that Binance somehow managed to survive.

Let's hope that these ETFs & Coinbase can manage to keep their shit together for at least a whole cycle.