The market has collapsed, but let's take a moment to reflect. The chain reaction from the crash of 5.2021 has led to the collapse of 3 Arrow Capital in early 2022 and Alameda Research at the end of 2022, resulting in the chain collapse of Luna and FTX. Last night, $20B was liquidated, primarily from Cex margin rather than Dex, raising concerns that this Cex margin has weakened crypto funds, with a number of names now under investigation.

A warning to indicate that the upcoming market may experience volatility. However, currently, the market is waiting for buy the dip moves, and most importantly, support from ETF funds. Therefore, it is hard for any FUD to push BTC prices down below 6-70%; if it happens, it would be much more severe than last night by several times. Currently, only the collapse of the top 5 exchanges could cause such consequences, but overall, I assess that the likelihood of a second FTX is low; it may be more likely for a crypto fund to be affected by the chain reaction.