What can and should be done in such a situation

If I were in your place — here's how I would act:

I would hold "anchor" assets (like BTC or large, stable cryptocurrencies) — they usually recover faster than alt-tokens.

I would reduce the share of "risky" tokens — meme coins, low-cap alts are especially vulnerable.

I would wait for and look for "discount days" — cheap tokens may have a chance to buy "on sale".

I would follow the news / macroeconomics — much now depends not on the project, but on external factors: rates, markets, geopolitics.

Don't panic if you hold long-term — the crypto market is cyclical; declines are always followed by growth, especially in strong projects.

🎯 My opinion: this is not the end, this is a correction

I believe that now is a correction, not the "death of crypto".

If the market stabilizes (economy, interest rates, sentiments) — crypto can recover.

But not everyone will win: only those who chose the right assets and hold until recovery.