In addition to first repost: Do you see what Luna, 3AC, Celcius & FTX have in common?
Exactly, all were centralized entities playing decentralization theater (Luna, Celcius) or outright scamming people (3AC, FTX).
Speed without security means nothing.
Luckily ETH has both.
State level security & infinite scalability.
Each large sell-off in 2022 came from huge entities collapsing, which lead to forced deleveraging and selling.
The violence of the previous bear market was a mirror of the excesses of the bull run, and especially the excessive leverage in the whole market.
I think that we are very far from having had the same levels of leverage in the system in 2025, which is why the notion of a 'cycle top' and prolonged bear market does not really make sense to me.
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