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2022:
Grayscale's mainstream cryptocurrency trust funds shift to negative premium
3AC bankruptcy
Celsius bankruptcy, Genesis and DCG defaulting on debts in succession.
FTX bankruptcy
2025:
DAT turns to negative premium
It is rumored that large market makers/institutions have liquidated massive long positions.
Stream Finance has declared bankruptcy, and other potentially affected cedefi protocols and lending curators are still underwater.
Just missing a big exchange's thunder.