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In the last crypto bear market, a bunch of crypto VC firms, institutions, and exchanges fell.
FTX's explosion and Luna's hundreds of billions in market value were wiped out to zero.
Many institutions that seemed very impressive at the time eventually revealed that their underlying assets were all leverage, credit, and bubbles.
This time, I estimate it's highly likely that the ones to go down are those so-called DAT companies that follow the trend by buying coins and treating coins as company reserves.