Remember how the last bull run ended? Major exchanges collapsed one after another—Voyager, Celsius, that infamous exchange everyone trusted. Users got wrecked.

Now here's what keeps me up at night: this time around, the landmines might be sitting in DeFi protocols and yield vaults. Stream Finance's xUSD mess? That's your canary in the coal mine.

Sure, everything feels bulletproof when prices pump or trade sideways. But when the bear finally shows its teeth, liquidity dries up fast. These curator-managed vaults and algorithmic stablecoins haven't been stress-tested in a real downturn yet. History doesn't repeat, but it sure rhymes.