Pay close attention to the recent sales happening in the crypto market. Many are panicking, but actually this is more about pressure from TradFi than a crypto-specific issue.

If you notice, the timing aligns perfectly with when carry trades start unwinding in the global market. That means institutional investors are doing massive deleveraging, and crypto is part of that liquidation—not because there's something wrong with our sector.

I think it's important to distinguish this. Don't assume every sale is a crypto crisis. If carry is a strategy that depends on external market conditions, then when carry trade unwinding occurs, all risk assets will be affected. Including crypto, but also equities, commodities, emerging market assets—everything.

So basically, this is a TradFi event impacting crypto, not a crisis originating from within our ecosystem. The difference is significant if we want to understand what’s really happening in the market.