I have to say, it's concerning to me that we’re down -50% and have yet to see any real systemic risk in crypto

October 10th was supposed to be MMs and funds getting carried out on a stretcher; the consensus was "someone just went belly up, and we'll see them float to the surface soon"
~6 months later and every major entity has supposedly been able to brush that off? only retail was affected?
I don't believe that.
we receive fallouts in every bear market; people are cyclically reminded of how silly it is to treat exchanges as bank accounts, leave money in high-yield DeFi protocols, stablecoins aren't always so stable, etc.
in previous 'bear markets' my feed was reminded that the word 'contagion' exists, and parroted it excessively.
max fear.
I don't see why this time would be any different.