It shouldn’t be astounding. The entire crypto market is controlled by a handful of powerful entities. It goes up when they want it to, and it goes down when they want it to.
It crashes when they lose control, as they did earlier in the year. But at this point I don’t believe there’s enough riding on FTX that they’ve lost control again.
FTX is a story of retail and normies getting rinsed. But that’s zero sum. Who do you think ended up on the other side of the equation? Those people are in a decent position.
