One thing I genuinely respect about @solsticefi is how direct they are about market reality, no narratives, no comfort stories. Ben said the quiet part out loud: the space spent years chasing institutional adoption… and now institutions are here, behaving exactly the way institutions always do. When macro pressure hits, crypto isn’t a core allocation for them. It’s risk capital. So it gets trimmed first. Cash takes priority over everything else. That’s why these drawdowns don’t look like retail panic. They look like models executing. Spreadsheets rebalancing. Risk desks doing what they’re designed to do. Once you internalize that, price action stops feeling emotional, and starts making sense.