My theory. There was substantial DeFI loans being taken out to invest in Luna/UST. When UST de-pegged, you had these DeFI loans get margin called putting furth

My theory. There was substantial DeFI loans being taken out to invest in Luna/UST. When UST de-pegged, you had these DeFI loans get margin called putting further pressure. This then caused a bank run with significant sell pressure. This caused roughly 40Billion of assets lost. Some exchanges and DeFI lending platforms had user funds either through loans or by the exchange itself invested into UST/Luna and suffered losses. This caused a broader bank-run to many interest baring platforms out of fear. Celcius just recently had a bank-run leading to a liquidity crises and pausing withdrawals. Celcius started selling it's assets to cover withdrawal pressure, further pushing the price down. Binance paused withdrawls for a bit further causing fear and continuing the bank run, leading to sell pressure. Personally, there's many Crytpo platforms which do not have enough funds to cover user deposits. As the bank run continues fraud will be exposed and continue driving more sell pressure, in a positive feedback loop. By the end of this large players who survive will come out much stronger.