We knew that rates going up was inevitable, and that crypto is essentially a sponge for excess liquidity. We knew that inflation was inevitable (to an extent) g

We knew that rates going up was inevitable, and that crypto is essentially a sponge for excess liquidity. We knew that inflation was inevitable (to an extent) given the Fed's actions over the last two years. Upon observation of the current macroeconomic environment, it appears that either markets did not properly price in rate hikes, or there is something far worse happening that will ultimately trigger a valuations reset.