I saw an internal marketing pitch for Alameda somewhere on twitter. It appears that SBF made the decision to be delta neutral with respect to crypto-currencies

I saw an internal marketing pitch for Alameda somewhere on twitter. It appears that SBF made the decision to be delta neutral with respect to crypto-currencies. So, FTX/Alameda were cashing out into USD when crypto reached ATHs while other firms in the space kept crypto on their balance sheet. Now that crypto prices have collapsed, FTX/Alameda have the USD war chess to go on a shopping spree for anything/anyone that were not cashing out during the boom.