While true, the following context remains important: if you exclude prosumers/day traders and institutional investors (both of whom were taking advantage of FTX

While true, the following context remains important: if you exclude prosumers/day traders and institutional investors (both of whom were taking advantage of FTX's stale quotes), FTX was not even a top 10 exchange in terms of user count or volume traded. That's part of why it is odd they were so highly regarded by VCs.