I don't agree. People were aware of all of the same problems in early 2021. Is it a surprise that the momentum behind the ecosystem eventually fled once people

I don't agree. People were aware of all of the same problems in early 2021. Is it a surprise that the momentum behind the ecosystem eventually fled once people couldn't sell to the next bagholder as easily? No. Is it a surprise that it happened in 2022? Yes. Nothing about the industry fundamentally changed between 2020/2021 (massive explosion of interest) and 2022 (collapse). In Dec 2021 there wasn't a particularly good reason to predict that the industry would collapse in 2022 instead of any other year.