Yes, the market isn’t over yet. There are still countless projects, institutions, and exchanges that have already collapsed but are now lurking beneath the surface. And the market hasn’t finished its cycle. It’s not just secondary market investors footing the bill—more institutional investors, project teams, and exchanges will also become casualties, waiting for the next wave of collapses. That moment might not be far off. LUNA crash → FTX crash → small and medium-sized exchange crashes → SOL ecosystem crash—this path was already proven once in 2022. This time, the losses might even surpass the last round. Who will pay the price in the future? That remains unknown.