The root cause of this brutal round isn’t the drama between exchanges or the dumping of VC coins. On the surface, it’s the collapse of the altcoin narrative. But there’s only one true root cause: The FTX blow-up didn’t thoroughly cleanse the crypto space. A bunch of things that should’ve died didn’t. The FTX disaster didn’t fully shake up the crypto world, which made the so-called bull market that followed feel super awkward.