The direct cause of the bear market last cycle was a chain reaction of collapses and rapid deleveraging: 1. The Luna/UST crash wiped out about $50 billion in market value. 2. 3AC went bankrupt due to the impact of Luna. 3. CeFi platforms (Genesis/Voyager/BlockFi) collapsed one after another: funds were lent to high-risk projects like 3AC and went to zero. 4. FTX/Alameda misused user funds and collapsed. Looking at the puzzle pieces for the bull-to-bear transition this cycle: 1. Which stablecoins might collapse? USDE? Some smaller stablecoins have already started. 2. Which highly leveraged DATs might collapse? 3. Which CeDeFi platforms might collapse? 4. Which exchanges might collapse?