"I saw this trick when I was a kid, but I'm not a kid anymore now." This line from *The Story of Minglan* really fits the current market situation. During the last bull-to-bear cycle, everyone was talking about a liquidity crisis, and the crypto world was hit first. It's the same now, but last time it was the U.S. stock market struggling and interest rates rising. This time it's DAT companies in trouble, selling off first.