This bear market is pretty typical in that there hasn’t been a major crash, thanks to ETFs providing a safety net. The chances of exchanges facing massive deficits have also decreased significantly. If an exchange can shut down normally without affecting withdrawals, that’s already considered passing. The ones truly taking the hit are probably the holders of platform tokens. On the other hand, exchange owners are likely profiting quite a bit from the collapses. Risk funds, idle funds, management fees—they’re making plenty of money.