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Crypto History Repeating? Let's Compare Bear Markets
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In the 2022 bear market:
👉 First major crash: UST (Terra) stablecoin depegged in May, wiping out billions & sparking contagion.
👉 Second crash: FTX exchange collapsed in November, leading to massive liquidations & trust erosion.
Fast forward to now (2025-2026 bear):
👉 First crash: USDe (Ethena) depegged on Oct 10, 2025, on Binance, triggering $19B+ in liquidations & market panic.
If patterns hold... don't be shocked if a Tier-1 exchange goes belly up in the next month.