Looking back at history, many crypto exchanges didn’t collapse during the bear market, but rather at the start of the bull market after the bear ended. To fill gaps or survive, they sold off assets and misused funds at the bear market’s low point. Then, when the bull market recovered and asset prices rebounded, they didn’t have the funds to buy back the assets they sold at the lows. Ultimately, they couldn’t handle withdrawals or compete with rivals who invested more budget to capture the market.