Each crypto market cycle has its own protagonists and heroes, it’s own main theme and signature sauce that drives its euphoric ascend and causes its inevitable downfall. And in my humble opinion, this spin on the merry-go-round was brought to you, in large part, by the excessive institutional leverage.

Short Twitter thread for context and story behind the protagonists:

https://twitter.com/Degen_Alfie/status/1560646102575362048?s=20&t=wdHv0HQPTnRs-K_2WSLWMw