I find this situation particularly interesting because Silvergate wasn't holding any crypto, but crypto imploding still destroyed their entire business model.

Hive wasn't listed on FTX, but still tanked along with all alts.

I wonder if automated keyword trading is the culprit. So just because the press called Silvergate a "crypto bank", the algos started treating it as an exchange not a bank. Similarly "Customers lose coins in FTX" makes the algos think all coins are affected, and unaffected coins like Hive got dumped.