These markets are cyclical. Time will tell who or who wasn't the wise investors. These are definitely tough markets to trade.

What do you think about all of the legacy financial institutions that have holdings in crypto now?

I think a lot of people are counting on this. If enough of these institutions hold BTC on their balance sheets, the government won't be able to shut it down without crashing everything connected to them. IDK, but it's a plausible scenario.

The government is concerned about losing control of the dollar. This is where the real problem comes in. They'll do whatever it takes to maintain that control even if they have to crash the markets to do it IMHO.

Also the NFT hype train didn't help at all.

This was all hype from the start, but I'm guessing they'll move with crypto markets on the next rally as well. Not advice, just speculation on my part. A lot of people including whales bought into the NFT craze. I'd be shocked if NFTs don't pump again. Maybe not all of them, but I imagine some will see a second life.

Not to mention gaming pieces like Splinterlands. Those were NFTs with usecase that people actually use. I'll be shocked if we don't see a second wave of NFT insanity with products like that.