Trillions wiped from crypto exposed the leverage stack. Any layer of leverage on top of an asset with no real cash flow collapses on the first liquidity outflow.
Deleveraging is not a crisis. It’s forced reversion to fundamentals. At -70%, only direct monetization survives: B2B gateways, automation, subscription models. Growth without proven cash flow hides off-balance debt. Survival is defined by positive margin.