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The following is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin magazine premium markets newsletter. To be among the first to receive this information and other on-chain bitcoin market analysis straight to your inbox, Subscribe now.

We are currently in the midst of industry contagion and market panic taking shape. Although FTX and Alameda have fallen, many other players among funds, market makers, exchanges, miners and other businesses will follow. This is a similar playbook to what we saw before in the previous Luna crash, except this one will have more market impact. It is about the proper cleansing and elimination of the misallocation of capital, speculation and excessive leverage that accompany the return of the tide of global economic liquidity.

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