When people say that FTX was the worst thing that happened to crypto in the long time, maybe we should back up and get some perspective on that. Things were already messed up. As in comparison, total crypto marketcap was thriving during covid and recovered almost instantly to ATH after tesla dumped their crypto. But LUNA was the thing that broke everything. FTX was nothing compared to that.
The bear season, in my opinion, is nobody's fault. Since the invention of Bitcoin, the cryptocurrency market has gone through innumerable bear runs, which have always been attributed to the global economy rather than anyone in particular. I wouldn't argue that the episode involving FXT and Luna is what started the bear run; rather, I'd say that it played a small role and occurred at an unfavorable time when the market was already a little uneasy. The bear season would still be in effect right now if the incident never took place.
The Luna and FXT event taught many investors a valuable lesson about not placing their reliance on cryptocurrencies. Before the market earns investors' faith, time must pass(bear season will take longer before is over)