Whales will have a huge influence on the market and it is really hard to know what will gonna happen next year. But for me, it was not a big surprise seeing other scam projects, and other crypto issues. In fact, we are not even sure if one of the top exchanges will follow FTX someday.
We're not going to discourage newcomers to invest in crypto and use exchanges but at this time, we have to be more cautious in choosing a project to invest in. And most of all, never trust our funds and stay in the exchange's wallet for a long time. We should consider the FTX issue as a thing to ponder. NFTs are not a good choice either.
Some big CEXes will fall again in the next cycle. That's you can take pretty much for granted. But about being cautious... We are not going to be cautious. I remember after ICO frenzy that everyone was saying crypto is going to be less scams but more regulations because we got wiser now. I remember thinking, wiser how? It will most likely get worse because with money there will be some scammers.
Well there's even more scams and stupid memes now and next cycle even more. But as people will make money with those, more people will join and it will just grow exponentially like a scamming snowball