It was never there to begin with. Markets are valued on the price of the last transaction. If the last Bitcoin was traded at $20,000, then the market prices every coin at that price. But $20,000 was clearly not paid for every coin. Hence, market capitalization does not reflect Usd in the market, and when prices fail they do not represent lost dollars, just lost dreams.
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I understand your point. But the money has to flow somewhere. Where are the Whales putting their cash?