According to Adrian (@adriannewman21), crypto faces the risk of a liquidation event larger than the FTX episode, indicating heightened vulnerability to a broader liquidation cascade and drawdowns across the market, source: Adrian (@adriannewman21), X, Oct 18, 2025. Adrian adds that systemic risk is higher than in previous cycles due to persistent centralization and unprofessional practices at key industry players even after FTX, which raises counterparty and operational risk for traders, source: Adrian (@adriannewman21), X, Oct 18, 2025. He further warns that the DATs meta is ending, and these vehicles may need to sell underlying assets to repay instrument holders, increasing forced selling pressure and spot supply, source: Adrian (@adriannewman21), X, Oct 18, 2025. Overall, this signals elevated downside and liquidity risk for crypto relative to other risk assets in the near term, source: Adrian (@adriannewman21), X, Oct 18, 2025.