[IdEntities]

I would still be more focused on DeFi and maybe large leveraged positions like Saylor's over Tether, which is ultimately backed by Bitfinex, a highly profitable crypto exchange which is probably still doing decent volumes during this down wave. If Tether does fail it might very well come toward the tail end of crypto price declines, when trading volumes have dried up and the incentive to prop it up is gone.

Bitcoin has only just reached its marginal cost of production. The dynamics of Bitcoin are probably different (it doesn't take years to shut down or spin up a mine), but when they enter bear cycles, many commodities will trade below the marginal cost of production for years. The marginal cost of production itself could also fall if energy prices decline from here.