Ask HN: Can anyone explain the startup funding scene?

I have no idea what is going on currently with the startup funding scene. Massive first time raises, seed raises worth 10s of Millions of Dollars. Plentiful growth equity. Feels like theres just so much money sloshing around in the system. What really broke my brain was FTX getting valued at 32 Billion despite being 2 years old. Even beyond crypto it feels like money is there to be raised. I have been in the valley and seen the last 2 downturns so this really amazes me. Help?