Of course: governments around the world flooded markets with stimulus cash and it all had to go somewhere. Now they are unwinding stimulus and it’s going away. Every reasonable observer has just been waiting for this to happen.
Just look at that whole GME saga. A mob of people attempted to short squeeze a bunch of hedge funds, but got carried away and kept pumping up the price long after all the short sellers had closed out their positions.
GME is still riding at 24x the price prior to the short squeeze began (and about double its all-time-high prior to the Reddit intervention). Who are they squeezing now?
Personally, there's many Crytpo platforms which do not have enough funds to cover user deposits. As the bank run continues fraud will be exposed and continue driving more sell pressure, in a positive feedback loop. By the end of this large players who survive will come out much stronger.