They will be fine _modulo people's interest in crypto_. The way I think about it is that their business model is taking fees off of every transactions, so as the interest tapers off so will their earnings and valuation.

So was FTX US.

Every coin on every market is being driven by the same collective mania. Just Coinbase is more ethical or Eth is ideologically pure doesn't mean their value isn't determined by the same rampant speculation and outright fraud that dominates the entire space. You may not see an outright bankruptcy but prices and volumes can plummet nonetheless.

> their business model makes perfect sense

Well they can't make money because all the other exchanges offer better fees/lower spreads since they're loaning customer money out. They'll never be big enough to actually makea. profit while there are shady exchanges offering a better product(until it collapses).

Cryptocurrencies are not everything.

A week ago someone could have said that about FTX. Loaning customer assets was explicitly disallowed in their TOS, and was not something I had even heard rumors they were doing (though I'm not that up on crypto rumors).