FTX did not crash the crypto market. The crypto market crashed FTX. Crypto running on greater fool theory ran out of fools. FTX was just caught swimming naked after the tide went down.
But you’re right that crypto already had a much bigger crash before that.
Coinbase became the most downloaded app on the app store on OCT 28, 2021. The entire Crypto Market Crashed within 10 days.
Same exact thing around May 2021. i.e the first bull market peak. Same exact thing around late 2017.
Regardless of FTX it would still have crashed in the same way that it did every cycle.