Which is why lender of fiat or regulated institutions with depository requirements in fiat must have been planning to try and shake out the hodlers :) - also love that you said "value" on the blockchain and not '$ or other fiat currency' "price". :) Most fiat onboarding from US bank accounts to crypto require one to go through gateways that depend on your retail money for solvency as well because they make fees, offer lending of sorts, have "compliance" with regulators that would want to see their deposit side of the balance sheet to provide such *AMAZING* (bank in disguise) options for you to lose your crypto you just bought with fiat! Either way, the value on chain is of course up in the air. Some cryptos have so much under realized value because we are also seeing the public judge the "value" of a cryptocurrency by its "$ price" on isolated but popular and far reaching centralized web exchanges. They don't show us their balance sheet, they freeze peoples funds, the prices on their exchanges differ but also use oracles and bots to automate pumps and dumps with other world wide mainstream exchanges... Either way - the reliance on "$" is confusing, and especially since its not automated and even if we were to judge fiat value correctly - the price doesn't show private placement purchases (OTC) or factor in DEX trading, etc etc. This article is great for those who understand the problem in crypto is repeating the problem of banks and lending internationally. Even if we had counted every USD and every Yen, or Euro etc ever issued and instantly counted every possible movement and exchange of such on a balance sheet there would still be no way for that value to fix crypto because we'd have to fix the fact these cloudflare reliant, non-blockchain transacted "trades" and gateway purchases on a Coinbase don't even use real coin until you want to withdraw. If you're lucky enough to withdraw. Tread carefully!