As expected, the narrative today from some has been that crypto created contagion in the banking sector. In reality, it was more the banking sector creating contagion in crypto here.

SVB collapse, for instance, was unrelated to crypto.

Exactly! The USDC de-peg in particular was simply not a run on USDC and instead a run on the banks that custodied collateral. 

Somehow the narrative has flipped despite the reality. Over time the crypto industry will continue to validate itself despite the inaccuracies that shaped public sentiment and narratives.