There is general misconception, esp. in the BTC community, that scarcity is a guarantee for appreciating price. It's not. It is only a guarantee for a baseline for the value of the network (which can change).
Just thinking.. With Crypto Capital gone, does that mean Bitfinex/Tether has no bank access? If so, how do whales send $ to Buy USDT and those exchanges holdin USDT now how do they change thier USDT to $?