Also a good reason to believe that this is just a correction is the fact that the largest venture capital funds continue to invest money into the market. For example, a month ago Three Arrows Capital bought 156K ETH, or just recently A16z, Alameda, Three Arrows Capital held another round of investment and invested $150M in NEAR Protocol, which indicates that serious guys like a16z and Alameda still believe in growth.
These funds may have bought massive amounts of crypto a few months ago, but they may also become large bagholders and may have to dollar-cost average (DCA). Some funds that bought on leverage may also be forced to dump their holdings. I believe the S2F model will be seriously challenged as this cycle comes to a close. On the positive, the bull market will eventually be back!