Also, anyone who thinks they aren't exposed is significantly underestimating the potential for contagion in the wider economy. As crypto-exposed funds have to make margin calls and take losses, they will need to liquidate assets in the normal economy, driving asset prices down across the board. It's not going to be as big an impact of 2008 but the economy is in a worse position to withstand shocks right now, with inflation high and years of QE overhang still to unwind.