Market Confidence & Stability - Market confidence will not recover quickly if unexplained system malfunctions cause crypto prices to drop by 50% to 80% within minutes [1] - The asset class is not investable until this issue is resolved [1] Regulatory Landscape & Liquidity - Bitcoin and major cryptocurrencies with significant liquidity on regulated onshore exchanges are considered relatively safe [1] - Cryptocurrencies with the majority of liquidity and price discovery on offshore unregulated centralized exchanges (CEX) are facing challenges [1] Capital Inflow - Substantial capital will not return until the issues with unregulated exchanges are addressed [1]