In the weeks since the complete implosion of the FTX cryptocurrency exchange, it has become clear that billions of dollars worth of customer funds weren't the only casualty of this disaster. In addition to the massive loss of wealth, the market is flashing big red warning signs that customers' trust in crypto-related institutions has been completely decimated. People are pulling their crypto off exchanges en masse, and both wBTC and Grayscale's Bitcoin Trust are trading at a discount to "real" BTC. These indicators show us that investors realize the difference between owning their crypto and owning a claim on an asset that may or may not be honored. #btc #gbtc #ftx