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"Is it safe?" For any crypto investors with any cash remaining, that's the key question following the collapse in prices.

10X Research's Markus Thielen had been correctly bearish headed into this latest downturn and he's not yet ready to buy the dip.

Like the speculative bubble in DeFI/NFTs that collapsed following the 2021 bull market (dealing a blow to ETH from which it still has not recovered), there's been a similar collapse in memecoins this time around, which has punished not just Solana's (SOL), but a number of associated tokens, Thielen argued.

"This structural decline indicates a weakening foundation, making now a time for caution — not complacency," wrote Thielen in a Tuesday report . "Bitcoin (BTC) is steadily heading toward $73,000 ... If history is any guide, the next major (up) move will require a new narrative."