What are the biggest grey swan risks to the crypto market right now?

I’m trying to get a better understanding of what the biggest grey swan risks to the crypto market might be – not black swans (the completely unexpected), but the risks we can see coming even if the timing or impact is uncertain. These are the kinds of issues that aren’t getting much attention now but could quickly escalate into something serious.

A few that come to mind: – Companies holding huge amounts of BTC – what happens if they’re forced to liquidate? – Stablecoins that are systemically important but not fully transparent. – Layer 2s or DeFi protocols with vulnerabilities that haven’t been stress-tested at scale. – Overconcentration of liquidity or volume on a few centralised platforms.

What else are we missing? What’s flying under the radar that could shake things up?