700 laid off at Coinbase. What's the real reason this time?

Just saw the news about another 700 people being let go at Coinbase. This is getting ridiculous. First it was the 'restructuring', then the 'economic headwinds', now what? Are they trying to make themselves leaner for some upcoming acquisition? Or is the crypto market really that bad for them? I'm starting to worry about the long-term viability here if this keeps up. I was hoping to maybe join them down the line, but seeing these constant cuts makes me rethink that. Anyone have actual insight into what's going on behind the scenes? Is it management issues, market competition, or something else entirely? Feels like more than just a 'down market' at this point. Curious to hear from anyone still there or who recently left.