Another round of layoffs at Coinbase - feeling the anxiety

Just saw the news about another layoff at Coinbase. It's never easy to hear, especially when it's happening repeatedly. My friend works there and is absolutely gutted. They keep saying they're streamlining or focusing on core products, but it feels like a constant state of shrinking. The job market in crypto has been rough, and seeing major players like Coinbase make these moves definitely adds to the general anxiety in the industry. Are they just not profitable enough? Or is it a strategic shift that involves reducing headcount? It's hard to tell from the outside. For those still there, how are you guys holding up? Is morale completely shot? This feels like more than just cyclical business; it feels like something fundamental might be shifting. Any insights from current or former employees would be appreciated, even if it's just to vent.