Let's be clear: How harsh is Powell's "drainage" really?

This wave of "quantitative tightening" (QT) is basically the Federal Reserve "sucking up cash" from the market, harsher than cutting sugar in a milk tea shop. Banks are out of money, and lending is more cautious than picking a partner for a blind date, leading to a collective "shrinkage" of wallets for businesses and investors. Our crypto circle is inherently a "sensitive skin" for risky assets; with less money and expensive borrowing, how can prices not resemble a roller coaster ride? Just a few days ago, the market fluctuated wildly, which essentially stems from liquidity tightness "causing trouble."