No, it's the market realising that money/cash is better off...

No, it's the market realising that money/cash is better off being invested in either (already) profit making companies or deposit accounts - Mostly the latter I would imagine atm.

Any ASX listed companies that aren't already paying, and won't continue to pay, at least 5% yield, are going to see their MC decimated until interest rates plummet. The RBA hasn't finished raising rates here.

You are going to see hundreds, if not thousands of ASX low & mid cap stocks, that rely on the market for liquidity, disappear over the next 18 months imo.

The blood letting is only just beginning..