That's confusing profit and revenue. Operating at a loss while your market share and total income is growing and you are building out infrastructure and investing in new technologies is not remotely the same thing as insolvency. No, Amazon wasn't putting money in the bank in 1999-01. Any dummy could look at their business model and say "Yup, there's a big market for selling junk on the internet".

With this blockchain startups, where's the equivalent? They never made any revenue. They never had a real market. What money they did make was predicated entirely on the continued solvency of the existing coin markets.