Is the November 2025 Crypto Crash Worse Than the FTX-Era Bear Market?
The cryptocurrency market misplaced over $1.3 trillion in worth by November 2025. Bitcoin dropped from $126,000 to beneath $85,000 in a couple of weeks.
But how does this evaluate to the FTX-driven meltdown of 2022, which shook the basis of the digital asset area?
Market Cap Losses and Price Drawdowns
Market analysts now debate whether or not this yr’s sharp reversal is more damaging than the industry-wide collapse triggered by FTX’s bankruptcy three years in the past.
On paper, this month’s sell-off is massive. In follow, it’s extra of a pointy correction than a systemic disaster.
Between October and November 2025, crypto’s complete market cap dropped about 30%, falling from a file $4.2 trillion to below $3 trillion. Bitcoin shed nearly 32% in worth, whereas Ethereum misplaced over 40%.
However, these numbers don’t match the scale of 2022.
After FTX’s implosion, the market plunged 73% from its 2021 highs. Bitcoin bottomed out at $15,500, shedding over three-quarters of its worth. Ethereum fell greater than 80% to beneath $900.
Liquidations and Trading Behavior
Liquidations in 2025 surpassed earlier data. In October, over $19 billion in leveraged crypto positions had been worn out in a single day. That’s practically ten instances greater than the worst day throughout the 2022 crash.
Yet, in 2022, merchants additionally confronted systemic shocks. The failure of FTX, Celsius, Voyager, and 3AC triggered a cascade of margin calls and frozen funds.
Although 2025 noticed extra liquidations, the affect was largely confined to cost volatility and didn’t set off platform-wide insolvencies.
Institutional and Public Market Impact
The FTX collapse shattered belief throughout the business. Core Scientific filed for chapter. Crypto lenders vanished. Public firms like MicroStrategy and Coinbase lost over 80% of their inventory worth.
By distinction, the newest crypto crash has seen no main bankruptcies amongst listed corporations. ETFs did undergo file outflows—over $3.7 billion since October. But they remained practical.
Companies like MicroStrategy even added to their holdings, signaling confidence quite than disaster.
Sentiment and Macro Backdrop
Both durations triggered excessive concern. In November 2025, sentiment indices dropped to their lowest ranges in a yr. However, buyers weren’t blindsided.
In 2022, the FTX collapse got here as a shock. Billions in buyer property vanished. The ensuing concern was deeper and extra corrosive. Institutional buyers froze exercise. Regulators launched world crackdowns.
Meanwhile, this month, buyers pulled again—however stayed engaged. ETF outflows had been orderly. Hedge funds hedged quite than fled. Regulatory circumstances, whereas unsure, weren’t crisis-driven.
FTX Collapse Remains the King of All Crypto Bear Markets
The 2025 crypto crash is sharp, however contained. It erased over a trillion {dollars} in worth and triggered file liquidations. However, the market construction held.
The 2022 collapse was deeper, longer, and systemically damaging. It worn out fragile corporations, froze buyer property, and practically broke institutional belief.
While painful, November 2025 is just not worse than the FTX-era collapse. It’s a high-stakes correction—not a foundational disaster.
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