Analysts Liken Stress Levels to FTX Era as Crypto Liquidations Exceed $1.1 Billion
The cryptocurrency market confronted $1.1 billion in liquidations over 24 hours on November 14, 2025, with $968 million from lengthy positions.
More than 246,000 merchants had been compelled out, triggering contemporary comparisons with the darkest interval of the 2022 FTX collapse.
Liquidation Wave Hits Major Crypto Exchanges
During the latest 24-hour interval, $1.1 billion in positions had been liquidated, with lengthy positions struggling $973 million in losses in contrast to $131.37 million for shorts.
The largest single liquidation was a $44.29 million BTC-USDT place on HTX. In the four-hour window, Hyperliquid noticed $134.16 million in lengthy liquidations, with Bybit shut behind at $122.57 million.
Liquidations happen when exchanges shut leveraged trades due to inadequate margin. High leverage leads to computerized closures when markets flip sharply, particularly during times of volatility.
A heavy tilt towards lengthy liquidations suggests many merchants had been optimistic in regards to the worth course when the market reversed.
Against this backdrop, sentiment has dipped to lows paying homage to the quick aftermath following FTX’s November 2022 collapse.
Despite its affect, this incident doesn’t rank among the many ten largest recorded. The report stood at $19.16 billion in October 2025, following the announcement of a US-China tariff.
Meanwhile, Bitcoin technical indicators highlight warning signs, prompting debate about whether or not this alerts the beginning of a brand new bear market or represents a pointy correction.
Sentiment Plummets to FTX-Era Lows
Market analyst Negentropic drew sharp comparisons to the 2022 FTX disaster when evaluating the present outlook. Bitcoin’s Relative Strength Index (RSI) now sits in massively oversold territory, a situation not seen since 2022.
For the primary time in three years, the pioneer crypto has additionally dropped beneath its decrease volatility band, signaling extreme market stress.
The FTX collapse in November 2022 marked a watershed second for the crypto business, erasing billions in market worth. News about Alameda Research’s funds and Binance CEO Changpeng Zhao’s transfer to liquidate FTT holdings sparked a financial institution run and finally led to FTX’s chapter, leading to a drastic drop in Bitcoin’s worth as confidence vanished.
This comparability highlights not simply worth drops, but additionally deep uncertainty amongst market members. Lower liquidity across exchanges, waning engagement from skilled builders, and quick altering narratives mirror the turmoil after the 2022 failures of Luna, Three Arrows Capital, FTX, Genesis, and BlockFi.
Experts Offer Diverging Market Outlooks
Despite adverse sentiment, not each analyst sees the state of affairs as catastrophic. CryptoQuant CEO Ki Young Ju outlined a key threshold for confirming a bear market.
In his view, Bitcoin holders from the previous 6 to 12 months have a value foundation close to $94,000. Unless pricing falls beneath this degree, the bear cycle isn’t confirmed.
This view provides nuance to the bear market debate. The $94,000 assist is each a psychological and technical ground for a lot of holders. Unless that breaks, analysts say the present weak point may merely be a correction inside a broader bullish interval.
Meanwhile, Haseeb Qureshi of DragonFly Capital provided a contrasting perspective, arguing the market isn’t going through 2022-level systemic failures.
Unlike that interval of cascading alternate collapses, financial institution failures, and stablecoin depeggings, Qureshi factors out that now, losses are coming primarily from falling prices.
Divergent knowledgeable opinions replicate the market’s uncertainty. While indicators and sentiment present misery, the business’s core infrastructure is holding stronger than throughout earlier crises.
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