Analysts Liken Stress Levels to FTX Era as Crypto Liquidations Exceed $1.1 Billion
Crypto liquidations surpassed $1.1 billion, driving market stress levels comparable to the 2022 FTX collapse era.Summary
The cryptocurrency market experienced $1.1 billion in liquidations over 24 hours on November 14, 2025, with $973 million stemming from long positions, forcing over 246,000 traders out. This massive wave of liquidations, with the largest single event being a $44.29 million BTC-USDT position on HTX, has caused market sentiment to dip to lows reminiscent of the FTX collapse in November 2022. Analysts note that indicators like Bitcoin's RSI are in oversold territory not seen since 2022, and the price has dropped below its lower volatility band, signaling severe stress.
However, experts offer diverging outlooks on whether this signals a true bear market. CryptoQuant CEO Ki Young Ju suggests a bear cycle is not confirmed unless Bitcoin's price falls below the $94,000 cost basis of holders from the last 6 to 12 months. Conversely, Haseeb Qureshi of DragonFly Capital argues that the current situation is less severe than 2022, as the losses are primarily due to falling prices rather than systemic failures like cascading exchange collapses, bank failures, or stablecoin depeggings that characterized the previous crisis.
(Source：BeInCrypto)