Is the November 2025 Crypto Crash Worse Than the FTX-Era Bear Market?
The November 2025 crypto crash, while severe in liquidations, is deemed less damaging than the FTX-era collapse due to a lack of systemic failure.Summary
The article compares the sharp cryptocurrency market downturn of November 2025, where the total market cap fell by 30% and Bitcoin dropped nearly 32%, to the FTX-driven bear market of 2022. Although 2025 saw record liquidations, surpassing 2022 levels on a single day, the impact was largely confined to price volatility, representing a sharp correction rather than a systemic crisis. In contrast, the 2022 FTX implosion triggered a 73% market plunge from highs, led to platform-wide insolvencies like FTX and Celsius, and caused a deeper, more corrosive loss of institutional trust. Furthermore, public companies and ETFs remained functional in 2025, with some, like MicroStrategy, even increasing holdings, whereas 2022 saw major bankruptcies and massive stock value destruction. Ultimately, the analysis concludes that the FTX collapse remains the more damaging event because it was a foundational crisis, unlike the 2025 crash, which was a painful but contained correction.
(Source：BeInCrypto)