Crypto Crisis: Liquidations Hit FTX Levels! 🚨

The cryptocurrency market, that fickle mistress of fortune, found herself in a tempest of liquidations over 24 hours on November 14, 2025, with $968 million from long positions. 💸 A veritable deluge of despair, one might say, as traders, like leaves in a storm, were cast adrift. 🌪️

More than 246,000 traders were forced out, triggering fresh comparisons with the darkest period of the 2022 FTX collapse. One might wonder if the market is merely reenacting a tragic play, or if it’s finally learning its lesson. 🎭

Liquidation Wave Hits Major Crypto Exchanges

During the recent 24-hour period, $1.1 billion in positions were liquidated, with long positions suffering $973 million in losses compared to $131.37 million for shorts. It’s as if the market has taken a cue from the old adage: “Buy the rumour, sell the news.” 📉

The largest single liquidation was a $44.29 million BTC-USDT position on HTX. In the four-hour window, Hyperliquid saw $134.16 million in long liquidations, with Bybit close behind at $122.57 million. One could almost hear the sound of coins clinking in the void. 💸

Liquidations occur when exchanges close leveraged trades due to insufficient margin. High leverage leads to automatic closures when markets turn sharply, especially during periods of volatility. It’s a dance of fire and ice, where the dancers are often the victims. 🔥🧊

A heavy tilt toward long liquidations suggests many traders were optimistic about the price direction when the market reversed. Ah, the folly of hope! 🤡

Against this backdrop, sentiment has dipped to lows reminiscent of the immediate aftermath following FTX’s November 2022 collapse. It’s as if the market is trapped in a loop, reliving its own nightmares. 🌀

Despite its impact, this incident does not rank among the ten largest recorded. The record stood at $19.16 billion in October 2025, following the announcement of a US-China tariff. A mere drop in the ocean, compared to the deluge of 2025. 🌊

Meanwhile, Bitcoin technical indicators highlight warning signs, prompting debate about whether this signals the start of a new bear market or represents a sharp correction. The market, ever the enigma, continues to taunt us with its indecision. 🤷‍♂️

Sentiment Plummets to FTX-Era Lows

Market analyst Negentropic drew sharp comparisons to the 2022 FTX crisis when evaluating the current outlook. Bitcoin’s Relative Strength Index (RSI) now sits in massively oversold territory, a condition not seen since 2022. It’s as if the market has entered a state of existential dread. 🧠💀

Last time we had this level of “down in the gutter” sentiment was at the bottom of the 2022 FTX colapse crisis.

RSI is massively oversold on $btc, first time since 2022 $btc breaks below lower volatility band.

Seeing allot of accounts posting ATH posts from their shorts. Are…

– 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) November 14, 2025

For the first time in three years, the pioneer crypto has also dropped below its lower volatility band, signaling severe market stress. A chilling omen, if ever there was one. ❄️

The FTX collapse in November 2022 marked a watershed moment for the crypto industry, erasing billions in market value. News about Alameda Research’s finances and Binance CEO Changpeng Zhao’s move to liquidate FTT holdings sparked a bank run and ultimately led to FTX’s bankruptcy, resulting in a drastic drop in Bitcoin’s price as confidence vanished. It’s a tale as old as time: hubris and collapse. 🕯️

This comparison highlights not just price drops, but also deep uncertainty among market participants. Lower liquidity across exchanges, waning engagement from experienced builders, and fast changing narratives mirror the turmoil after the 2022 failures of Luna, Three Arrows Capital, FTX, Genesis, and BlockFi. A modern-day tragedy, if you will. 🎭

Experts Offer Diverging Market Outlooks

Despite negative sentiment, not every analyst sees the situation as catastrophic. CryptoQuant CEO Ki Young Ju outlined a key threshold for confirming a bear market.

In his view, Bitcoin holders from the past 6 to 12 months have a cost basis near $94,000. Unless pricing falls below this level, the bear cycle is not confirmed. A lifeline, perhaps, for the hopeful. 🌈

This view adds nuance to the bear market debate. The $94,000 support is both a psychological and technical floor for many holders. Unless that breaks, analysts say the current weakness might simply be a correction within a broader bullish period. A glimmer of hope in the shadows. 🌟

Meanwhile, Haseeb Qureshi of DragonFly Capital offered a contrasting perspective, arguing the market is not facing 2022-level systemic failures.

Unlike that period of cascading exchange collapses, bank failures, and stablecoin depeggings, Qureshi points out that now, losses are coming mainly from falling prices. A subtle but significant difference. 🔄

Divergent expert opinions reflect the market’s uncertainty. While indicators and sentiment show distress, the industry’s core infrastructure is holding stronger than during previous crises. A testament to resilience, perhaps? 🦾

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2025-11-14 13:35