Crypto Crash of November 2025: Could It Be Worse Than the FTX Collapse?

Jakarta, Pintu News – The cryptocurrency market has lost more than $1.3 trillion in value through November 2025. The price of Bitcoin plummeted from $126,000 to below $85,000 in just a few weeks.

However, how does this situation compare to the market crash of the FTX collapse in 2022 that shook the foundations of the digital asset industry?

Market Capitalization Loss and Price Decline

Market analysts are now debating whether this year’s sharp reversal is more damaging than the industry collapse triggered by the FTX bankruptcy three years ago. In numerical terms, this month’s sell-off has been huge. But in practice, it looks more like a sharp correction than a systemic crisis.

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Between October and November 2025, the total crypto market capitalization fell by around 30%, from a record $4.2 trillion to under $3 trillion. Bitcoin slumped in value by almost 32%, while Ethereum lost more than 40%.

However, these numbers still don’t compare to the scale of the 2022 crash.

After the FTX collapse, the market fell by 73% from its 2021 peak. Bitcoin bottomed out at $15,500, losing more than three-quarters of its value. Ethereum plummeted more than 80% to below $900.

Liquidation and Trading Behavior

Liquidations in 2025 set new records. In October alone, more than $19 billion of leveraged crypto positions were wiped out in a single day-nearly ten times the worst day during the 2022 crisis.

However, in 2022, traders were also faced with systemic shocks. The failures of FTX, Celsius, Voyager, and 3AC triggered a series of margin calls and fund freezes.

Although the number of liquidations in 2025 was larger, the impact was mostly limited to price volatility and not to the point of causing a complete bankruptcy of the platform.

Impact on Public Institutions and Markets

The FTX crash shattered confidence across the crypto industry. Core Scientific went bankrupt. Crypto lenders disappeared. Public companies like MicroStrategy and Coinbase lost over 80% of their stock value.

In contrast, in this latest crypto crash, there have been no major bankruptcies of public companies. Indeed, ETFs experienced record outflows of funds-more than $3.7 billion since October. However, these products continue to run normally.

In fact, companies like MicroStrategy are increasing their crypto holdings, signaling confidence, not panic.

Sentiment and Macroeconomic Background

Both of these periods triggered extreme fear. In November 2025, the market sentiment index fell to its lowest point in a year. However, investors did not feel surprised this time.

In contrast, in 2022, FTX’s downfall came suddenly. Billions of dollars of customer assets simply disappeared. The fear that emerged was much deeper and damaging. Institutional investors halted activity. Regulators in various countries cracked down.

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Meanwhile, this month, investors did pull back-but stayed engaged. The outflow from ETFs was orderly. Hedge funds chose to hedge rather than flee the market. Regulatory conditions, while still uncertain, are not based on a major crisis.

FTX Crash Is Still the Worst Bear Market in Crypto History

The crypto crash of 2025 was sharp, but manageable. Over a trillion dollars of market value evaporated and record liquidations occurred. However, the market structure survived.

In contrast, the crash of 2022 was much deeper, lasted longer, and caused systemic damage. Weak companies collapsed, customer assets were frozen, and institutional trust almost vanished.

While painful, the November 2025 crisis was no more severe than the FTX crash era. It was a major risky correction-not a fundamental crisis.

FAQ

How much value did the crypto market lose in November 2025?

The crypto market lost more than $1.3 trillion in value by November 2025.

What are the key differences between the 2025 crypto crash and the 2022 FTX bankruptcy?

The 2025 crash was more of a price correction, while the 2022 FTX bankruptcy was a systemic crisis that destroyed trust and market structure.

How many liquidations occurred in October 2025?

More than $19 billion of leveraged crypto positions were erased in a single day in October 2025.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BeInCrypto. November 2025 Crypto Crash vs FTX Collapse. Accessed on November 26, 2025