Chainalysis finds Terra collapse and Celsius/Three Arrows bankruptcies produced larger realized losses than FTX’s collapse

Collapse of the Terra ecosystem, as well as the bankruptcies of Celsius Network and Three Arrows Capital led to much larger realized losses than those that followed the collapse of FTX. Chainalysis researchers concluded.  

1/ Our data suggests that FTX’s demise hasn’t been crypto investors’ biggest issue this year. Both the depegging of Terra’s UST token & the collapse weeks later of Celsius & Three Arrows Capital (3AC) drove much bigger realized losses. 👉 https://t.co/tWpX9qjY6o pic.twitter.com/TI2eJSVXaW

— Chainalysis (@chainalysis) December 14, 2022

Realized losses from the collapse of Sam Bankman-Fried’s exchange stood at $9 billion, while the consequences of Terra’s collapse and Celsius Network and Three Arrows Capital are estimated at $20.5 billion and $33 billion, respectively.

“The heaviest events of 2022 in the crypto market had already occurred by the time FTX collapsed,” the specialists stressed.

Earlier, Glassnode analysts said that the pace of realized losses had begun to ease, and on-chain activity showed a positive shift.

As reported in ForkLog’s analytical report, November’s network indicators pointed to panicked investor sentiment, miner capitulation and did not confirm that the crypto market had bottomed.

Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, prices and analysis.