{"id":91275,"date":"2025-11-21T16:12:39","date_gmt":"2025-11-21T13:12:39","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=91275"},"modified":"2025-11-21T16:16:23","modified_gmt":"2025-11-21T13:16:23","slug":"investors-record-the-heaviest-losses-since-the-ftx-collapse","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/investors-record-the-heaviest-losses-since-the-ftx-collapse\/","title":{"rendered":"Investors record the heaviest losses since the FTX collapse"},"content":{"rendered":"<p>Realised losses on the leading cryptocurrency have surged to levels last seen during the <a href=\"https:\/\/forklog.com\/en\/news\/greed-and-recklessness-why-the-ftx-collapse-is-being-likened-to-the-2008-crisis\">collapse of the FTX exchange<\/a>, according to Glassnode analysts.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> realized losses have surged to levels last seen during the FTX collapse, with short-term holders driving the bulk of the capitulation. The scale and speed of these losses reflect a meaningful washout of marginal demand as recent buyers unwind into the drawdown.\u2026 <a href=\"https:\/\/t.co\/hAmZPOM5XZ\">pic.twitter.com\/hAmZPOM5XZ<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1991822934122377726?ref_src=twsrc%5Etfw\">November 21, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The spike points to widespread selling by investors who bought at higher prices. Analysts call this capitulation\u2014a cleansing of the market\u2019s \u201cweak hands\u201d.<\/p>\n<p>The speed and scale indicate a contraction in marginal demand\u2014as prices fell, recent buyers closed out positions. Most loss-making sales came from short-term holders.<\/p>\n<h2 class=\"wp-block-heading\">Liquidations of $2bn<\/h2>\n<p>Amid <a href=\"https:\/\/forklog.com\/en\/news\/fear-and-panic-bitcoin-falls-below-85000-for-the-first-time-since-april\">bitcoin\u2019s slide to a multi-month low<\/a> of $82,000, 24-hour liquidations exceeded $2bn.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"358\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-58cf525a02104f97-10122168386318809-1024x358.png\" alt=\"image\" class=\"wp-image-270208\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-58cf525a02104f97-10122168386318809-1024x358.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-58cf525a02104f97-10122168386318809-300x105.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-58cf525a02104f97-10122168386318809-768x269.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-58cf525a02104f97-10122168386318809-1536x537.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-58cf525a02104f97-10122168386318809.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/www.coinglass.com\/LiquidationData\">CoinGlass<\/a>.<\/figcaption><\/figure>\n<p>Longs bore the brunt\u2014$1.8bn. Shorts lost $147m.<\/p>\n<p>In the past 24 hours, 406,925 traders were hit. The largest single liquidation occurred on the decentralised exchange <a href=\"https:\/\/forklog.com\/en\/news\/the-price-of-popularity-and-a-lesson-for-all-hyperliquid\">Hyperliquid<\/a> in the BTC\/USD pair, at $36.7m.<\/p>\n<p>At the time of writing, bitcoin trades around $82,000, down 10.6% over the past day.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"602\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-e91e500abbc2a81e-10122444862061345-1024x602.png\" alt=\"image\" class=\"wp-image-270212\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-e91e500abbc2a81e-10122444862061345-1024x602.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-e91e500abbc2a81e-10122444862061345-300x176.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-e91e500abbc2a81e-10122444862061345-768x452.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-e91e500abbc2a81e-10122444862061345-1536x903.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-e91e500abbc2a81e-10122444862061345.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Hourly chart of BTC\/USDT on Binance. Source: TradingView.<\/figcaption><\/figure>\n<p>Glassnode earlier <a href=\"https:\/\/forklog.com\/en\/news\/altcoins-share-of-binance-trading-jumps-to-60\">noted<\/a> that bitcoin had pierced the average cost basis of active investors. The next target is $81,900.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cDigital gold is now in a capitulation zone, and the market is trading on forced liquidations rather than rational pricing. Holders are taking losses, which has historically preceded sharp rebounds,\u201d \u2014<\/em><a href=\"https:\/\/www.theblock.co\/post\/379902\/crypto-liquidations-bitcoin-rout\"><em> commented<\/em><\/a><em> BRN\u2019s head of research, Timothy Misir.<\/em><\/p>\n<\/blockquote>\n<p>But the timing of any recovery depends on the return of institutional capital, he added.<\/p>\n<p>The sell-off was preceded by substantial outflows from spot bitcoin <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETFs<\/a>, which shed $903m\u2014the second-worst result since the instruments launched in January 2024.<\/p>\n<h2 class=\"wp-block-heading\">Macro backdrop<\/h2>\n<p>Stronger US macro data added pressure on cryptocurrencies, damping enthusiasm for further rate cuts by the <span data-descr=\"US Federal Reserve System\" class=\"old_tooltip\">Fed<\/span>.<\/p>\n<p>According to the <a href=\"https:\/\/finance.yahoo.com\/news\/white-houses-hassett-says-government-shutdown-impact-means-fed-should-cut-rates-in-december-205031021.html\">media<\/a>, the White House\u2019s nominee for Fed chair, Kevin Hassett, said that pausing monetary easing would be \u201ca very unfortunate decision\u201d.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cI believe the headwinds for the economy in the fourth quarter are really significant. [\u2026] I\u2019m not sure we fully appreciate how destructive a pause would be for fourth-quarter GDP,\u201d he said in an interview with Yahoo Finance.<\/em><\/p>\n<\/blockquote>\n<p>On November 21st Japan also approved a record $135bn stimulus package, writes <a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/japans-cabinet-approves-lavish-135-stimulus-markets-fret-over-fiscal-policy-2025-11-21\/\">Reuters<\/a>. That supported global markets, but it was not enough to offset the de-leveraging wave already under way in digital assets.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe macro backdrop is constructive, but the crypto market is trading almost entirely on internal flows and liquidation pressure,\u201d Misir stressed.<\/em><\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">Where is the bottom?<\/h2>\n<p>Andre Dragosch, Bitwise\u2019s head of research in Europe, said bitcoin is approaching a \u201cmaximum pain\u201d zone\u2014a price band concentrated around the average entry levels of the largest institutional investors.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">FWIW \u2014 <\/p>\n<p>Think max max pain is reached the moment we tag either the IBIT cost basis at 84k or MSTR cost basis at 73k.<\/p>\n<p>Very likely we\u2019ll see a final bottom somewhere in between. <\/p>\n<p>But these will be fire sale prices and akin to a full cycle reset imo.<\/p>\n<p>\u2014 Andr\u00e9 Dragosch, PhD\u26a1 (@Andre_Dragosch) <a href=\"https:\/\/twitter.com\/Andre_Dragosch\/status\/1991229338230935606?ref_src=twsrc%5Etfw\">November 19, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He pointed to two key levels:<\/p>\n<ul class=\"wp-block-list\">\n<li>$84,000 \u2014 the entry price of BlackRock\u2019s IBIT, the largest bitcoin ETF;<\/li>\n<li>$73,000 \u2014 the entry price of Strategy.<\/li>\n<\/ul>\n<p>In his view, a tag of one of these levels\u2014or a bottom formed within that range\u2014would fit a typical consolidation phase. At that stage, capitulation is likely to end and a sustained recovery to begin.<\/p>\n<p>Earlier, Jeffrey Kendrick, Standard Chartered\u2019s head of digital-assets research, <a href=\"https:\/\/forklog.com\/en\/news\/standard-chartered-bitcoin-correction-has-run-its-course\">said<\/a> that bitcoin\u2019s correction had \u201crun its course\u201d. He expects the cryptocurrency to rise into year-end.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Realised losses in bitcoin have surged to levels last seen during the FTX collapse, Glassnode said.<\/p>\n","protected":false},"author":1,"featured_media":91276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Bitcoin losses hit FTX-era levels as liquidations top $2bn and price hovers near $82,000.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1236,1273,1138],"class_list":["post-91275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-ftx","tag-glassnode","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"197","promo_type":"1","layout_type":"1","short_excerpt":"Bitcoin losses hit FTX-era levels as liquidations top $2bn and price hovers near $82,000.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=91275"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91275\/revisions"}],"predecessor-version":[{"id":91277,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91275\/revisions\/91277"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/91276"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=91275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=91275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=91275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}