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The cryptocurrency market has lost more than $1.3 trillion in value by November 2025. Bitcoin has fallen from $126,000 to less than $85,000 in just a few weeks.
But how does it compare to the FTX-triggered crash of 2022, which shook the foundation of the digital asset space?
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Loss of market value and decrease in price
Disagreement now exists among analysts on whether this year’s clash will be severe More damaging than the collapse caused by the failure of FTX Three years ago.
On paper, it is This month’s clearance is huge. In fact, it is more of a sharp correction than a systemic crisis.
Between October and November 2025, the total capitalization of the cryptocurrency market fell by about 30%, falling from a record high of $4.2 trillion to less than $3 trillion. Bitcoin lost almost 32% of its value, while Ethereum loses more than 40%.
But these numbers do not correspond to the 2022 range.
After the FTX crash, the market fell 73% from its highs of 2021. Bitcoin climbed to $15,500, which constituted more than three quarters of its value. Ethereum has fallen more than 80% to below $900.
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Liquidation and business conduct
Liquidation in 2025 surpasses previous records. In October, more than $19 billion of leveraged cryptocurrency positions were liquidated in one day. That’s almost ten times the worst day of the 2022 crash.
However, in 2022, traders will also face systemic shocks. The failure of FTX, Celsius, Voyager and 3AC resulted A margin call sequence Freeze money.
Although 2025 saw more liquidations, the impact was largely limited to price volatility and did not cause large-scale platform collapses.
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Institutional and public market influence
The collapse of FTX destroyed confidence in the entire industry. Core Scientific has filed for bankruptcy. Cryptocurrency credit companies have disappeared. Public company like MicroStrategy and Coinbase have lost more than 80% of the value of their shares.
In contrast, the most recent digital currency collapse saw no major failures among listed companies. ETFs have experienced record cash outflows — more than $3.7 billion since October. But he continued to work.
Companies like MicroStrategy also increased its stakethat indicates confidence, not crisis.
Macroeconomic sentiment and background
Both periods caused great distress. In November 2025, sentiment indicators fell to their lowest levels in a year. However, investors were not surprised.
In 2022, the FTX collapse caused a shock. Billions in customer assets are gone. The resulting fear was deeper and more corrosive. Institutional investors have frozen the activity. Regulators have launched a global crackdown.
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Meanwhile, this month, investors pulled back but remained involved. Get money out of ETFs It was organized. Hedge funds crash instead of flee. The regulatory conditions, although uncertain, were not driven by the crisis.
The FTX crash remains the most notable of all cryptocurrency markets
The collapse of the digital currency in 2025 is severe, but limited. It wiped out more than $1 trillion in value and led to record liquidations. But the structure of the market held.
The collapse of 2022 was deeper, longer and systematically devastating. It eliminated fragile businesses, froze customer assets, and nearly broke the trust of institutions.
Despite the pain, November 2025 is no worse than the collapse of the FTX era. It is a high-risk correction, not a fundamental crisis.
