Крипторынок теряет миллиарды: максимальные убытки инвесторов с краха FTX Translation: Crypto Market Loses Billions: Investors Face Record Losses Since FTX Collapse

The volume of realized losses for the leading cryptocurrency has reached levels not seen since the collapse of the FTX exchange, as pointed out by analysts at Glassnode.

This sharp increase in the metric indicates significant asset liquidation by investors who purchased coins at higher prices. Experts have termed this a capitulation sign, reflecting a market cleansing of «weak hands.»

The speed and extent of the situation suggest a decrease in «margin» demand, as new buyers close their positions under the pressure of falling prices. Most of the losses occurred among short-term investors.

In light of Bitcoin dropping to a several-month low of $82,000, the daily liquidation volume surpassed $2 billion.

Of the forced liquidations, the majority were long positions, totaling $1.8 billion, while short sellers lost $147 million.

In the past 24 hours, 406,925 traders have been affected. The largest individual liquidation occurred on the decentralized exchange Hyperliquid with a BTC/USD position worth $36.7 million.

At the time of writing, the first cryptocurrency is trading around $82,000, reflecting a 10.6% drop in the last day.

Glassnode specialists previously noted that Bitcoin had breached the average price level of active investors. The next target is set at $81,900.

«Digital gold is now in a capitulation zone, and the market is trading based on forced liquidations rather than rational assessments. Holders are incurring losses, which historically precedes sharp rebounds,» commented Timothy Misir, head of the research department at BRN.

However, the timeline for a potential recovery depends on the return of institutional capital, the expert added.

Market corrections were preceded by significant outflows from spot Bitcoin ETFs, which lost $903 million—marking the second-worst record since the instruments launched in January 2024.

Additional pressure on cryptocurrencies has arisen from strong macroeconomic data in the U.S., which dampened investor enthusiasm regarding any further interest rate cuts by the Federal Reserve.

According to media reports, Kevin Hassett, the White House candidate for the Federal Reserve chair position, stated that a halt to monetary policy easing would be «a very unfortunate decision.»

«I believe that the obstacles for the economy in the fourth quarter are indeed serious. […] I’m not sure we fully realize how devastating a pause will be for Q4 GDP,» he said in an interview with Yahoo Finance.

On November 21, Japan also approved a record stimulus package worth $135 billion. This supported global markets, but it was insufficient to counter the already commencing wave of deleveraging within the digital asset sector.

«The macro situation is constructive, but the crypto market is trading almost exclusively on internal flows and liquidation pressure,» Misir emphasized.

Andrei Dragosh, head of Bitwise research in the European region, noted that Bitcoin is approaching the «maximum pain» zone, a price range where the average entry prices of the largest institutional investors are clustered.

He pointed out two key levels:

In his view, hitting either of these levels or forming a price bottom within that range aligns with the typical phase of market consolidation. This stage is likely to signal the end of the capitulation period and the start of a sustainable recovery.

Recall that Jeffrey Kendrick, head of digital asset research at Standard Chartered, stated that Bitcoin’s correction «has run its course.» He anticipates growth for the cryptocurrency by the end of the year.