Эксперт Dragonfly о текущих колебаниях на крипторынке: Это просто мелочь по сравнению с прошлыми кризисами Headline: Dragonfly Expert on Current Market Fluctuations: Its Just Minor Compared to Past Crises

The current downturn in the cryptocurrency market is, by comparison, far less severe than the crisis of 2022. Fundamental indicators remain robust, and the system is running smoothly, stated Hashib Qureshi, managing partner at the venture firm Dragonfly.

*“Honestly, this is the mildest bear phase I’ve ever witnessed,”* he wrote.

The expert recalled the series of collapses that characterized the previous industry crisis: the collapse of Luna, the bankruptcies of Three Arrows Capital, FTX, Genesis, and BlockFi, the downfall of the NFT sector, subsequent bank troubles, and a string of stablecoin de-peggings. He remarked that, against this backdrop, the current correction seems «insignificant.»

*“Prices have dropped, yes, so what? The fundamentals are great. Crypto is functioning. So relax, have a snack. Focus. Everything will be fine,”* emphasized Qureshi.

Over the past day alone, the market capitalization of cryptocurrencies fell by 6.5% to $3.3 trillion. Bitcoin’s price plummeted below the psychologically significant threshold of $100,000, landing around $96,800.

The leading cryptocurrency dragged the entire market down with it. Ethereum’s price dropped by 10.4% to approximately $3,100.

Prices of other coins in the top 10 by market capitalization also collapsed.

The total amount of liquidation over the last 24 hours exceeded $1 billion, with most of the forced closures occurring in Bitcoin long positions.

The market sentiment indicator remains in the «extreme fear» zone.

In light of the correction, large investors have become more active. Analysts at Lookonchain noted a whale under the pseudonym 66kETHBorrow, who on November 14 acquired 19,508 ETH worth $61 million.

Just hours after the experts’ publication, he *purchased* another 16,937 ETH for around $53.9 million. Since the beginning of the month, his purchases have totaled 422,175 ETH worth $1.3 billion at an average price of $3,489 per coin. Unrealized losses have surpassed $126 million.

Institutional investors have also expanded their positions during the correction. A wallet linked to BitMine received 9,176 ETH worth $29.1 million from an over-the-counter address of Galaxy Digital.

According to Strategic ETH Reserve, the firm manages over 3.5 million ETH, valued at approximately $11.1 billion, excluding the latest transaction.

Lookonchain specialists have also *recorded* substantial transfers associated with Anchorage Digital. The firm received 4,094 BTC worth about $405 million from Coinbase, Cumberland, Galaxy Digital, and Wintermute.

According to Wintermute, the correlation between Bitcoin and the Nasdaq-100 index remains high at around 0.8.

Such levels were last seen in late 2022, even though the current price of the leading cryptocurrency is not far from its all-time high.

Historically, this kind of negative asymmetry appears when the market hits a local bottom rather than a peak.

Similar sentiments were expressed by Glassnode experts, who pointed out the increase in the 25-delta skew indicator, which has been showing sharp spikes recently.

*“Such spikes have consistently coincided with the formation of short-term price lows, signaling increased market fear and significant volumes of short positions,”* noted the analysts.

At the same time, Glassnode experts highlighted a sell-off from long-term Ethereum holders.

Coin owners with a holding period of three to ten years increased the daily volume of realizations to 45,000 ETH per day — the highest level since February 2021.

Long-term Bitcoin holders are also actively selling. According to CryptoQuant, in the past month, they have sold 815,000 BTC — the highest figure since January 2024.

This wave of coin realizations coincided with weakened demand and a negative premium on Coinbase.

*“In previous episodes of active selling from long-term holders, demand was strong enough to absorb the supply in a rising market, but the current situation is different,”* experts stated.

However, Glassnode emphasized that this investor behavior is typical of the late stage of a market cycle and should not raise significant concerns.

According to their data, the average monthly volume of asset realizations by long-term holders has increased from over 12,000 BTC per day in early July to around 26,000 BTC as of November 13.

This trend indicates a regular and even distribution of assets rather than a concerted «dump,» and aligns with normal market behavior in a bullish phase, the experts concluded.

Lastly, QCP Capital analysts have identified factors supporting Bitcoin through the end of the year, including a potential interest rate cut by the Federal Reserve and solid corporate earnings.