Analyst Warns Market is Entering ‘FTX-Level Pain’ – With a Twist

In Brief

• A crypto analyst warns that investors may see the severe market pain seen in the 2022 FTX collapse.
• Recent market corrections have pushed Bitcoin and other assets lower despite positive ETF inflows.
• Experts note no clear catalyst for the downturn, fueling concerns about possible market manipulation.

Shedrach Kongvong 2025-11-24

A leading crypto analyst is sounding the alarm as investor pain levels have now matched the devastation seen during the FTX collapse of 2022. New on-chain data shows losses from both long- and short-term holders nearing that historic low. However, analysts say the crash is unfolding under different conditions.

The data shared by the analyst shows that both long and short term holders have realized losses as high as in 2022 following FTX exchange fall.

NOTE: We are approaching FTX-style levels of pain in the market.

Combined LTH & STH realised losses are as high as during the NOVEMBER 2022 crash.

If you’re a contrarian investor, it rarely does get any better than this…. pic.twitter.com/lPRR0ZeYN7

— André Dragosch, PhD⚡ (@Andre_Dragosch) November 22, 2025

Are We Re-Living the FTX Collapse? Analysts See Parallels

FTX, one of the biggest crypto exchanges in 2022 fell as result of a liquidity crisis and mismanagement of funds.

The ripple effect of the mega exchange’s collapse affected the entire crypto market, causing the free fall of nearly every asset including bitcoin which dropped 20% in just one week.

In the past few weeks, Bitcoin and the rest of the crypto market have seen major corrections, losing 10% in the last week.

The top coin is still trading at $84,000 at the time of this report despite $238 million inflow to Bitcoin ETFs yesterday, which raises questions.

This divergence, inflows up, price down, is raising eyebrows. Analysts warn that Bitcoin’s failure to respond to large institutional buying shows underlying stress and structural weakness in the market.

💥BREAKING

🇺🇸 $BTC SPOT ETFS RECORDED A NET INFLOW OF $238.4M ON NOVEMBER 21.

BLACKROCK CLIENTS SOLD $122M WORTH OF BITCOIN. pic.twitter.com/cR2NnQzUWw

— DustyBC Crypto (@TheDustyBC) November 22, 2025

Why the 2025 Crash Is Different

While on-chain pain levels match FTX, experts emphasize a key difference in that there is no singular catastrophic event driving the downturn.

Experts say there is no obvious cause behind the persistent crash in the market, leading them to conclude that there’s high-level manipulation going on.

Investors had also earlier blamed Binance for the flash crash which followed Trump’s tariff announcements against China.

Unlike 2022, when a visible collapse caused shock across the market, today’s downtrend is happening quietly, persistently, and without a central failure point. Which analysts warn could make it harder for traders to understand where the true bottom lies.