Bitcoin slipped to $96,800 as nearly every major asset class turned lower at the same time. Crypto is down, stocks are down, gold and silver have retreated and even the US dollar weakened. The Crypto Fear & Greed Index has plunged to 22 (Fear), while the market cap of the entire crypto sector dropped to $3.28T, down 6.12% in 24 hours.
One of the biggest drivers of fear is forced liquidations. Even small moves are wiping out leverage. A recent dip from $105K to $101K erased nearly $500M in positions and liquidated 144,000 traders. Analysts say this pattern is becoming familiar. Every small drop triggers outsized liquidations.
The lasting pain, however, came earlier. On October 10, a massive liquidation wave destroyed almost every overleveraged position and triggered over $20B in forced selling. That shock still weighs heavily.
Amid the fear, Dragonfly Managing Partner Haseeb Qureshi offered a completely different perspective.downturn is mild compared to the catastrophic bear market of 2022.
Back then, Luna collapsed, then 3AC, FTX, Genesis, BlockFi, Axie, and the entire NFT sector. After that came bank failures, stablecoin depegging, and aggressive regulatory pressure.
In 2022, the entire crypto ecosystem looked ready to fall apart. Today, Haseeb says, the fundamentals are solid. Infrastructure works, liquidity is stable and no major entities are collapsing.
His view: “This is the easiest bear market he has ever seen.”
that if Bitcoin keeps breaking support, any bounce will likely be weak and only rise enough to retest old support that has now turned into resistance, which is what usually happens after major breakdowns.
Timing models also show Bitcoin is already in the usual 35–36 month window where previous cycles topped, making a new all-time high in December unlikely without massive buying.
Jason said this pattern normally leads to failed rallies and lower highs, with the market drifting between bull and bear behavior. Unless stablecoin dominance falls and money returns, crypto will stay under pressure.
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