The price of bitcoin has been in a steep correction over the past few weeks. Yesterday, the price fell to nearly €71,000, down from €106,500 at the beginning of October. The rising selling volume is forcing many investors to exit at a loss, a situation reminiscent of the major crash surrounding the FTX collapse in 2022.
Losses Dominate #
According to blockchain data from Glassnode, realized losses on bitcoin have risen to levels not seen since the FTX crisis. They note that the rapid decline triggered a massive sell-off by smaller traders. Minutes after their post on X, bitcoin on Coinbase temporarily dropped to around €70,000, about 36% below the all-time high of €106,500 in early October.
$BTC realized losses have surged to levels last seen during the FTX collapse, with short-term holders driving the bulk of the capitulation. The scale and speed of these losses reflect a meaningful washout of marginal demand as recent buyers unwind into the drawdown.… pic.twitter.com/hAmZPOM5XZ
— glassnode (@glassnode) November 21, 2025
Short-term holders are primarily causing the selling pressure. According to an analysis by CryptoQuant, a large portion of the selling comes from investors who have held the coin for a maximum of a few weeks. CryptoQuant suggests that this selling behavior sometimes indicates a local bottom, provided the price quickly moves back above the average cost basis of these short-term holders. If the price fails to do so, a further downward trend could be on the horizon.
Is This the End of the Bull Market? #
The question on everyone’s mind is: “Is this the end of the bull market?”. Samson Mow, CEO of JAN3, believes there hasn’t really been a proper bull market yet. Therefore, he thinks it’s too early to speak of a long crypto winter. Sentiment has certainly weakened significantly, as bitcoin has now been falling for four consecutive weeks and the Crypto Fear & Greed Index shows “Extreme Fear.”
This sentiment aligns with the comments from Mati Greenspan of Quantum Economics. According to him, investors are largely waiting on the sidelines. He warns that due to the high speed of the price collapse, lower price targets could be reached faster than many expect. However, he does dismiss the idea of a multi-year bear market.
When Can We Expect a Bitcoin Bottom? #
Historically, crashes like this have lasted for several months. During the FTX crisis, bitcoin fell from around €29,000 to below €14,000, remaining under €17,500 for some time before the recovery began.
For this time, some optimists dare to predict that the bottom will arrive within a similar timeframe. For instance, Tom Lee of Fundstrat Global Advisors and BitMine sees a scenario where bitcoin recovers to between €130,000 and €175,000 by the end of January 2026. Whether that will actually happen remains to be seen in the coming months.