Dragonfly’s Haseeb: 2025’s Crypto Downturn is Easier Than 2022

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Key Highlights

  • Despite the dramatic swings and historic losses, experts assure that the crypto fundamentals are still holding up, making the 2025 downturn feel like a walk in the park compared to 2022.
  • October’s $19B wipeout had traders shaking in their boots, but analysts are hopeful that strong liquidity and macro support will step in like a superhero to save the day.
  • Haseeb, the crypto whisperer, says market volatility is still high, but with the right liquidity moves and policy shifts, crypto’s next big trend will emerge. Fingers crossed, right?

So, here we are again: the crypto market is diving faster than your last attempt at a new hobby. But hold up, don’t panic just yet! According to some big names in the industry, this downturn is actually way easier to handle than the apocalypse we had in 2022. Dragonfly Managing Partner Haseeb Qureshi, who has probably seen more market drama than a reality TV star, boldly declared that the current bear market is “the easiest bear market I’ve ever seen.” (Talk about confidence, huh?) His comment came after the chaos that saw traders losing big after October’s historic liquidation wave. Oh, the joy of crypto!

TBH this is the easiest bear market I’ve ever seen.

Seems like most of you have forgotten what 2022 was like. Luna collapsing, then 3AC, then FTX, then Genesis, BlockFi, Axie, NFTs-pretty much everything felt like a house of cards.

And then after all that stuff collapsed, the…

– Haseeb ＞|＜ (@hosseeb) November 14, 2025

Haseeb was responding to YQ, the Founder of AltLayer, who had some serious concerns. YQ claimed that many crypto “OGs” (that’s “original gangsters” for anyone new to the scene) were leaving the crypto space. They’ve grown skeptical, asking questions like, “Do Web3 projects really add value to the world?” (Great question, but don’t expect me to answer it today!) YQ highlighted weak liquidity, fading narratives, and market manipulation. Classic crypto chaos.

Haseeb, of course, took this as an opportunity to remind everyone that they were acting like they had forgotten what happened in 2022. And to be fair, how could you forget when Luna, 3AC, FTX, Genesis, BlockFi, Axie, and NFTs all collapsed like a house of cards? In fact, Haseeb argues that the current market feels breezy in comparison. Yeah, sure, Haseeb-breezy, like a Category 5 hurricane.

October liquidations shook traders’ confidence

But wait, hold on to your wallets, folks. October brought a storm. More than $19 billion in leveraged positions were wiped out in the blink of an eye on October 10th. That was, hands down, the largest wipeout in crypto history. And it was 9 times worse than the February 2025 crash and 109 times worse than the March 2020 meltdown. If that’s not a wake-up call, I don’t know what is.

This market dip wasn’t helped by U.S. President Donald Trump’s sudden 100% tariff on Chinese imports, which sent people running for the hills. Add to that his threats to impose export controls on critical software, and boom-panic selling at its finest. Liquidity vanished quicker than your last paycheck, and traders had to unwind their positions faster than you can say “DeFi.”

Bitcoin? It plummeted to $104,782.88 during the October 10-11 madness, a 14% drop from its recent high. Ethereum? Down 12.2%. And altcoins? Oh, they took a serious hit: HYPE lost 54%, DOGE tanked 62%, and AVAX fell a whopping 70%. But hey, they all bounced back. Sort of.

Fundamentals are still solid (apparently)

Here’s where it gets interesting. Despite the market’s plunge, Haseeb’s take is surprisingly optimistic-maybe too optimistic? He’s all like, “Yeah, prices have gone down, but fundamentals are solid. Crypto is still working.” Is it though? He claims that decentralized finance (DeFi) protocols are doing just fine, even if the price charts are giving us all heart attacks.

This, of course, flies in the face of the complete and utter disaster that was 2022, when regulators targeted the sector, stablecoins depegged, and the world seemed to be on fire. But apparently, the fundamentals are still solid because, you know, we’re “making progress” (if you squint really hard). He points to improved network health, more transactions, and crypto creeping its way into traditional finance as proof that we’re all heading to the moon-eventually.

But Haseeb’s confidence isn’t exactly shared by everyone. Some X users are side-eyeing him, wondering if we’re really in a bear market or if this is just a really long correction. Meanwhile, stocks are setting records, so maybe it’s not all doom and gloom after all.

Market conditions remain tight

Just in case you thought things were going to calm down, here’s more: the global crypto market cap is sitting at a cool $3.28 trillion. It’s down 5.08% in the last 24 hours, but trading volumes are up by a solid 32.48%. The volatility is pushing people to trade like crazy, which, frankly, sounds exhausting.

Bitcoin is hanging around $97,425.65, down 4.60%, and Ethereum is at $3,176.81, taking a 8.92% dive. Altcoins are still dealing with the aftermath, but at least they’re not completely obliterated… yet. Stay tuned!

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2025-11-14 11:01