Dragonfly’s Haseeb: Why 2025’s Crypto Slump Feels Like a Walk in the Park Compared to 2022’s Bloodbath

Crypto winters come and go—but this one’s got a silver lining.

Dragonfly Capital’s Haseeb Qureshi isn’t losing sleep over 2025’s downturn. Why? Because 2022’s meltdown was the real stress test. This time? Just a market hiccup—unless you’re overleveraged, of course (and let’s be honest, someone always is).

Active traders are shrugging. Long-term holders aren’t sweating. Even the ‘stablecoin depeggers’ are quieter this cycle. Maybe everyone finally learned their lesson—or maybe the real reckoning’s still ahead. Stay tuned.

October liquidations shook traders’ confidence

The market took a historic hit last month. More than $19 billion in Leveraged positions vanished within 24 hours on October 10. Analysts said this was the largest wipeout in crypto history. Moreover, the event exceeded the February 2025 crash by nine times. It also exceeded the March 2020 meltdown by 109 times. 

The sharp plunge followed U.S. President Donald Trump’s 100% tariff on Chinese imports. His threat to impose export controls on critical software also triggered panic selling. Liquidity dropped fast and forced traders to unwind positions.

Bitcoin fell to $104,782.88 during the October 10–11 window. It dropped more than 14% from its recent high of $122,574.46. The asset had reached an all-time high above $126,000 just before the crash. Ether dropped 12.2% to a low of $3,436.29. Altcoins saw heavier damage. HYPE lost 54%. DOGE dropped 62%. AVAX fell 70% before posting mild recoveries. 

Fundamentals are still solid

Showing his point-of-view, Haseeb offered a surprisingly optimistic take on the current market downturn, stating, “Prices have gone down,” but “Fundamentals are great. Crypto is working.” His confidence hinges on the underlying strength of decentralized finance (DeFi) protocols, which he believes continue to function effectively despite price volatility. 

This remark also reflects a broader narrative of resilience, as Haseeb contrasts the current climate with the existential threats faced during the 2022 bear market, including regulatory crackdowns and stablecoin depegging. By emphasizing that “fundamentals are great,” he points to improved network health, increased transaction volumes, and the integration of crypto into traditional finance as evidence of progress. 

However, his casual dismissal of price drops has sparked debate, with some X users questioning whether the market is truly in a bear phase or merely experiencing a prolonged correction, especially as traditional assets like Gold and stocks hit record highs. 

Market conditions remain tight

Moreover, the broader market remains under pressure today. According to CoinMarketCap, the global crypto market cap stands at $3.28 trillion. It dropped 5.08% in the last 24 hours. Trading volumes climbed 32.48% to $229.06 billion as volatility pushed activity higher. 

Market data further shows Bitcoin trades at $97,425.65, falling 4.60% in the last day. Ethereum, on the other hand, trades at $3,176.81 after an 8.92% daily drop.

Also Read: bitcoin to Outperform Gold by 2035: Michael Saylor