Dragonfly’s Haseeb: 2025’s Crypto Downturn Less Severe Than 2022
Market veterans are drawing sharp contrasts between the current crypto downturn and the catastrophic collapses of 2022. Dragonfly Managing Partner Haseeb Qureshi describes this as "the easiest bear market I've ever seen," citing stronger fundamentals and institutional safeguards compared to the Terra-LUNA, FTX, and 3AC implosions that defined the last cycle.
October's $19 billion liquidation event tested trader resolve, but analysts point to robust liquidity buffers and macro policy support as stabilizing forces. The absence of systemic contagion—unlike 2022's domino effect of bankruptcies—suggests a more contained correction phase.
Debate intensifies as AltLayer Founder YQ notes growing skepticism among crypto OGs, with some exiting the space entirely. Yet Haseeb counters that today's volatility reflects normal market mechanics rather than structural weaknesses, with decisive regulatory moves likely to shape the next upturn.
