Bitcoin News Today: "FTX-Era Fears Resurface as $1.1B in Crypto Positions Wipe Out"

The cryptocurrency market experienced a volatile 24-hour period on November 14-15, 2025, as over $1.1 billion in liquidations wiped out leveraged positions across major exchanges. The largest single liquidation—$96.51 million—occurred on Hyperliquid, a decentralized perpetual futures platform, as Bitcoin (BTC) prices swung sharply lower. This surge in forced closures has drawn comparisons to the 2022 FTX collapse, with market sentiment plummeting to levels not seen since that crisis.

The liquidation wave was fueled by a combination of extreme leverage and a sudden market reversal. Long positions accounted for $973 million of the total liquidations, indicating widespread optimism among traders before the downturn. Bitcoin's price briefly dropped to $93,000, erasing all year-to-date gains for 2025 and triggering a 36% probability of a near-term bottom, according to historical patterns analyzed by market observers. The Crypto Fear and Greed Index hit a record low of 10, signaling "extreme fear" among investors.

Technical indicators further underscored the market's distress. Bitcoin's RSI plunged into "oversold" territory, a condition last observed during the 2022 FTX crisis. Analysts noted that BTC had also fallen below its lower volatility band for the first time in three years, amplifying concerns about systemic risk. Meanwhile, the $510 million in liquidations over 24 hours highlighted the fragility of leveraged positions, with Hyperliquid alone accounting for $29.98 million in forced closures.

The turmoil extended beyond Bitcoin. A $131 million short position on Hyperliquid faced liquidation risk as BTC neared $111,770, illustrating the high-stakes nature of leveraged trading. A separate $44.29 million BTC-USDT long liquidation on HTX underscored the uneven distribution of losses across exchanges. These events raised questions about liquidity concentration and the resilience of platforms like Hyperliquid, which faced scrutiny after a $5 million liquidity pool attack.

Institutional demand for crypto products showed mixed signals. Singapore's SGX announced plans to launch Bitcoin and Ether perpetual futures to meet growing institutional interest, while CoinMarketCap and Reserve unveiled CMC20, a DeFi-native index token tracking the top 20 cryptocurrencies by market capitalization. However, these developments were overshadowed by the market's immediate struggles.

Binance's Changpeng Zhao (CZ) denied involvement in the Hyperliquid attack, which drained $5 million from the exchange's liquidity pool. Despite his denial, skepticism persisted within the crypto community, with critics citing his history of deflecting business ties. The incident prompted users to urge withdrawals from Hyperliquid, citing concerns over liquidity management and systemic risk.

The broader market remains in flux. While Bitcoin's technical setup suggests potential for a rebound, the concentration of short liquidations—accounting for 74.7% of $343.89 million in 24-hour closures—indicates sustained upward pressure. Institutional buying and forced short covering could push prices toward critical resistance levels, though prolonged volatility remains a risk.