Chinese Analyst Reveals Yesterday’s Cryptocurrency Crash and Future Predictions: “It Wasn’t Normal”

The recent cryptocurrency market crash has been described as similar to major market makers actively withdrawing liquidity. Analyst and former community partner of the defunct exchange FTX, Benson Sun, noted on social media that many altcoins lost more than 60% of their value last night.

According to Sun, while previous waves of excessive liquidation saw liquidations of around $1-2 billion, this time the volume has reached tenfold. The analyst argued that the US stock market can be expected to follow suit, but the short-term market loss experienced in the altcoin market cannot be explained by “normal leverage liquidation.”

Sun explained that the situation stemmed from a sudden and deep market vacuum caused by large market makers actively withdrawing liquidity. According to the analyst, this decline was even more severe than the crashes of March 12 and May 19.

“The deleveraging in this cycle is the most comprehensive yet. The market bubble has completely deflated, and risk leverage has fallen to zero,” Sun said, but still painted an optimistic picture for the fourth quarter of 2025.

*This is not investment advice.