Is the bark worse than the bite? Realized losses for investors following FTX's collapse have peaked at $9 billion, which pales in comparison to earlier crises this year, according to Chainalysis.
Chainalysis said the data suggests that by the time the FTX debacle took place in November, investors have already been hit with the “heaviest” crypto events this year.
“The data [...] suggests that as of now, the heaviest hitting [crypto] events were already behind investors by the time the FTX debacle took place.” The analytics firm calculated total realized losses by looking at personal wallets and measuring the value of assets as they were acquired and subtracting the value of these assets at the time they were sent elsewhere.
However, the data may still have overestimated realized losses, as it counted any movement from one wallet to another as a sale event. Chainalysis aalso noted that the chart doesn’t take other statistics into account, such as user funds stored on FTX’s exchange which are frozen. “We can’t assume that any cryptocurrency sent from a given wallet is necessarily going to be liquidated, so think of these numbers as an upper bound for realized gains of a given wallet,” it explained.
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