According to Chainalysis, weekly actual losses reached at $20.5 bn when Terra Luna (LUNC) crashed and rose to $33 bn after 3AC and Celsius followed suit.
Blockchain analytics company known as Chainanalysis, has made an effort to put this FTX fall into context by comparing the highest weekly-realized loss that followed the crash of the market to other significant crypto crashes in 2022.
According to the data released on December 14, weekly recognized losses peaked at $20.5 bn following Terra USD’s in May as well as at $33 bn with the following crash of 3AC and Celsius in June.
In contrast, in during FTX fiasco, weekly incurred losses reached at $9 bn during the week beginning Nov. 7 and have remained declining ever since.
By the point the FTX fiasco occurred in Nov, according to Chainalysis’ analysis of the data, traders had already been hammered by the “heaviest” cryptocurrency events of the year.
Crashes From FTX Peaked At 9B USDs:
By inspecting individual wallets, evaluating the worth of the items as they were obtained, and deducting the worth of these items when they were transported elsewhere, the analytics business was able to determine the total actual losses.
The statistics, however, may still have exaggerated realized losses because it treated each transfer between wallets as a selling transaction. Chainalysis also pointed out that the graphic ignores other data, such as user money that are locked on FTX’s exchange.
While Chainalysis’ data focuses on realised losses, on-chain analytical tool CryptoQuant recently released information regarding how the FTX crash affected net unrealized gains for Bitcoin.
It discovered that BTC’s net losses peaked at -31.7% after the FTX crash, whereas those of 3AC/Celsius as well as Terra Luna only reached a maximum of -19.4%.