Three crashes, one uneasy cycle.
By Maxime Laurent · 2025-11-21 13:00
Three crashes, one uneasy cycle.
A look back at recent selloffs shows macro fear driving the rhythm.
Reading this recap with my evening café, I felt that strange mix of déjà vu and chill — c’est la sauce — because each of these drawdowns carries its own story, but the pattern behind them is starting to look familiar.
August 2024 gave us that brutal –32% flashcrash. Pure macro panic: Japan, yen volatility, BOJ policy jitters, arbitrage pressure — the whole market tripped over itself without any true crypto rot underneath. Biden was in charge, crypto was under regulatory heat, and Trump’s win still felt like a long shot. The recovery came only when TradFi regained its footing, helped by S&P strength, BTC ETFs, and then Trump’s election surprise.
April 2025 hit just as optimism peaked. –31% that felt almost mechanical. Trump president, markets overheated, and the TRUMP–MELANIA token bubble burst hard. Capital rotated aggressively from $ETH to Solana, leaving Ethereum’s leadership under a dark cloud of distrust. Then came the DeepSeek moment, then tariff-war headlines with China. Again: recovery only once the S&P stopped bleeding.
And now November — the deepest of the three at –34%. This time the S&P is wobbling under the weight of 100% tariffs on China, macro noise on rates, AI-bubble FUD, and heavyweight earnings. Meanwhile crypto got its own slap on October 10: a real internal blow with the USDE depeg and cascading liquidations across Binance and other exchanges. The S&P hasn’t found steady ground since then, and neither have we.
The conclusion? We’re not in a “crypto bear” — we’re in a global grind. An environment where macro storms dictate the tempo, and our local blowups just worsen the seas. No apocalypse, no collapse of fundamentals, just a market sailing through rough global waters.
And when the whole world is shaking, even $BTC and $ETH can only dance with the tide. 🌊
#BTC #ETH #MarketCycle #Macro #CryptoFriture
A look back at recent selloffs shows macro fear driving the rhythm.
Reading this recap with my evening café, I felt that strange mix of déjà vu and chill — c’est la sauce — because each of these drawdowns carries its own story, but the pattern behind them is starting to look familiar.
August 2024 gave us that brutal –32% flashcrash. Pure macro panic: Japan, yen volatility, BOJ policy jitters, arbitrage pressure — the whole market tripped over itself without any true crypto rot underneath. Biden was in charge, crypto was under regulatory heat, and Trump’s win still felt like a long shot. The recovery came only when TradFi regained its footing, helped by S&P strength, BTC ETFs, and then Trump’s election surprise.
April 2025 hit just as optimism peaked. –31% that felt almost mechanical. Trump president, markets overheated, and the TRUMP–MELANIA token bubble burst hard. Capital rotated aggressively from $ETH to Solana, leaving Ethereum’s leadership under a dark cloud of distrust. Then came the DeepSeek moment, then tariff-war headlines with China. Again: recovery only once the S&P stopped bleeding.
And now November — the deepest of the three at –34%. This time the S&P is wobbling under the weight of 100% tariffs on China, macro noise on rates, AI-bubble FUD, and heavyweight earnings. Meanwhile crypto got its own slap on October 10: a real internal blow with the USDE depeg and cascading liquidations across Binance and other exchanges. The S&P hasn’t found steady ground since then, and neither have we.
The conclusion? We’re not in a “crypto bear” — we’re in a global grind. An environment where macro storms dictate the tempo, and our local blowups just worsen the seas. No apocalypse, no collapse of fundamentals, just a market sailing through rough global waters.
And when the whole world is shaking, even $BTC and $ETH can only dance with the tide. 🌊
#BTC #ETH #MarketCycle #Macro #CryptoFriture
Disclaimer: This content is for informational purposes only and not financial advice.