Last updated on March 11th, 2026 at 03:12 pm
Quick Breakdown
- Haseeb Kerem, Managing Partner at Dragonfly, characterized the current cryptocurrency market correction as the easiest bear phase he’s witnessed.
- He emphasized that the market’s fundamentals remain strong and the system is functioning steadily, a sharp contrast to the 2022 failures of Terra, 3AC, and FTX.
- Despite the optimism, the market has seen increased selling from long-term holders, releasing over 815,000 $BTC in the last month, coinciding with weakened demand.
Haseeb Kerem, Managing Partner at venture firm Dragonfly, has dismissed the recent slide in the cryptocurrency market as a “minor” correction, arguing that current market conditions are far gentler and more stable than the 2022 crisis.
Kerem stated that the fundamental strength of the ecosystem is holding firm, a key difference from the catastrophic year when failures like Terra, Three Arrows Capital (3AC), and FTX created a systemic “house of cards”.
TBH this is the easiest bear market I’ve ever seen.
Seems like most of you have forgotten what 2022 was like. Luna collapsing, then 3AC, then FTX, then Genesis, BlockFi, Axie, NFTs–pretty much everything felt like a house of cards.
And then after all that stuff collapsed, the… https://t.co/DUwOZCBG3K
— Haseeb ＞|＜ (@hosseeb) November 14, 2025
“To be honest, this is the easiest bear phase I have ever seen,”
Kerem wrote in a social media post, recalling the severe cascading failures of the last industry-wide downturn that saw massive trust erosion across DeFi and NFTs.
Long-Term Holder selling pressure increases
Despite the bullish outlook from Dragonfly’s executive, market analysts are noting a distinct shift in investor behaviour, particularly among long-term Bitcoin holders. According to data from CryptoQuant, long-term holders have been responsible for releasing over 815,000 $BTC to the market in the past month, a distribution level not seen since January 2024.
This wave of selling has coincided with visibly weaker demand and a negative Coinbase premium, indicating that U.S. institutional interest and buying power may be subdued compared to international exchanges. While this kind of investor distribution typically occurs in the late stages of a market cycle, the current lack of strong demand to absorb the supply is making this episode different, according to CryptoQuant specialists.
The cryptocurrency market, as of mid-November 2025, where extreme fear, as indicated by the Crypto Fear & Greed Index, reached 15/100, is paradoxically setting the stage for a possible “November rally.” Analysts suggest that this intense pessimism often precedes a recovery because short-term speculators are exiting the market, leading to what is known as capitulation. Key figures and on-chain data indicate that conviction holders are taking control, accumulating assets like Bitcoin and Ethereum from “newish buyers” who panicked and sold, a rotation viewed as a healthy transition that may trigger an unexpected price surge.
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