Dragonfly partner: Current market is not worse than during FTX collapse

Haseeb, a managing partner at Dragonfly, has pushed back against the perception within some industry circles that current crypto market sentiment is worse than it was during the collapse of FTX. Writing on X, Haseeb dismissed this view as "recency bias," stating that the comparison is inaccurate. He recalled that the FTX crisis was the first true systemic collapse since Mt. Gox, creating uncertainty about which companies would survive and whether cryptocurrencies might be effectively banned in various countries. In contrast, he assessed that while the current market is painful due to price declines since October, its fundamentals remain sound. As evidence, Haseeb pointed to the system's maintained stability, an improving global regulatory environment, continued institutional adoption, a booming prediction market, all-time high trading volumes on decentralized perpetual futures exchanges (perp DEXs), and the growth of stablecoins. He added that while it will take time, the market will be fine.