Share this article
Cryptocurrencies Trade in Sync After FTX Collapse – Just Not With Stocks
A new analysis shows how correlations have increased on various sectors of the 162-asset CoinDesk Market Index (CMI) amid widespread crypto distress following the collapse of Sam Bankman-Fried's FTX exchange. U.S. stocks, meanwhile, look unfazed by it all.
Updated Nov 16, 2022, 2:46 p.m. Published Nov 16, 2022, 3:24 a.m.
They say that all correlations go to one during a financial crisis.
What's noteworthy about the most recent crash in crypto markets – triggered by the collapse of Sam Bankman-Fried's FTX exchange and his trading firm Alameda Research – is just how divergent the narrative was from traditional markets. That's noteworthy, since bitcoin (BTC), the largest cryptocurrency, was largely trading in sync with U.S. stocks as recently as September.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The market contagion from FTX spread rapidly in crypto, sending the 162-asset CoinDesk Market Index (CMI) down about 18% so far in November.
And despite widespread headlines about the FTX-inflicted turmoil across traditional financial media, U.S. stocks were mostly unfazed – trading higher based on softer-than-expected inflation readings that inspired investor hopes of a less threatening monetary-tightening campaign by the Federal Reserve.
The Standard & Poor's 500 Index is up 3.1% on the month.
An analysis of CMI and its six sector indexes shows how correlations surged among the various digital assets from Nov. 7 to Nov. 11.
The crypto market went into "a highly correlated state after the FTX collapse," said Jodie Gunzberg, managing director of CoinDesk Indices. "The event was (and still probably is) so powerful that it is driving the entire asset class together."
Больше для вас
Что нужно знать:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Больше для вас
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
Что нужно знать:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
