The sharp crypto selloff that began on October 10 was not just another bout of volatility.

According to Frank Holmes, executive chairman of Hive Digital Technologies, the scale of liquidation may help explain why markets have struggled to find a clear bottom.

During a recent interview with TheStreet Roundtable, Holmes said the magnitude of losses far exceeded previous crypto crises, including the collapse of FTX.

“This is much bigger than FTX,” he said. “It’s a magnitude of loss of six times. With FTX, a lot of the money was eventually found and came back into the system. This time, it’s just gone.”

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Holmes…