Chainalysis: Crypto Markets Hit Harder by Terra, Celsius and Three Arrows Capital than FTX

According to Chainalysis, Terra's collapse caused $20.5 billion in realized losses for investors. Meanwhile, the failure of Celsius and Three Arrows Capital caused $33 billion in losses. FTX's collapse caused only $9 billion in realized losses.

But Chainalysis's report admits that FTX was the most personally impactful event for some, as they will "likely lose any funds they kept on the exchange, and the likelihood of recovering them is unknown."