TLDR
- Charles Hoskinson accuses large institutions of causing the recent crypto market crash by manipulating prices.
- Hoskinson claims institutions like Citadel inflated prices and profited by shorting the market during its decline.
- The Cardano founder believes that institutional dominance and leverage left the market vulnerable when the bubble burst.
- Hoskinson reflects on the 2021 bull run as a period of irrational exuberance that contributed to high-profile collapses.
- Cardano has begun to recover, climbing above the $0.40 mark, showing signs of stabilization despite market volatility.
Charles Hoskinson, the founder of Cardano (ADA), has pointed the finger at institutional players as the primary cause of the recent crypto market decline. Throughout November, cryptocurrencies, including Cardano and Bitcoin, have faced sharp drops. Cardano, which started the month at $0.6092, recently hit a low of $0.3911. Bitcoin also saw a significant decline, falling from $126,000 to $80,600 in just a month.
Charles Hoskinson’s Take on Institutional Manipulation
During a November 24 livestream, Charles Hoskinson explained that large institutions have played a central role in the market downturn. He accused these players of manipulating the market by pumping and dumping digital asset treasuries (DATs). According to Hoskinson, companies like Citadel “got what they wanted” by inflating prices and then shorting the market for profit.
These actions, he argued, led to the extraction of “tens of billions of dollars” from the market. The market saw a cycle of speculation that caused significant harm to retail investors. Hoskinson stated that this was made possible due to the dominance of a few large institutions and widespread leverage. This left the market vulnerable when the speculative bubble eventually burst.
Charles Hoskinson also reflected on the 2021 bull run, which he described as a period of “irrational exuberance.” During this time, the market saw a rise in speculative assets, including high-priced NFTs. At the same time, valuations across the crypto sector became disconnected from reality. According to Hoskinson, these factors contributed to the collapses of FTX and LUNA.
“The reason why the price is low, it’s because institutions got what they wanted. They pumped & dumped the dats…”
“Pumped it up, shorted it down, made both sides of the trade…” -Charles Hoskinson
Concerning Cardano ADA & Crypto in general… pic.twitter.com/dRHGYm9xTJ
— 𝙈𝙚𝙩𝙖𝙈𝙖𝙣 𝙓 ™ (@MetaMan) November 24, 2025
These high-profile failures severely damaged investor confidence. Retail investors, in particular, bore the brunt of the losses. As a result, the trust in the crypto ecosystem was shaken, and the market began its downward spiral.
Cardano Shows Signs of Recovery
Cardano has started to recover from the lows it hit earlier this month. As of today, Cardano’s price has climbed back to $0.4206. While the market remains volatile, Hoskinson believes that the overall trend will be positive.
He expressed optimism about the future of the crypto market, especially with the upcoming U.S. legislation. According to Hoskinson, the Clarity Act, set to be enacted next year, could help restore market confidence. He believes the legislation will clarify the regulatory environment, encouraging more institutional investment and crypto adoption.
Bitcoin has also shown signs of recovery. After hitting a low of $80,600, it has rebounded to $87,755, up 8.79%. Despite the current uncertainty, Hoskinson remains confident about the future. He predicts that Bitcoin could reach $250,000 by the end of 2026 if the market stabilizes.
Hoskinson’s belief in the return of stability is primarily based on regulatory clarity. He is hopeful that the Clarity Act will provide a solid foundation for long-term market growth. According to Hoskinson, this legislation could mark the beginning of a new phase for the crypto industry.
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