According to @ag_dwf, the crypto market has lost roughly $1.2 trillion in capitalization since Oct 10, indicating a regime shift rather than a routine drawdown. Source: @ag_dwf. He argues that all-time-high and historical performance metrics are now unreliable because prior asset pricing was incorrect, suggesting ATH-reversion strategies may underperform in the next recovery wave. Source: @ag_dwf. Trading takeaway: prioritize research on new recovery leaders driven by fresh fundamentals and flows instead of past cycle winners, and reduce reliance on ATH anchors in risk models. Source: @ag_dwf.