According to @Andre_Dragosch, the crypto market is approaching FTX-era pain, with combined long-term holder and short-term holder realized losses now as high as during the November 2022 crash, source: Andre Dragosch on X, Nov 22, 2025. Dragosch highlights this as a rare contrarian entry setup amid extreme realized losses, source: Andre Dragosch on X, Nov 22, 2025.