According to @CryptoMichNL, short-term holder supply in loss is now deeper than during the FTX collapse and the COVID-19 crash, signaling an extreme drawdown phase (source: @CryptoMichNL on X, Nov 20, 2025). According to @CryptoMichNL, the Crypto Fear and Greed Index has fallen to 9, lower than readings seen during Luna and FTX, indicating capitulation-level sentiment (source: @CryptoMichNL on X, Nov 20, 2025). According to @CryptoMichNL, the market is extremely overextended to the downside and traders should stay calm and make rational decisions to avoid emotion-driven portfolio damage (source: @CryptoMichNL on X, Nov 20, 2025).