According to @milesdeutscher, crypto sentiment is the weakest since the 2022 FTX collapse and is driven by multiple headwinds rather than a single catalyst. According to @milesdeutscher, near-term bear drivers include BTC whale selling with notable Asian sell pressure and Bitcoin ETF flows turning negative. According to @milesdeutscher, additional drags are a fatigued DAT narrative with unwinds at smaller to mid-sized DATs, persistent altcoin underperformance due to dilution, extraction events, inflated valuations, weak product-market fit and time decay, psychological damage from the Oct 10 liquidation revealing thin liquidity, and crypto lagging equities which has redirected new retail flow to stocks. According to @milesdeutscher, the bull side features BTC remaining structurally intact on high time frames, with prior 50-DMA and 200-DMA retests acting as buy signals and no euphoria signals evident yet. According to @milesdeutscher, macro supports include QT ending with scope for QE, declining rates, a still-running business cycle with no clear equity top and the tendency for BTC to re-correlate to equities, plus pro-market signals from Trump. According to @milesdeutscher, a decisive BTC rally can rapidly flip sentiment. According to @milesdeutscher, traders should only buy if ready to sit underwater, define invalidation at clear HTF retest levels, wait for confirmed HTF reclaims on broken alts, and watch for a BTC and order-book microstructure shift as a risk-on trigger. According to @milesdeutscher, a portfolio can allocate up to 10 percent to low caps during risk-off while staying research-heavy to capture asymmetric upside when the market reverses, with the priority being survival and engagement until the next major rally and new 10x altcoins emerge.