Bearish! Confirmed Q4 2025 = Q4 2019. After the massive 1011 liquidation, the crypto market's liquidity and trader confidence are extremely fragile, overly sensitive to risk feedback. During the phase where Trump and Xi are throwing at each other, the crypto market structure struggles to self-repair. Meanwhile, the max pain structure in the Deribit ETH options market signals a major crash starting at the end of November. The time window for the last seasonal altcoin season of this bull-bear cycle has already closed.