NOW: Market fear levels are approaching extremes last seen during the FTX collapse and the COVID crash.
Extreme fear doesn’t mark comfort — it marks stress.
But historically, it also marks asymmetry.
When sentiment hits these levels: • Positioning is defensive
• Liquidity is thin
• Reactions are exaggerated
The question isn’t whether fear is justified.
It’s whether the market has already priced it in.
Are we near capitulation… or just mid-cycle panic? 👇