Theymos' advice wasn't anything concerning bullishness/bearishness or about market prices at all. It's just the fact that there's a good chance that some exchanges/platforms are insolvent, or the fact that some will be insolvent/hacked in the future; hence why we should be using non-custodial wallets, to eradicate that risk.

You consider it panic but many people that have known about bitcoin and crypto generally see it as an opportunity to buy. Any price decline is an opportunity for some people that have not invested before to invest, it is like a dream come true for some people.

Wallet is not decentralized, it is noncustodial, which means you have the private key and you have the whole control.

Mt. Got of the past that was hacked was major than FTX, their was panic at the time and the price of cryptocurrencies falled significantly. If one of the major exchanges is collapsing, it is enough to have negative effect on the crypto market, but just that FTX was not major like Mt. Got to result to more panic and price fall. If more exchanges are affected, it would have been worse.

What is destruction to you? You are correct if it means that a lot of other exchanges and online accounts are probably going to go bankrupt and individuals who have used these online acounts as banks will lose their funds, that is what the warning is about, FTX is going to take other centralized crypto establishments down with it, so crypto individuals should store their funds in their own wallets to prevent this 'destruction'
Your crypto assets or funds should be secured in your own custody whatever the market price may be. The current warning by the way is about keeping your crypto in the right place, and also holding the right crypto; the right place being in self-custody, and the right crypto being a decentralized one, and not centralized altcoins or native tokens of online accounts!

I believe he is merely pointing out that since you do not have complete control over your money, exchanges should not be relied upon. You only simply kept money with them, which is only shown to you as your balance and not literally, so you can't be sure you'll get it back when you need it; they could not be able to give back if something happens, as what happened recently. You should therefore store your money in a wallet that is always close at hand.

Hmm, destruction was not the reason I asked Theymos to put that notice there in the first place. It was to prevent more people from losing coins they had on exchanges.

It's the exchanges that are heading to destruction right now, not bitcoin or "crypto".

He gave an advice to use exchanges that have a good reputation and store your money in a safe place. It is the same if people warn you about a shady bank. It is not good for the system, but it actually has nothing to do with Bitcoin itself.

Normally it is not safe to store bitcoin in an exchange wallet.  If you make research about cryptocurrency,  what had happened sometimes ago it reveals how dangerous it is to store cryptocurrency in an exchange.

It has been recorded since the existence of cryptocurrency till this moment about billions worth of cryptocurrency has been stolen by hackers.  Cryptocurrency that is stored in exchange is risky,  expecially when it is a long term investment. Their is nothing bad about the current price of bitcoin,  it is an opportunity.

Those who oppose regulation are because they care about privacy, you should know that once regulation is in place, we will be controlled and no longer as free as we are now and maybe the market won't have another crazy bull run, as I feel the regulation is not good. I also don't like regulations but I don't object either because I know regulations are inevitable, like it or not.
With incidents like Luna and FTX, you just have to never trust or idolize anyone in this market, never give your property to others to hold, you will avoid such unfortunate accidents.

Not keeping money online on a centralized service is a good advice at any point in time, but people often disregard it, think that it's an overprotection measure that isn't justified. However, as it turns out, it is justified and reasonable, and with the current hype over the FTX story, people might take the advice more seriously. I share the thought of some others here that it has nothing to do with the bearish market or where the market is heading. It's just a sensible reminder that not your keys means not your coins.
As for the market, there's no reason to believe it won't recover from the current situation, or even that crypto exchanges will die out. Bad things happen, but the market eventually recovers from them because it's not something that breaks the reliability of Bitcoin itself.