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This moment felt a bit random. The soundwork and reactions make it clear you're supposed to think he's dead. But I don't believe they'd set up a death like this, well, WITHOUT a set up. And pretty much in vain. Not a sacrifice, no nothing. It's just the fucking air "killing" him.
So I don't believe he's dead. No way. He might be let out of the freezer at some point or forgotten. I guess it depends on how Cap is gonna be needed in Roy's party?