Don’t think Putin is deranged. That is more likely an excuse for this administration’s failure to successfully determine his aggression.
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According to many reports, he was suffering from a form of cancer and was operated on last year sometime. Part of the mitigation strategy in cases like his are massive doses of steroids - a side effect is a moon-faced appearance and personality instability. He is reported to be bitter, angry and very isolated. So if not instability, explain why a leader spends 22 years rebuilding his country, only to piss it away in a week?
I don’t remember reading any reports speculating on Putin’s health much before the Ukraine crisis. Maybe I missed them. But this could also serve the purposes of providing political cover to Biden as well as inviting the Oligarchs to replace Putin.