Altcoins are experiencing an unprecedented run on withdrawals and liquidations.

Analyst Darkfost states:
More than 40% of altcoins have reached or are approaching their all-time lows.
This ratio is even higher than the peak of the last bear market, which was about 38%.
But this time, the problem is not just a simple bear market.
Here’s a more brutal set of data:
Approximately 47 million crypto assets have been created across the entire market.
There are 22 million on Solana alone, over 18 million on Base, and 4 million on BNB Smart Chain.
What does this mean?
Liquidity is being infinitely diluted, attention is extremely scattered.
Most projects are destined to be "left without buyers."
The core change in this cycle is only one thing:
X In the past, it was "bull-bear switching"
Now, it’s "structural淘汰" (淘汰 means淘汰, which translates to "elimination" or "淘汰" in English).
Altcoins are no longer Beta( following BTC), but a brutal game of Alpha filtering.
So we see:
Most altcoins continue to decline or even go to zero, with funds concentrating only in a few top assets.
The "Altcoin Season" is being rewritten. When extreme underperformance and collective near-zero valuations occur, risks are being released, and opportunities are brewing.
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